Watch&Earn: How the use of cryptocurrency on social media platforms will change the economy
The idea of using cryptocurrency on social media was first mooted in 2019 when Mark Zukerberg revealed plans to release his own stablecoin, Diem. At that time, the US government came out against the idea and the project has been closed. It wasn’t until 2022 that Meta officially announced the integration of NFTs on Instagram.
However, the integration of cryptocurrency into social media has not stopped: as NFTs have become more popular, new projects have started to appear, attracting millions of users around the world. For example, a project with Watch&Earn mechanisms emergedallowing users to earn tokens simply by scrolling through their social media feeds.
The “next generation” needs a new economy
The content creator economy has been dubbed the “next generation” economy where independent creators make money by producing unique content and new ideas have become the key capitalization value.
Revenues from content creators can add up to huge sums, as can revenues from social media platforms that make money by selling advertising. These actors often communicate with each other, the platforms provide the technical part and the creators provide the content.
However, no one notices the real problem! Ordinary users, who create the treasury of said creators and platforms, spend around 2.5 hours per day on social media and get absolutely nothing in return.
This specific injustice can be resolved by the presence of cryptocurrency and the Web3 economy on social media.
Can you make money without creating content?
The development of the DeFi sector and the integration of gambling mechanics into decentralized finance has become the main trend of 2022. Such synergy has launched new ways to monetize familiar user activities such as walking, reading or even surfing the Internet. .
Nowadays, users can earn crypto by doing almost anything, including walking (move-to-earn), watching ads and certain videos on social media (watch-to-earn), playing video games (play-to-earn), etc. . Just recently, a new social media platform, Cheeleeemerged in the world of DeFi, to earn money with it, you just have to scroll through the app feed.
According to the creators of the project, Cheelee’s mission is to give users with any number of followers an opportunity to earn on social networks, taking a big technological step towards the attention economy.
How does the attention economy work?
The attention economy sees human attention as a scarce resource and it is the new oil. The founder of this concept is a Nobel laureate, Herbert Simon.
The main idea behind said economy is that human attention should be converted into income with the help of modern technology. One of the tenets of the theory is the idea that humans pay attention to what they want and get paid for it. The attention of each user has a substantial cost.
Social media perceives users as objects of information and advertising impact. However, Cheelee users are full members, partners and beneficiaries of the system.
How is Cheelee different from similar projects?
The fundamental difference between Cheelee and other projects (move-to-earn or play-to-earn) is that it focuses on the social media market audience of 4.6 billion people, rather than a limited crypto audience. The first billion people are expected to be attracted within four years, providing a growing monthly influx of users.
The creators of play-to-earn, watch-to-earn and move-to-earn projects have shown that everyone without exception can earn tokens, even if they have no knowledge or experience regarding the crypto market. But not all of these projects have the core product value and substantial revenue other than NFT sales and embedded transaction fees.
Most of these schemes are based on the Ponzi scheme where the more users there are, the greater the income and the biggest income is generated by those who joined the scheme in the early stages. However, Cheelee’s business model is stable. This is possible due to the existence of revenue streams unrelated to NFT sales.
These include advertising, in-game purchases, and brand collaborations. These represent 30% of total revenues, while in alternative projects they only represent 1%. Additionally, Cheelee will direct 70% of revenue from advertising, in-app purchases, and 100% of revenue from NFT sales and in-app transactions to the Stability Fund.
Similar projects require large upfront investments, which creates a high barrier to entry. Not everyone is capable of paying $1000 for a pair of NFT trainers or $900 for a few game cards. registration, each user receives a case containing Start NFT glasses.
The Cheelee app is also farm and bot safe with in-depth behavioral metrics like video viewing depth, comment analysis and writing, skip rate, and more. The Cheelee system is protected against fraud and cash leakage, which positively affects the value of the token.
The development of Web3 pushes us towards the future, soon social network trends and blockchain technologies will combine in the Cheelee project whose mission is to give everyone the opportunity to earn money by scrolling their feed regardless or his number of followers.
Soon everyone will be able to buy Cheelee tokens or win cases with Rare NFT glasses, as the project will be holding a token sale and giveaway. To not miss any of these events, follow the news of the project with us.