Short Video Social Media Platform Cheelee Implements GameFi And Makes Scrolling The Feed Profitable For Users

Over 4.26 billion people are spending their time on social media worldwide on a daily basis, receiving no reward for their presence in the network. New technologies and approaches are making this process entertaining and profitable for users. 

For too long, we’ve been told that our time on social media is worthless. The only people who benefit from our time on these platforms are the companies that own them and a rather small group of bloggers and influencers. But GameFi finally is changing this stance.

With GameFi, social media platforms can offer their users something of real value in exchange for their time and attention. And it’s not just social media platforms that stand to benefit from this new system – it’s users as well.

One such company is Cheelee, a social media platform of short videos that uses blockchain technology to reward content creators with crypto. Cheelee was launched by the same team that stands behind the NUTSon app with a 1.5M user base and 3 years of development history.

Its main difference from other initiatives focused on the implementation of blockchain in social networks is that Cheelee grants the opportunity to get profit from time-spending on social media for all users, regardless of the number of their subscribers.

Best from Web2 transferred to Web3

These days there is a lot of buzz around the Web2 epoque coming to an end, paving the way for Web3, a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economy. But let’s be honest: most projects that call themselves Web3 either aren’t Web3 at all or offer poor economy design and low-quality UX. None of the social networks that tried to launch on the blockchain has so far been able to compete with the Web2 giants of this industry. No blockchain game has reached the AAA level.

The word ‘transition’ is short, but the process it defines can take years to walk through. Currently, the audience, social networks, and the gaming industry aren’t prepared for a complete rejection of existing business models yet. And therefore, instead of a revolution, it is worth talking about evolution. Cheelee has taken this approach, assuming the synergy of the Web2 business models and the future Web3 era.

All that users have to do is watch the feed. In return, the app rewards them for their attention with different in-app assets (tokens and NFT). There’s no entry barrier to Cheelee. Unlike many GameFi apps where users are required to buy something to start making a profit, Cheelee is available to everyone without any subscription plan. Users are invited to register and start scrolling just as if they were spending their time on Instagram or TikTok. But unlike these centralized apps, Cheelee doesn’t consider its audience just a resource. Cheelee users are full-fledged members of the social network, where their attention is a valuable resource they are rewarded for.

Attention is the new oil

To start watching and earning, users need to sign up in the app, get the starting NFT glasses for free and begin making a profit from watching the feed. In accordance with the time spent on watching, they upgrade the level of their glasses and receive boxes with LEE tokens (utility tokens of Cheelee) that can be withdrawn and exchanged for fiat or spent to level up the rarity of their glasses. There are 6 types of NFT glasses rarity: Starting, Simple, Rare, Unique, Epic, Legendary. The rarer glasses are, the more reward points a user gets.

Even newcomers with no followers can start earning by watching the feed. Of course, if the user also produces high-quality content, he receives the additional rewards, CHEEL tokens (governance tokens of the system). These CHEEL tokens can be used for staking which also gives extra bonuses to their holders. For example, stakers may be rewarded with rare NFT glasses. 

The Cheelee’s economy model is secured by the Stability Fund which consistently collects 70% of ads income, including brand collaborations, and in-app purchases as well as 100% of the profit from NFTs and in-app transactions. 

Cheelee’s in-game economy is robust and carefully designed, with many roles for users existing and ways to increase rewards for watching the content. Now, users can be rewarded for their time spent on social media. This is a huge step forward for the adoption of cryptocurrencies and blockchain technology. And that’s what Cheelee has set as its long-term strategy, the transition to the metaverse.