GameFi sector has made a huge buzz in the tech and crypto world in 2022, having attracted enormous attention from both users and investors. According to Binance Research Half-Year Report 2022, capital investments in GameFi exceeded US$4.1B in the first half of 2022.
However, the state of the industry is far from flourishing: life cycle of an average project is limited. The reasons are poor in-game economy design, low-quality gameplay, and UX, as well as complicated perception of crypto across wide audiences. Among key drivers of the industry in 2022, experts assume transfer of traditional Web2 companies to GameFi, raise of investments, leveling up user experience and explosion in crypto adoption.
And what is about the way to appeal to the audience that is far from Web3 economy and experiences but very responsive to gamification, creativity, and education?
Attention economy is the key
147 mins – this is the daily time spent on social networking by internet users worldwide in 2022, Statista says. It is approximately 2.5 hours that numerous users relax scrolling the newsfeed without any idea how to get profit from it. While this audience is huge and eager for new opportunities, and there are a variety of social platforms already existing, none of them previously presented a synergy of old but gold monetization principles of attention economy with well-balanced sustainable business model and hi-end interface.
You may ask, has no one introduced a kind of Web3 TikTok yet? It looks like the answer is “no”, but it is very likely to happen soon with the launch of Cheelee – a GameFi short video platform from the makers of NUTSon app with the 1.5M user base and 3 years of development history.
Attention is a highly profitable capital asset and contemporary currency as it can be converted to money and wealth. In the traditional Web2 creator economy, bloggers are the best examples to monetize it, and the team behind Cheelee brought this idea to the wider audiences of users who watch, create and play within the blockchain-based platform and don’t have special knowledge of blogging.
Interception of Web2 and Web3 approaches
It would be mistaken to name Cheelee a pure blockchain project, as a significant share of its economy relies on basic principles of monetization we used to oversee on Instagram or TikTok. Revenue of the app is split between sales of NFTs and traditional social media profits from advertising, collaborations with brands, and in-game purchases. The second part of this mix is making about 30% of the general revenue. Moreover, the company has set up the Stability Fund that consistently collects 70% of ads income and in-app purchases as well as 100% of profit from NFTs and in-app transactions. It sounds like a genuinely well-balanced model, and there is no surprise – a row of experts from various areas and crypto VC funds (i.g. Ryan Horn, Binance NFT BD director, and David McKie, ex-CBDO of Philips Electronics) have approved this type of economy as a vital interception of Web2 and Web3 best principles. As we investigated, the project was supported by numerous private investors and VC funds including Veligera Capital (US), Infinity Technology Fund (UAE), and VC SILA (CIS).
Besides, the retrospective development of the project is connected to the above-mentioned NUTSon project, a well-architected short video platform that was developed with dedication by the team of over 100 talents for 3 years and is now available in app stores for Apple and Android smartphones. Yes, you can check it to understand the engine and interface Cheelee will inherit.
Aside from the tech stack and Web3 nature, let’s dive deeper to understand why this project is worth joining in terms of its gameplay, interface, mechanics and security.
Beyond the hype
From the practical point of view, it is very pleasant to admit that Cheelee is a Free-to-Play title that presents NFT-glasses to every new user. The company is lowering the entry barrier thus, inviting a huge global audience of 4.5B social media users to test the platform and enjoy watching and creating content. Each pair of glasses has a limited but renewable attention rate as well as a number of other features: lenses, radar, battery, memory, frame – all of them influence the amount and speed of rewards obtained by its owner.
GameFi mechanics of Cheelee injects a further element of uncertainty to prevent the platform from hack and malicious exploitation. It attracts differentiated groups of interest and proficiency in Web3 and crypto: for those less involved in this sphere, Cheelee offers convenient and high-quality interface and transparent educative interaction with users. That’s why the future of this platform is tightly connected with mass adoption of digital and crypto assets.
The app is awaited in the upcoming winter, and we strongly recommend to shift your attention economy sources from hanging out in habitual socials to testing this new secure and thrilling Watch & Play & Earn platform. Follow Cheelee’s news on Telegram, Twitter and Discord and don’t miss a good chill’n’earn opportunity next month!