The digital gaming market experienced a real boom in 2021-22, and considering its growth rate, 2023 also promises to be hot. The main reasons for the sector’s growth was the implementation of NFT technology and Play-to-Earn model that gave people the opportunity to monetize their gaming skills. Taking into account the fact that cryptocurrencies are going through a difficult period today, there is reason to believe that GameFi will become a force to pull the industry out of the long winter. But now there is a project which promises to change the state of things for the market. It is called Cheelee and its goals are extremely ambitious. It aims to increase the crypto audience from 320 million to half of the world’s population over the next few years.
Why is the discussion about GameFi so hot?
In the three years since the pandemic started, the world turned upside down. While most economic sectors have gone under, there was one that continued to grow. It was IT, and one of its areas that experienced explosive growth was GameFi. The reason for this was largely the fact that now it has become possible to earn real, rather than virtual, profit in games. It’s called Play-to-Earn and it is directly related to cryptocurrencies. P2E are games on blockchain, and earnings in them are associated with another decentralized technology, NFT.
According to the MarketsandMarkets report, the blockchain games market will grow from $4.6 billion in 2022 to $65.7 billion by 2027. The idea of making money while playing has become a real revolution. Previously, gamers could earn on streams. They had to gather their audience and become famous if they wanted to earn something substantial. P2E follows a fundamentally different approach: any gamer can earn, and the game can be a serious source of income for those who play well, no matter how many fans they have.
However, in reality, it is not so easy to earn in P2E: you will have to buy expensive NFTs and it is not a fact that your investments will pay off quickly, taking into account the constant fluctuation of crypto assets` prices. It is also worth considering that earning money in games is not for everyone, because not everyone is an excellent gamer.
There is another, yet not so obvious, side that makes blockchain games attractive: in a world where old professions disappear every day due to digitalization, P2E gives people a new source of income, so losing old ones is no longer so terrifying. Cheelee gives people just such a source, and this source is available to everyone. All you need to do is watch your favorite videos.
What is Cheelee?
Cheelee was ranked first in the list of NFT and GameFi projects for 2023. It is a blockchain-based short video platform with Watch-and-Earn mechanics that rewards users for watching the video feed. Cheelee`s philosophy is based on the attention economy theory proposed by Herbert Simon in the 1970s. He believed that attention would become the most valuable resource in the new economy. And this is what we see now, when all the information market participants are competing for our attention spending huge amounts of money on advertising. Cheelee proposed a fundamentally different idea: remuneration should be paid directly to the subject of attention, the platform’s user.
The main feature that distinguishes Cheelee from competitors is that each system`s participant earns here. Upon registration, you receive NFT glasses which allow you to earn on watching a feed that adapts to your tastes. For every hour of watching a video, a box with a reward in tokens drops out. You can exchange it for fiat or other cryptocurrency on special platforms later.
Content creators also get ample opportunities to earn and grow, as Cheelee has made its app as user-friendly as possible for everyone. The powerful social network`s development is always a chance for a quick take-off. In essence, Cheelee is going to be the nextgen TikTok, which will give everyone the opportunity to earn money regardless of their subscribers number.
The game mechanics with the involvement of special tools and purchasing higher rank NFTs allows multiplying earnings. If you are a social networks fan spending several hours daily there, then this is definitely your opportunity. The Cheelee app is as user-friendly and simple as possible, no more difficult to master than any other social network app. It has all the tools for creating videos, recommendation feed compiled according to your preferences, donations and advertising opportunities — in a word, all the best that social networking platforms offer today. And all this is complemented by the ability to monetize your time.
The Cheelee Smart Economy
The Cheelees economic sustainability is granted by several major factors. First things first, Cheelee is a social network, consequently up to 40% of Cheelee’s total revenue comes from the income sources not related to the NFT sales i.e. from advertising, in-app purchases and collaborations with brands. In P2E apps, this figure is only 1%. Secondly, Cheelee sends 70% of ad revenue and in-app purchases as well as 100% of NFT sales and in-app transaction fees to the stability fund. When token trading starts, the stability fund will make the system resistant to market storms and investor mood swings.
What Are CHEEL and LEE Tokens?
Cheelees economy is based on two tokens, CHEEL and LEE, each playing its special role in platform. CHEEL is a governance token with a total supply of 1,000,000,000. With CHEEL, you can level up NFT glasses and vote on the app`s new features implementation, in accordance with DAO principles. CHEEL will be listed on external trading platforms. It is available for staking which gives its owners passive income and holder-only bonuses. CHEEL rate is protected from the sharp declines that usually follow the new projects frozen tokens unlocking, for all tokens owned by investment funds, the team and private investors cant be sold for two years. This is the perfect time for the project to grow and become stronger. The exception is 6% TGE and a community drop frozen for one year, both having no significant impact on the tokens prices.
LEE is a utility token with a total supply of 7,000,000,000. All fees and charges on the platform are made in it. Users receive LEE for watching the feed, get it as donations, bonuses, etc. LEE mining difficulty is growing at 7% per month and 84% per year. Limited emission and mining complexity algorithmic growth make LEE a valuable asset that, over time, may even displace bitcoin, which has the same properties but does not have such a large audience as the audience of social networks.
Conclusion
The social networks audience today is 4.6 billion people, and TikTok is the most successful among them, with a market valuation of $500 billion. The Cheelee project may become the largest in the history of cryptocurrencies and GameFi, because even if it attracts a fifth of TikTok users in the first two years, its market value will be $100 billion, and its token will make x1000 by the unlock time then. This is the most modest scenario that you can imagine, because the benefits that Cheelee brings to its users cannot be compared to any of the existing platforms.
There are currently no projects with such potential on the market and they are not expected to arrive in the near future. It took more than three years for the team to develop the Cheelee app considering that they already have the experience of launching the NUTSon social network with a half million user base. In 2022, Cheelee was backed by VC funds Sila and Veligera with an equity investment of $8 million; 6 venture funds invested $3.45 million in the distribution of its tokens, and the company founders invested $11 million in the project`s launch (total $22.45 million invested). The conclusions suggest themselves: anyone with an interest in cryptocurrencies, needs to learn more about Cheelee.
