[1] Started by iVillage co-founder Robert Levitan, the company attempted to establish a currency unique to Internet merchants, somewhat similar in concept to airline frequent flyer programs or grocery store stamp books.

Users accumulated flooz credits either as a promotional bonus given away by some internet businesses or purchased directly from flooz.com which then could be redeemed for merchandise at a variety of participating online stores.

Adoption of flooz by both merchants and customers proved limited, and it never established itself as a widely recognized medium of exchange, which hindered both its usefulness and appeal.

In 2001, Flooz.com was notified by the Federal Bureau of Investigation that a Russian-Filipino organized crime syndicate used $300,000 worth of Flooz and stolen credit card numbers as part of a money-laundering scheme, in which stolen credit cards were used to purchase currency and then redeemed.

[4] The company announced its closure on August 26, 2001, perceived as an early indicator of the growing dot-com bubble burst.