Finishing Up MapNYC
Yesterday was the last day of MapNYC, when we completed Bitcoin payouts to everyone on the leaderboard. Following our community event last week, we’re excited to wrap this up and start working on what’s next. What’s next will be… a lot of fun!
Bitcoin’s Moving Price
If you follow crypto news, yesterday was also a recent low for Bitcoin, as it dropped below $5,000 for the first time in a while. Today it’s even lower!
So why exactly did we use Bitcoin for this? StreetCred is a young company, just over six months old. We made the decision to build quickly and do a handful of real-world tests to inform our protocol development (in fact, we’re working on the second test right now). We believe that we can learn critical lessons that will improve the Streetcred project by using other tokens early in our development. For MapNYC, we picked Bitcoin simply because more people had heard of it.
Since StreetCred bought 8 BTC several months ago, its price remained remarkably steady at over $6,000 USD. While yesterday was the last day to pay winners, most payments were actually made over the past few weeks for people who submitted wallet addresses or Coinbase accounts early. So most of the folks who were hoping to convert to USD had a chance to do so before the recent drop.
Through user feedback, we learned a few things that we didn’t expect. First, the majority of MapNYC participants had no prior cryptocurrency holdings. We think it’s great that StreetCred, a mapping project that needs lots of different folks involved, has been a good first exposure to crypto assets. Second, the majority of winners planned to hold their BTC, not sell it immediately. This is encouraging, as it shows that most of our early users considered their token rewards to be an investment. This bodes well for the project we’re building. In the end, the goal is for the value of a crypto asset to reflect the growing value of the dataset, and Bitcoin was just a temporary stand-in for the MapNYC event.
Why Map for Tokens?
We also learned that most MapNYC participants were mapping for reasons other than Bitcoin. For many, it was fun to get out and explore the city, and be part of a new product development experience. Our fifth-place winner, Bkboy216, told us:
I typically enjoy exploring new areas particularly for bars/lounges for live music or DJs. I'm always searching for new areas to enjoy with cool vibes and a chill atmosphere/energy. Through MapNYC, I was able to visit areas that I normally wouldn't visit like the Bronx or Staten Island, to earn bonus points. In addition, I visited areas like Williamsburg, Greenpoint, and Brooklyn Heights to hit up bars in the area while collecting and validating points.
It was a great experience… Once the leaderboard was active and I saw that my rank was improving, it became part of my daily routine to check MapNYC for areas with the most points needing validation. Overall, it was a fun, exciting change from my normal 9-to-5 that I would enjoy for the future.
Last week we had an event for everyone on the leaderboard; it was great to get to know more of the community in person. The themes of contest/competition dynamics and exploring the city came up again and again. User Mhart1000 (the winner of MapNYC), shared the following:
Staten Island was definitely the most interesting place I found. I really enjoyed the bus ride over; the views of Manhattan from the Verrazano bridge were great. Going from Manhattan to Staten Island was eye opening in how different it was even though it's still NYC.
I really enjoyed the contest. It was fun, challenging and exciting at the same time. It was great to meet the people I was competing with and learn that they were doing the same things I was in regards to strategy.
We learned a lot about the competitive dynamics and the social nature here, and are encouraged that there’s more to this than just tokens. Of course, compensating real users with real value will always be important to StreetCred, and we’re fortunate to have learned more about rapid data collection.
User lcnyc, who came in third place, told us something we liked about being involved in a technical project early:
I’ve used apps for a long time, but have never been involved so early in a product launch. It was interesting to give feedback and see the product improve as a result. It was also fun to see the map fill in so quickly.
Thanks so much to our MapNYC users for their great work and help in our first chapter! We’ll be back in a few weeks with what’s next.