The other day, Kerry O’Shea Gorgone and I launched a new cryptocurrency called the Backpack Show Coin (or just $BKPK, if you want to be like the cool kids). It’s built by a company called Rally and was part of a project they launched called Creator Coins. The idea is that if you nurture a community like we do around the Backpack Show, then you could build your own micro-economy and invite participants and members of that community to buy, sell, hold, and trade a special currency.
What does ANY of that mean?
At the highest level, “Hey, if you buy $BKPK coins, it supports the Backpack Show, but also, you get the benefit of possibly earning even further rewards than you would if you just sent in typical money. WE get a reward for you buying the coin, but you ALSO get a reward for holding it. Kind of like two people benefiting instead of one.
A little more “in the weeds:” cryptocurrency, you’ve maybe already heard about. Coins like Bitcoin or Etherium or the currently popular “Doge coin” are other types of cryptocurrency. So, the $BKPK coin is basically a small decentralized (meaning everyone has control of it, not just one person) tool to pass value (in this case, money) back and forth between people who accept that type of currency.
What can we do with the coins?
You can buy sponsorship spots on the show, backstage passes, special heavily discounted private coaching, and more. We’re working up more and more offerings and ways to have fun with the coins as we speak.
What do you want me to do?
We can approach this two ways. I shot a little video for you, but I’ll explain it right after the video, too.
There are just a few steps to the process:
- Set up a free account at Rally.io
- Find the Backpack Show coin page.
- Buy some coins if you want to just hold onto them. (Click BUY) OR
- Click one of the offerings like “Buy a Power Hour of Coaching” to buy a specific reward
- Once you have the amount of coins needed for that offering, click SEND, and send those coins to “TheBackpackShow”
- And if you get stuck, just email [email protected]
And you don’t HAVE to send us the coins you buy. That’s only if you want to buy something like a backstage pass or sponsorship or whatever. You can just hold onto them and see what happens with the market.
VERY IMPORTANT: Cryptocurrency is a very volatile environment. The value of any crypto coin can go up and down drastically and we have no control over that. If you put in $10, you might find $100 the next time you log in, or you might find $5. It’s a bit like the stock market. If you’re unsure of whether you want to try this out, it’s okay if you don’t want to, and that’s quite understandable.
The Cool Part (So Far)
Just by HOLDING onto the coins (meaning, you buy $10 worth or something like that and do nothing else), you add to the value of the Backpack Show community. And because of that, there are even rewards.
Each coin has a rewards pool that can be earned weekly (and I still don’t really understand how this all works). So for instance, on my personal “chrisbrogan” account, I have coins from seven or eight different creators. I bought some of my friends’ coins to show support. Each one of those coins has the chance to earn some rewards, and when they do, coin holders get some of that money sent to their account, too.
Meaning, you have the opportunity for the coin’s value to go up and down AND you have the opportunity to earn even more rewards just because you’re holding onto coins.
(Disclaimer: I know only a tiny bit more about crypto than most of you. Learn more if you feel antsy.)
While we continue to experiment with this, there are lots of new opportunities to try things out. I’m working with some friends and partners to come up with ways to offer rewards to people simply for holding the coins, plus ways that I can tack on value for OTHER people, if you choose to pay them with our $BKPK coins.
For instance, let’s say a friend is throwing a concert. You can pay at the door using their coin, or you can pay at the door using the $BKPK coin. If you pay with BKPK and show us the receipt, we’ll give you additional rewards just for choosing our currency as your payment method.
Another instance is if we hold a virtual event, the cost might be as inexpensive as buying a small amount of every speaker’s Creator coin to get in.
And so on.
Want to Join an Economy Experiment?
It’s all a grand experiment. It’s wayyyyy too early to know what to make of all this. But if you want to have fun *and* support Kerry and I and The Backpack Show, consider picking up some $BKPK coins today.
- Go to Rally.io and make an account
- Go to the $BKPK page and click BUY (or buy the reward you want directly)
- EITHER hold the coins and feel good about it OR click SEND if you’re sending coins to buy a reward
It’s that easy! 🙂