BEIJING, April 6, 2021 -- Scienjoy Holding Corporation ("Scienjoy", the "Company") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced that, through its wholly owned subsidiary, Scienjoy Inc., it has entered into a strategic alliance (the “Alliance”) via a Master Services Agreement with Snipp Interactive Inc. (“Snipp”) (TSX-V: SPN; OTC: SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions. Through the Alliance, both parties will explore different ways of incorporating Snipp’s Customer Acquisition, Retention and Engagement (C.A.R.E) platform into Scienjoy’s suite of mobile applications. The initial cooperative exploration between both parties is expected to focus on the following two areas:
First, Scienjoy will combine its in-app currency solution with Snipp’s loyalty and rewards engine to develop a new rewards system. This will enable Scienjoy to augment its user experience, cultivate additional revenue streams, and explore the potential of using cryptocurrencies on its platform. As part of this system, Scienjoy will utilize Snipp’s platform to provide Scienjoy’s broadcasters and users with more opportunities to earn points through engagement. Broadcasters and users will be able to redeem these points for various digital rewards, including Scienjoy’s virtual currency, Bitcoin gift cards, retailer gift cards, trinkets, and more. Beyond enhancing Scienjoy’s user acquisition, retention, and engagement capabilities, this new rewards system will also serve as an additional monetization channel for the Company, as third-party brands interested in reaching Scienjoy’s sizable user base will be able to sponsor events, broadcasters, and live broadcasts through the system.
Second, both parties will work together to enable broadcasters to mint their own non-fungible tokens (“NFTs”) on Scienjoy’s platform and allow users to utilize the points they have accumulated through the new rewards system to bid on and purchase NFT “momentos” from their favorite broadcasters. In addition to strengthening the relationships between broadcasters and their fans, this initiative will provide broadcasters with more monetization opportunities, augment broadcaster loyalty, and attract more new creative talent to Scienjoy’s platform.
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