Tea Brand Nayuki Calls a Halt to Virtual Stock Activity

At the end of June, tea brand Nayuki announced its launch of a virtual stock activity, causing controversy among web users. Now the firm has made new progress, announcing that in consideration of the user experience, the virtual stock membership activity was officially taken offline after the game settlement was completed at 16:00 on July 14.

According to Nayuki, virtual stocks in the accounts of participating members were to be automatically converted into “Nayuki coins” from 17:10 to 18:00 on July 14, in accordance with a rule that one virtual stock equals six Nayuki coins in favor of the user. The game coins will be automatically returned to the platform when converted, and the amount of Nayuki coins after conversion will be higher than that before users participated in the event.

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Earlier, the company announced the first anniversary of its listing. Since June 30, the membership points have been newly upgraded to Nayuki coins, and every time users spend 1 yuan, they will get one Nayuki coin. Nayuki coins can be redeemed for gifts, vouchers and discount vouchers in Nayuki coin mall. If users order in Nayuki’s official mini program and pay no less than 30 yuan ($4.44), they will get 30 virtual stocks. In addition, every 30 virtual stocks can be redeemed for a 3-yuan voucher.

This activity has attracted some criticism. Some netizens said, “As a tea brand, Nayuki should do its job well and concentrate on developing products, instead of focusing on these fancy marketing activities.” Some netizens commented, “At first glance, it is very similar to engaging in illegal fundraising.”

Some people in the industry who have done much research on new tea brands said, “Today’s Nayuki coins are essentially consumption points. The gameplay of virtual stocks has long been common on various stock apps. It is not a real stock transaction, and it will not affect the stock price of Nayuki.”