Social Gold: How to Launch your own Currency
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What is Virtual Currency? Why should you introduce Virtual Currency? What are the steps involved in the creating, optimizing, monetizing your virtual currency and economy?
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Social Gold: How to Launch your own Currency
- 1. Launching Your Virtual Currency Vikas Gupta Co-Founder/CEO, Social Gold
- 2. Virtual Currency Platform http://getsocialgold.com/ “If I were to build the Linden economy again, I would do it on the Social Gold platform.” - John Zdanowski, ex-CFO, Linden Labs
- 3. Overview • Virtual Currency: What, Why • Part 1: Currency and User Experience • Part 2: Building it • Part 3: Optimize, Analyze • Part 4: Make Money • Part 5: Create an Economy
- 5. What is currency? “Labour is the real measure of exchangeable value. “Wealth is power of purchasing labour.”
- 6. What is currency? “Labour is the real measure of exchangeable value. “Wealth is power of purchasing labour.” Value in your economy is in your goods. Currency is a means, not the end.
- 9. “Real World” Examples Goods, Services
- 10. “Real World” Examples Goods, Services
- 11. “Real World” Examples Goods, Travel, Services Luxury
- 12. “Real World” Examples Goods, Travel, Services Luxury
- 13. “Real World” Examples Goods, Travel, Services Luxury Entertainment
- 14. “Real World” Examples Goods, Travel, Services Luxury Entertainment
- 15. “Real World” Examples Goods, Travel, Services Luxury Entertainment Entertainment
- 18. “Virtual Currency” Examples Goods
- 19. “Virtual Currency” Examples Goods
- 20. “Virtual Currency” Examples Goods Entertainment
- 21. “Virtual Currency” Examples Goods Entertainment
- 22. “Virtual Currency” Examples Goods Entertainment Games
- 23. “Virtual Currency” Examples Goods Entertainment Games
- 24. “Virtual Currency” Examples Goods Entertainment Games Flirting
- 26. Why Virtual Currency? • Separate “Value” from “Money”
- 27. Why Virtual Currency? • Separate “Value” from “Money” • Virtual currency is “cheaper” than “money”
- 28. Why Virtual Currency? • Separate “Value” from “Money” • Virtual currency is “cheaper” than “money” • Train User Behavior
- 29. Why Virtual Currency? • Separate “Value” from “Money” • Virtual currency is “cheaper” than “money” • Train User Behavior • Economy around user generated content
- 30. How to introduce Virtual Currency?
- 31. Part 1: User Experience
- 32. Part 1: User Experience • Currency must be integral to user experience
- 33. Part 1: User Experience • Currency must be integral to user experience • “Experience Economy”
- 34. Part 1: User Experience • Currency must be integral to user experience • “Experience Economy” • Users pay for a memorable experience
- 35. Example: A Farming Game Focus on Experience (Goods)
- 37. Free Currency
- 40. Labour Free Currency Currency
- 41. Labour Free Currency Currency
- 42. Part 2: How to Build
- 43. Part 2: How to Build • Balance + Transactions
- 44. Part 2: How to Build • Balance + Transactions • How “loose” or “correct” you want your ledger to be?
- 45. Part 2: How to Build • Balance + Transactions • How “loose” or “correct” you want your ledger to be? • Auditable (Sum of transactions = balance)
- 46. Part 2: How to Build • Balance + Transactions • How “loose” or “correct” you want your ledger to be? • Auditable (Sum of transactions = balance) • Repeatable (Replay the history)
- 47. DIY or Partner
- 48. DIY or Partner • Platforms like Social Gold available
- 49. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market
- 50. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency
- 51. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low
- 52. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions
- 53. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions • “Eventually” auditable/repeatable
- 54. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions • “Eventually” auditable/repeatable • Problems appear at large scale
- 55. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions • “Eventually” auditable/repeatable • Problems appear at large scale • But lot easier to fix at small scale
- 56. Part 3: Optimize
- 57. Part 3: Optimize • What should you measure?
- 58. Part 3: Optimize • What should you measure? • How do you optimize?
- 59. Part 3: Optimize • What should you measure? • How do you optimize?
- 60. Part 3: Optimize • What should you measure? • How do you optimize? • Good Metrics are actionable
- 61. Number of transactions is a good measure of the health of your economy
- 62. Measure Sources vs Sinks
- 64. Price Testing
- 65. Revenue Drivers
- 66. DIY or Partner
- 67. DIY or Partner • Platforms like Social Gold can do it for you • Leverage a large suite of tools and expertise
- 68. DIY or Partner • Platforms like Social Gold can do it for you • Leverage a large suite of tools and expertise • Measure everything
- 69. DIY or Partner • Platforms like Social Gold can do it for you • Leverage a large suite of tools and expertise • Measure everything • Metrics are useful when data set is large
- 70. Part 4: Making Money
- 71. Part 4: Making Money 1. Engagement before money
- 72. Part 4: Making Money 1. Engagement before money 2. Value is perceived from goods, not currency
- 73. Part 4: Making Money 1. Engagement before money 2. Value is perceived from goods, not currency 3. Understand your user demographics
- 74. User Experience
- 75. User Experience Weave payments into your user experience!
- 76. User Experience Weave payments into your user experience! e.g., in-Flash Payments by Social Gold
- 77. Payment Methods
- 78. Payment Methods • Credit cards drive majority of the revenue
- 79. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international)
- 80. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international) • Pre-paid cards (cash paying users)
- 81. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international) • Pre-paid cards (cash paying users) • Incentivized Offers (subsidized by advertisers)
- 82. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international) • Pre-paid cards (cash paying users) • Incentivized Offers (subsidized by advertisers) • Alternate local methods
- 83. Subscriptions
- 84. Subscriptions • Long term commitment
- 85. Subscriptions • Long term commitment • Demonstrate Economic value
- 86. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay
- 87. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue
- 88. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue • Combine it with currency
- 89. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue • Combine it with currency • DIY or partner:
- 90. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue • Combine it with currency • DIY or partner: • Social Gold, Paypal, Zong
- 91. Part 5: Making it an Economy
- 92. Part 5: Making it an Economy • Who controls goods and prices?
- 93. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar
- 94. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content
- 95. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content • Prices determine by users (market)
- 96. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content • Prices determine by users (market) • Trade against “real” currency
- 97. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content • Prices determine by users (market) • Trade against “real” currency • “Virtual” Labour creates “real” wealth
- 98. Tools
- 99. Tools • Potentially infinite catalog
- 100. Tools • Potentially infinite catalog • Catalog for UGC (user data, history)
- 101. Tools • Potentially infinite catalog • Catalog for UGC (user data, history) • User to User transactions
- 102. Tools • Potentially infinite catalog • Catalog for UGC (user data, history) • User to User transactions • Currency trade, Secondary markets
- 103. Tools • Potentially infinite catalog • Catalog for UGC (user data, history) • User to User transactions • Currency trade, Secondary markets • Deep Analytics and Fraud Control
- 104. Summary
- 105. Summary • Currency is a means, not the end
- 106. Summary • Currency is a means, not the end • Engage before you monetize
- 107. Summary • Currency is a means, not the end • Engage before you monetize • Build infrastructure to scale at low cost
- 108. Summary • Currency is a means, not the end • Engage before you monetize • Build infrastructure to scale at low cost • Actionable Metrics
- 109. Summary • Currency is a means, not the end • Engage before you monetize • Build infrastructure to scale at low cost • Actionable Metrics • UGC creates an “economy”
- 110. Virtual Currency Platform http://getsocialgold.com/ vikas@jambool.com