According to Cointelegraph Korea, ICON DApp weBloc is planning to create an active tokenized advertising ecosystem by increasing the use case of its native utility token, WOK.

During the ICON x STEEM DApp meetup held earlier last week, weBloc announced their plan to launch a new online and offline advertising service by the end of this year and secure a variety of advertisers and users to expand its own blockchain ecosystem. They will also be introducing blockchain-based mobile advertising services that would replace paper flyers and reward users for visiting certain restaurants. 

Pictures courtesy of ICON DAO

“The most important thing in maintaining a token economy is generating token demand,” said Jun Hong, CEO of weBloc. “Therefore, we are now focusing on increasing the actual use of WOK tokens by developing various blockchain applications and securing partners.”

To realize their vision of creating a “tokenized advertising ecosystem where all players in the advertising ecosystem can benefit from each other”, weBloc will be launching its blockchain-based mobile advertisement platform JUBJUB in Jeju Island next month. The app, which already has over 3,000 local cafes in its database, provides useful information and legitimate reviews, allowing local residents and tourists alike to cafe hop around the island. Once a user has taken a certain action, such as visiting a cafe, they are compensated with WOK tokens, which they can then use to get discounts, free parking and other benefits.

Hong explained “Although the service is currently limited to cafes, we will soon launch a service connecting small business owners and users by using mobile payment platform Mobidu 

Projects in the works

weBloc is also developing a marketplace slated for release at the end of this year, which will enable users to exchange WOK tokens that they received as compensation for their transactions on the reward app PAY WOK. Both cryptocurrency holders and regular users will be able to use WOK conveniently like a point system, thus expanding the scope of use of WOK even further. 

Hong also spoke about potentially integrating WOK tokens to the travel app Triple, which also happens to be a growth partner of ICONLOOP’s MyID Alliance. He went on to discuss weBloc’s partnership with Time Ticket and how they are looking for ways to secure more advertisers to further expand their advertising ecosystem. 

That’s not all. 

Speaking on their next steps, Hong said, “We will release our own cryptocurrency wallet in January next year to make it easier to trade WOK tokens. We are also trying to be listed on the country’s major cryptocurrency exchanges such as Upbit and Bithum so that WOK token holders can conveniently trade their token with Korean Won.”