Blockchain Startup Puffpaw Secures $6M to Develop Vape-to-Earn Ecosystem

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/09/06/blockchain-startup-puffpaw-secures-6m-to-develop-vape-to-earn-ecosystem/ on 2024-09-06. Article ID: SD11802T8e27e030. Author: Lawrence Damilola. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/09/06/blockchain-startup-puffpaw-secures-6m-to-develop-vape-to-earn-ecosystem/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

Puffpaw, a new startup, is launching a vape-to-earn project tо help users reduce nicotine intake bу providing token incentives through blockchain technology.

However, the company plans to offer specialized vapes that track users’ smoking habits and record the data on a blockchain. Users will earn Puffpaw tokens as rewards for decreasing their nicotine consumption. Puffpaw is among several startups set to operate on the soon-to-be-released Berachain blockchain, which has attracted significant attention from venture capital firms.

The startup recently raised $6 million in a seed funding round led by Lemniscap Ventures. Lemniscap General Partner Shaishav Todi described the investment as a bet on decentralized physical infrastructure, or DePIN. “By building at the crossroads of culture, crypto, and health, Puffpaw is making DePIN accessible and practical, and has huge potential for mass adoption, particularly given increasing consumer demand for health-conscious vaping solutions,” Todi stated in an email.

Puffpaw aims to create a system where users are encouraged to reduce nicotine consumption gradually. The model uses token rewards as an incentive. Users will be limited to a specific number of puffs per day on their Puffpaw devices, and they will earn more tokens for using vape cartridges with lower nicotine levels. These tokens can then be used to purchase more cartridges from Puffpaw, creating an ecosystem where users support each other in reducing nicotine intake.

Reffo Tse, the leader of Puffpaw, noted similarities between their initiative and other “earn” models in the blockchain space, such as StepN, a run-to-earn app on the Solana network that rewards users for physical activity. According to Tse, Puffpaw’s tokenomics are designed to cover 30% of the cost of a vape during the first month of use, incentivizing users to track their smoking habits. The project also incorporates social bonuses, rewarding users for interactions like “bumping vapes” with other Puffpaw users.

Tse mentioned that Puffpaw’s system accounts for potential abuses, such as a user attempting to “farm” tokens by using multiple Puffpaw vapes at once. He noted, however, that it is less clear how the system would handle users who might use non-blockchain-enabled nicotine vapes while still earning rewards from Puffpaw’s devices.

Several other investors participated in the startup’s full seed round, including Volt Capital, Spartan, Folius Ventures, Karatage, Seed Club Ventures, Hypersphere, Panga Capital, EVG, Corner, Social Graph Venture, and Nonce Classic. The project aims to leverage blockchain technology and token incentives to create аn ecosystem that supports healthier vaping habits.

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LAWRENCE

Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.

Lawrence holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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