How to Ride the Bullish Wave with GameFi
In 2023, all of us want to get the best deals dreaming of a breathtaking ride on a bullish wave. What would you say that this year you can get paid for your guilty pleasures like scrolling your video feed on TikTok?
Probably, each of us lamented that we did not buy Bitcoins when they cost a penny, and made promises to ourselves that next time we would not miss such an opportunity. To deliver on it, pay attention because the game changer is already here. Both for social media and the crypto industry.
Attention! What is under the tree?
Let me introduce the project that is set to revolutionise the way we consume content on social media. Cheelee is a social network of short videos like TikTok with underlying blockchain-based benefits like GameFi mechanics. It means that for the first time in the history of social media, users will get their share of the pie.
So the miracle is the following: you will get paid for the attention you pay because it’s a scarce resource. Sounds like magic but it was invented by the economist Herbert Simon, a Nobel Prize laureate.
Let’s have a reality check. Yes, Cheelee turned into reality our dreams about earning passive income: you can watch your favourite videos and get paid for that. Where is the catch? Do I need to buy something or what? No, unlike Axie Infinity or other games in the Play-to-Earn model, you do not need a substantial investment to join the attention economy.
After registration, each user will get NFT glasses. It’s enough to start earning. Of course, later, depending on your video appetites, you can purchase other NFTs but the important thing is that you can also earn to do that within the ecosystem.
But what about bloggers and creators? Do they have incentives? Of course, no social media can survive without bloggers’ content. Also, it’s a chance for a new generation of bloggers because early birds will get more attention, and more benefits. They will have time to build their loyal audience.
How is it possible?
The main question is why now and why it never has been before. Is it even sustainable? Of course, the success of Cheelee can not be as short-sided as many of the games during the boom just because it’s organically settling on our daily habits without a need to change behavioural patterns.
Another strong point here is a sustainable financial model that takes the best from both words, social media and crypto, to make a solid foundation. 40% of the platform’s revenue will come from advertising, in-game purchases and brand collaborations; there is no need for a constant influx of users to support the economy.
Like many money-making crypto projects, Cheelee solidified its economy with two types of tokens: the governance token CHEEL and the utility token LEE. Both tokens have a limited supply. There will be 1,000,000,000 CHEEL and 7,000,000,000 LEE.
The governance token CHEEL gives the community the right to vote on the project’s future so the project could continue to be decentralised and autonomous. Also, CHEEL token will allow increasing the level of NFT points.
LEE is the utility token that will be, for example, credited to the account after a user watches the feed. The algorithm automatically regulates mining difficulty: the more tokens are mined, the more difficult it becomes. Apart from that, mining difficulty is growing with time: by 7% per month and 84% annually. It’s done to give the best chances for early birds and to make the economics lucrative for users. Given a limited supply, the growth of mining difficulty will lead to price growth which makes the asset even more promising.
The success of the utility tokens is also determined by how often it’s actually used. With LEE, this part is covered. Scrolling the feed for extra income will be a popular use case because it can be organically embedded into laymen’s routines.
All this leads to growth in asset attractiveness for users and investors. If Bitcoin was the first cryptocurrency, LEE has the potential to become the first cryptocurrency to reach the majority of the population with smartphones. While the number of bitcoin wallets with at least 1 BTC is finally reaching a million, already almost 2 billion people actively use TikTok and its Chinese brother Douyin. Let’s dive deeper into why this audience can be reached by Cheelee?
Where is the Cheelee moon and how long can it stay there?
First of all, the social media market is huge. Unlike the Play2Earn model or crypto projects, Cheelee is reaching a wider audience with a product that can be used daily. Over 4.6 billion people use social media and the number is growing too. And this is the market Cheelee is aiming at. Cheelee’s team already has successful experience in launching social networks: for example, their NUTSon app has over 1.5 million users.
Yes, this proves the initial interest, you would say. But what will happen when the price will grow 1000 times? Can pressure from funds or investors lead to panic sales? To prevent this from happening, the investment funds and team’s tokens will be frozen for 24 months so there will be no tokens in free circulation at critical times when the app will gain momentum.
Generally speaking, these factors suggest that the CHEEL token is going to the moon soon and it’s very much likely to stay on top at least before something even more radical can be invented.
Cheelee fueling the crypto market growth
The beginning of 2023 was marked by a new wave of growth in the crypto market. Bitcoin is back to $20,000, investors are encouraged and waiting for further favorable news. However, many analysts warn that the bears are still strong and can seize the initiative in the market at any moment.
Yet, such projects like Cheelee can serve as a fuel to move the whole market forward. Since Bitcoin’s inception, all the crypto community is talking about is mass adoption. Any smartphone user will be able to earn a decentralised coin in a few clicks, and so it will be proven that the future is just around the corner for other industries and areas where decentralisation can come of use.
Cheelee is one of the few tech projects worth keeping an eye on, even if you don’t intend to invest in it. According to IBTimes, by following Cheelee’s team on Twitter and other social media, you can keep yourself up to date with the latest web3 trends.If you have some questions or ideas you would like to share, they are always welcomed to discuss them with the Cheelee community.