I've been playing with ReadON recently, a web3 project that allows you to earn money while reading. As web3 continues to develop, various P2E models have become the main way to play.
What is ReadON?
ReadON is a web3 content distribution platform where users can read various web3 hot topics and news, learn most of the web3 information, and earn income from it.
The platform content comes from different platforms such as Twitter, Youtube, Mirror, media sites, etc., including 12 different topics such as Bitcoin, Ethereum, Defi, NFT, DAO, Layer2, Gamefi, Hackers, etc.
If you can’t check Twitter or don’t know which KOLs to follow, you can also learn about web3 through ReadON.
It can be directly searched and downloaded through the app store, and read on mobile phones, which is convenient to use. After each new user registers with an email address, a wallet address is automatically generated for the user, which lowers the threshold for web2 users to enter web3.
How to earn money while studying at ReadON?
ReadON players can complete daily reading tasks and collect Point points. When they accumulate a certain number of Point points, they can redeem blind boxes. Blind boxes can produce fragments. Collecting 10 different fragments can synthesize the ReadON project NFT Catto.
The system has set up different daily tasks and sign-ins, such as liking or commenting on 2 articles, sharing an article, reading for a total of 10 minutes, etc. You can get about 300 points by completing daily tasks and 200 points by signing in.
You can also fill in the invitation code and get 100 points respectively. For example, the invitation code of Chuxiao Chain is BLKMZ6.
In addition, as the levels of different tasks increase, different tasks will be unlocked.
For example, if you check in for 3, 7, or 14 days, you can earn 500 to 2,000 points. If you complete different reading levels, such as level 2, 10, or 20, you can unlock different points.
Chuxiao Chain has been using the product for 3 months. His current reading level is 19. He has earned about 36,000 points and opened 6 blind boxes. Unfortunately, he has only collected 8 different fragments and cannot synthesize NFTs yet.
Some players with a reading level of 21 have already collected 10 and minted them into Catto NFT. NFT has not yet been launched, and we don’t know what the price will be in the future. This can be regarded as a zero-cost project.
What are the benefits of playing ReadON?
Currently, there is no direct benefit from playing ReadON except for learning about various web3 information. The fragments obtained cannot be transferred or sold, the points cannot be converted into cash, and NFT has no value and no market pricing.
It is foreseeable that as the project progresses, NFT will have a price after it goes online, and perhaps hype will emerge; with popularity and traffic, the value of NFT will rise, and it will be possible to earn money while reading during interaction.
However, judging from previous web3 projects of the same type, this type of play-for-profit project may not have high returns; but it does solve the pain point of some players who don’t know where to obtain web3 information, and may have the potential to continue to develop.
Users do not need to make additional investments to participate. They can first obtain Points and blind boxes by using the product, and then collect fragments to obtain NFTs. The entry threshold is low.
What is ReadON’s economic model?
Only after players hold Catto NFT can they obtain reading tokens READ by reading articles. The number of READs obtained is related to the properties of the NFT held. It has not yet been launched and is in unlimited supply.
Catto NFT is the core asset of the project, and each one is different in appearance and properties. Users can spend READ to upgrade Catto and gain higher functions, thereby improving the efficiency of producing READ;
Each Catto NFT is associated with a specific entity. Catto users who own a certain topic also have the authority to manage the corresponding sub-community and gain incentives from the growth of the sub-community.
In addition, in ReadON, advertisers can purchase READ to place ads. The higher the ad impression, the more READ is consumed. When the READ in the advertiser's account is consumed, the ad will be offline.
The platform optimizes products and experiences to attract users; users earn READs by reading; and advertisements consume READs. If the three can achieve win-win development, the project can develop sustainably.
Products that solve user pain points can attract and retain users; products with users and traffic can attract advertising; ultimately achieving a win-win-win situation.
Judging from the development cycles of various web3 products in the past, projects with huge profits take off quickly and fall to zero quickly. As a content platform, solving users' web3 information needs may have the potential for long-term development.
Of course, the project income may not be high, but obtaining various web3 information is also a very good gain.
The above is just my personal opinion, not investment advice. I am Chu Xiaolian, and I am paying attention to the Metaverse and web3.
