Techstars, a former CEO of Sageworks and faculty from Duke University, Li’s alma mater.
Li initially got the idea for Zogo, which is currently based in Durham, North Carolina, when he attended a financial literacy presentation in high school delivered by representatives from a local bank — watched his classmates sink into helpless boredom. Instantly, he started to think about better ways to convey the material.
We caught up with the busy Gen Z founder and talked to him to learn more about how Zogo came about, what is driving the growth in financial literacy-based edtech, and why his company is plotting a move to Austin, Texas.This interview has been edited for length and clarity.
Business of Business: Can you explain how the idea for Zogo came about and the journey to founding it?
BL: Yeah, so it’s funny; we started all over.
There are endless possibilities for how crypto can be used to up the gaming space. Some of the most remarkable differences NFT gamification has made are the following:
Source of Income
Traditionally, gaming has been using a play-to-win structure, where players purchase items and upgrades that generate no economic return. Today, the new play-to-earn model serves as a source of income for players who obtain financial rewards for achievements made in the game.
They can either gain NFTs from trading or earn in-game rewards and cryptocurrencies.
2. Play-to-Earn Guilds
Play-to-Earn Guilds help new players get started.
Guild members can rent in-game assets instead of buying them. The new player will allot a percentage of their earnings to the lender.
The real risk brands will run into here is that these secure digital currencies are here to stay and will be a backbone for commerce in the upcoming metaverse economy. Break a consumer’s trust now with these promotions, you may not see that trust return in those upcoming universe of shared immersive experiences.”
Chipotle isn’t just giving away cryptocurrency — it’s also now accepting it as payment.
Last month, it began partnering with the digital payments platform Flexa to let people buy food with crypto. Other major brands that accept crypto payments through a range of partners include Starbucks, Gucci, Home Depot and Microsoft.
And although it’s still a niche way to buy products and services, a May survey of 2,000 U.S.
Startup wants to gamify using crypto-pro
However, Brandt did not say what these prices were.
Last year, Chipotle spent $222.1 million on advertising, marketing and promotional costs, according to the company’s 2021 annual report — up from $222.2 million in 2020 and $168.8 million in 2019. (That includes costs for food giveaways.) Total ad spending in 2021 across digital, print and national TV was less than $100 million, according to MediaRadar.
Attention from crypto giveaways often comes from customers who either already see the value or who are “crypto-curious,” according to Liz Miller, vice president and analyst at Constellation Research. However, she said promotions can fall short when they’re focused on the “kitschy” part of crypto or NFTs.
“Random acts of promo rarely create a lasting relationship,” Miller said.
Startup wants to gamify using cryptoax
A new tech startup plans to become “the stock market of litigation financing” by allowing everyday Americans to bet on civil lawsuits through the purchase (and trade) of associated crypto tokens. In doing so, the company hopes to provide funding to individuals who would otherwise not be able to pursue claims.
“Ryval’s goal is to make access to justice more affordable,” said Kyle Roche, a trial lawyer and one of the startup’s founders.
“What I want to do is make the federal court system more accessible for all.”
Roche believes the U.S. federal court system is one of the best in the world, but that navigating it is cost prohibitive for the average American. As a result, he believes, potential whistleblowers are too often hesitant to defy “well-resourced” corporations and other entities due to the potential cost of legal action.
Startup wants to gamify using cryptoevil
The last crypto giveaway brought in nearly 4 million unique visitors who played 26 million times while the Roblox games brought in nearly 7 million people who played tens of millions of times. “We certainly want to cement ourselves with fandom from the newest generation of both Gen Z and beyond and people who are tech-savvy and digitally savvy,” Brandt said.
Along with Roblox and online games, Chipotle has experimented with esports over the past few years. In 2020, it began working with popular organizations including content and menu item partnerships with 100 Thieves CEO Matt “Nadeshot” Haag and Twitch streamer, “BrookeAB.”
Chipotle took into consideration the popularity of games as they have evolved over the years, from Solitaire on mobile devices to Fortnite.
And, you know, when I was in high school…a local bank came […] to the school [to] put up this two [or] three-hour presentation. Their logo [was] everywhere on the screen. And it was clearly more of a marketing thing than anything else.
And it was a very boring, very dry one. At the end of it, all the kids were just playing on their phones [and] texting each other. The bank [would] give us open dollars in our checking account.
So I was like, “This is so stupid; there’s got to be a better way of doing this.” —
“We are actually paying people to learn.
In another instance, NFL star Aaron Rogers gave away $1 million worth of Bitcoin through Cash App. Crypto giveaways have also been a tactic for crypto exchanges like FTX and BlockFi as a means of getting people to open accounts while fake giveaways have been a tactic for scammers.
Despite the tongue-in-cheek title, Buy The Dip is part of Chipotle’s broader strategy for experimenting with marketing across gaming in a variety of formats. It’s also created several experiences inside of the online platform Roblox such as a virtual Halloween maze last fall — which featured virtual costumes and other items — followed by a virtual store this year that let people roll a virtual burrito and earn one of 100,000 given away in real life.
The games have been more popular than expected, according to Chipotle Chief Marketing Officer Chris Brandt.
I think there’s a double-edged sword.
Speaking of the future, I would love to hear about the future of the company, what you have planned for the rest of the year, and what you’re excited about.
We are super excited about where we’re heading, because I think we’re really doing the right thing at the right time. Everyone is top of mind for a lot of people. And we have a platform that can support…not only just financial education, but really across the board, any kind of education really.
And that includes things that were never taught in school, like mental health, like poker, like esport is a lot of the things that we’re actually that are in, in progress. We build this gamification engine and content delivery engine, that, you know, very easily can be modified to fit the needs of different organizations. So yeah, so we are super excited about the next phase for us.
It’s just something we came up with early on. And it works like magic; people love pineapples. They tell their friends about it. It’s just a very quirky thing.
That reminds me of theDuolingo owlfor sure.
Yeah, we have our pineapple characters. So yeah.
Speaking more broadly, just about financial literacy: Why? [Among] Gen Z and millennials, why is there such a lack of financial literacy? I mean, why do you think that happened?
In my opinion, the problem with financial literacy today is not a lack of content; there actually [are] so many resources out there.
Modern western culture loves a good lawsuit. Just last year, the country was treated to a fantastical attempt by Jeff Bezos to sue NASA; lots of fun! But what if there was a way to make litigation even more “fun”? Well, one tech startup has a very wild idea: gamifying lawsuits with crypto gambling!
Tech startup Ryval wants lawsuits to include gambling
Reported by Vice, tech startup Ryval is aiming to become “the stock market of litigation financing”. Instead of lawsuits being passive — outside of judges and juries — the startup wants to turn litigation into a game for the general public.
Ryval would work by allowing users to buy cryptocurrency tokens tied to the company. These tokens can then be used to bet on civil lawsuits, much like a sports game.
While still in the early going, Roche expects a full team will be announced in the first quarter of the year.
The ILO already has a test case in Apothio, a hemp grower whom Roche began to represent after the Sheriff’s Department in Kern County, California, unlawfully destroyed 500 acres of a crop field, according to the suit. “The destruction of that crop was catastrophic to their business,” Roche said. “I had presented the idea of the ILO to [Apothio’s CEO], and he liked it as a way to sort of get some visibility to what had happened to him and his case—and also to raise funds to help him rebuild his business.” The ILO, which was registered with the SEC and required a minimum $100 investment, subsequently raised nearly $350,000.