The app may be free, but don’t be fooled. It is Booyah’s intention to make money at this game. Lee said. While the first version won’t have all the capabilities, they are looking at everything from integrated branded experiences to micro payments and virtual currencies (but not necessarily banner ads which would fill up valuable space on the screen). Lee says it starts with a big investment in a metrics and analytics engine running in the background.

So, why did they pick the iPhone and not traditional gaming platforms like the ones that Lee and the other founder’s were used to developing for? Lee: “There’s more opportunities for different types of revenue streams than traditional video games. Traditional games have subscriptions or you sell it at big-box retailers such as Best Buy for $60. There’s very few options. That’s one of the areas the gaming industry has been trying to figure out – new ways to monetize, Whereas, we are basing our product on the iPhone, which is constantly connected, which can use micropaymnets and work with real-time partners.”

The app sounds a bit like other companies that want you to “check-in” at restaurants, and are only popular if they are insanely fast and easy to do. For instance, the Foursquare app allows people to check into bars around the U.S. and win merit badges, such as a “Bender” badge if you go out four nights in a row.