Welcome to the fourth edition of the Bonfire weekly update!

Happy Monday, and welcome to issue #4 of the Bonfire weekly product update!

If you're just joining, this newsletter goes out weekly and highlights new product features, cool use cases we're seeing from around the community, and the occasional drop or giveaway. You can find our past issues here.

Product Updates

💰 Bounties is Live! Similar to coin drops, bounties is a flexible tool that allows you to reward fans in your coin for various types of community contribution. You can use it to run contests, solicit feedback, or incentivize other value-add contributions in your community.

How it Works

1) Create a bounty, giving it a name, description, reward amount, and eligibility rules (optional)

• You can even add links to the rules using markdown to point community members to other sites / platforms where they need to take action

2) Community members can view bounty details and rules, and make submissions

• Text, links, and/or image submissions are supported

3) From your dashboard you can easily track progress, review submissions*, and award winners

*Each submission requires manual approval by the creator

Here are a few of the ways bounties can be used:

• Run a contest - E.g. whoever submits the best meme related to your community wins some coin

• Collect input/ideas - E.g. each person who submits an (eligible) idea for your next video earns a small amount of coin

• Incentivize newsletter subscriptions - E.g. each person who goes to your email newsletter and subscribes before Friday earns some coin

But those are just a few examples to get the gears turning; we think bounties can be used in any number of ways, and are excited to see what you come up with!

You can access the feature from the Bounties tab in your dashboard. More in-depth guide here.

♟ Q3 Product Strategy

Over the past few weeks we've been working hard on crystallizing our product strategy, both to be able to share it publicly with you all, but also to help us prioritize against a (literally endless) potential product roadmap. There's still some work we're doing on the actual feature roadmap this week (updates to come in next week's issue), but we wanted to at least share a few thoughts on how we're thinking about our broader goals over the coming months.

Q3 Product Pillars: We have 2 core pillars we'll be focused on through the end of Q3...

• Help creators identify & reward true fans: This centers around offering you better insights & data on coin (and NFT) holders, as well as more ways to reward and recognize top fans

• Help creators grow & monetize their economies: In Q3 the crux of this will center around better tools for educating and onboarding one's broader community, and converting "normies" into coinholders. The first step in this direction is Airdrops w/ Shadow Accounts (coming next week), which will enable you to airdrop coins to community members via email even before they have a Rally or Bonfire account (and also track conversion). After that a big focus will be on various improvements to our own onboarding experience, so if you have any specific gripes or feedback on onboarding from your community, we'd love to hear it!

🔥 Use Cases

($CMO) Automated Welcome Message Coin Drop

David of $CMO coin has two campaigns currently running to automatically welcome new members to his community with a $CMO coin.

1) A private coin drop which is automatically delivered via the Greetbot app when new members join his Slack community

2) A private coin drop which is automatically delivered in the default welcome message for new members to his Upstream community

As he put it: "This way, maybe more new members will get to try out $CMO from day 1". Love this concept!

($JAFFE) QR Code Coin Drop

This one's not as recent, but wanted to share it as I know a bunch of you are playing around with the idea of using QR codes to drop coins to fans, and Joe Jaffe was the first to pioneer this use case on his YouTube show Joseph Jaffe is not Famous!

That's all for this week!

Until next time,

Bonfire Team