![]() ![]() But they can be used within social networks – to ‘purchase’ applications or to access special features, for example. These ‘peanuts’ are a virtual currency, and cannot be traded for cash or anything that has a cash value. ![]() ![]() Speaking to Research in December, Hussain said: “We had two million users on XuQa and we thought, ‘How do we monetise this?’ And we stumbled on a model that gave people ‘peanuts’ in exchange for taking part in surveys.” It was while working on XuQa that Hussain, Moiz and Nwankpa came up with the idea for Peanut Labs. The company was set up by three former college friends, Murtaza Hussain, Ali Moiz and Prosper Nwankpa, who had previously launched networking site. Peanut Labs uses this information to match surveys to potential respondents, who then receive invitations through their social network. Users of these sites are encouraged to take part in surveys, but before they can they must complete a profile questionnaire. Sample3.0 has been integrated into more than 70 online social networks – including Facebook, MySpace and Google OpenSocial. The company, which launched in early 2007, plans to use the funds for continued development of its sampling technology, Sample3.0. US- Peanut Labs, a firm that recruits survey-takers aged 13-25 through social networking sites, has secured $3.2m in venture capital backing. Peanut Labs wins VC backing for business model that rewards survey participants with virtual currency ![]()
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