StormX (STMX) is cryptocurrency whose developers hope to make money by using cryptocurrency for cash back.
To explain, users of the StormX app or Chrome button receive cashback whenever they pay for a purchase in STMX. The app appears as a button that users click on to receive 0.5% to 87.5% in STMX crypto rewards.
StormX claims to work with some impressive partners including Uber (UBER), Lego, Doordash, the Portland Trailblazers NBA franchise, Samsung, dressily, Nike, Lenovo, Macy’s (M) Sega, eBay (EBAY), and Microsoft (MSFT). StormX’s partners include Maker, Argent, Trust Wallet, Blockfolio, the Kyber Network, and Quantumstamp.
They claim users have downloaded the StormX app 3.5 million times. StormX claims to have paid out $4.3 million in crypto rewards and to work with over 1,000 stores worldwide. The developers claim to have raised over $30 million to finance their project.
In addition, they claim there are over 44,000 StormX (STMX) token holders and a supply of 10 billion STMX.
How StormX Works
Here is how StormX (STMX) works. First, a user downloads and installs the StormX iOS or Android App, an Edge Add-on, or the the Chrome Button.
Users then shop at one of the merchants that accepts the STMX token in payment and earn rewards. Once, you have have over $10 in STMX rewards, you can withdraw the rewards to a crypto wallet and receive them as crypto.
In addition, users who can Stake STMX can receive an extra 10%. They earn the STMX through a Quantumstamp audited Smart Contract. They have also designed STMX as a reward for games or gigs. However, I see proof, any games using STMX as a reward.
StormX is an Ethereum Request for Comment (ERC-20 Token). You can buy STMX through many cryptocurrency exchanges and spend it through the Trust Wallet and Metamax.
The StormX (STMX) ERC-20 Token functions as a reward point. If you make a purchase and hit the StormX you will receive some StormX back. StormX is similar to the rewards programs offered by supermarket operators such as Kroger (KR) and filling stations, such as ExxonMobil (XOM).
What Value Does StormX Have?
Mr. Market assigns some value to the StormX (STMX) token. StormX was the eighth most trending cryptocurrency on 11 October 2021, CoinMarketCap estimates.
In contrast, CoinMarketCap named StormX the 172nd most valuable cryptocurrency on 14 October 2021. CoinMarketCap gave StormX a Coin Price of 3.26₵, a Market Cap of $326.538 million, a Fully Diluted Market Cap of $326.538 million, and a 24-Hour Market Cap of $20.955 million on the same day.
They base those numbers on a Circulating Supply of 10 billion STMX, a Total Supply of 10 billion STMX, and a Maximum Supply of 10 billion. Conversely, CoinBase estimates StormX had a Coin Price 3.26₵, a Market Cap of $325.9 million, , a 24-Hour Market Volume of $21 million, and a Circulating Supply of 10 billion STMX on 14 October 2021.
What Value do Rewards Points Have?
I think StormX has genuine value because real people can earn it and spend it in the real world. However, I think the demand for rewards points could be limited.
Still, I think StormX is a cryptocurrency for Smart investors to watch because its price show us what the demand for crypto rewards points could be. This could be important, because I view rewards points as one of the most lucrative uses for cryptocurrency.
To explain, rewards points are an effort to tokenize customer loyal. A good way to view rewards points is as tokens customers earn when they spend money at a merchant.
StormX takes tokens to their logical conclusions by converting them to a spendable cryptocurrency. You can only spend traditional rewards points on certain purchases at a specific retailer.
STMX works with Macy’s
For example, Kroger rewards points get shoppers a discount on fuel from a Kroger filling station. Hence Kroger rewards points are useless for people who do not drive, electric-car owners, and people who live in areas without Kroger filling stations.
However, you can spend StormX tokens at many online retailers, or sell them for cash through a cryptocurrency wallet. Thus, there could be an enormous market for StormX if they could convince a big retailer such as Kroger (KR) to offer STMX rewards.
Notably, one major US retailer Macy’s (M) works with STMX. Statista estimates that Macy’s was the second largest US brick and mortar apparel retailer in 2020 with $17.15 billion in sales. Wells Fargo esitimates Macy’s was the third largest US clothing retailer in 2021 after Amazon (AMZN), and the TJX Companies (TJX).
Hence, STMX is working with one of America’s largest retailers. I think the association with brands such as Macy’s (M) and Nike (NKE) could give STMX genuine value. I advise speculators to watch StormX (STMX) because it could have an ERC20 token with value in the real world.