Internet users spend an average of 147 minutes on social media every day. It’s two and a half hours just mindlessly scrolling through a friend feed without any tangible benefit. If anyone profits from this scrolling in social networks, it is the platforms themselves and their top users, bloggers and influencers. The new Cheelee short video platform, which combines elements of Web3 and traditional business models, changes the balance of power – and makes social network scrolling profitable even for an average user.
User-Oriented Attention Economy
Most of the existing social media work according to the attention economy business model, which supposes that the human attention as a commodity, akin to oil. This business model is based on the concept that attention is converted into profit by social networks. This means that attention has a cost. But here’s a catch! The owner of this attention, that is, an average user, is rarely rewarded for directing his gaze where the social network benefits. Social networks consider the user as an advertising influence target or a source of attention capital, just like the owner of an oil rig sees the Earth as a source of his oil profit, and not as a business partner.
Cheelee, a video platform from the creators of another successful application, NUTSon, with the 1.5M user base, proposes to rethink the relationship between social media, bloggers and average users in order to give the opportunity to be rewarded to all users, regardless of the number of their subscribers.
In Cheelee, each new user receives free NFT glasses. These glasses have certain features (attention rate, lenses, radar, battery, memory, frame) that affect how many points their owner will earn when watching a video. NFT glasses can be upgraded with LEE, native tokens of the platform, also distributed among users as a reward for viewing video content. Thus, users find themselves in a gamified engaging environment that encourages them to spend more time on the social network – for the benefit of themselves and the entire platform.
Earned LEE tokens can be spent not only on glasees upgrade, but also to promote user’s own content. Thus, every user gets the opportunity to become a content creator himself, without facing an overwhelming and expensive task of promoting his account in other social networks.
In doing so, Cheelee lowers the entry barrier by inviting the vast global audience of 4.5 billion social media users to create content.
Synergy of Web2 and Web3 Approaches
GameFi and NFT have certainly made a splash in the tech world and have attracted huge attention from users and investors in 2022. But relying entirely on these new models and technologies would be too reckless, and even foolish as there are existing business models that already work well. It’s not wise to invent something from scratch. It’s better to upgrade and improve what has already proven its viability. That’s why Cheelee bases its business model on the synergy of traditional and innovative approaches. The income of the social network is provided not only by Watch&Earn NFT-related mechanics, but also by traditional sources of profit, like advertising, collaborations with brands, and in-game purchases. According to the firm’s strategy, traditional revenues from near-advertising sources will account for about 30% of the total revenue.
Cheelee’s solid team of developers, who have already proven their reputation with a working NUTson app, and their cautious approach, devoid of presumptuous and frivolous forecasts and acknowledging the lack of mass adoption of cryptocurrency and blockchain, attracted the attention of a number of large investors to the project. Cheelee was supported with VC funds’ allocation of USD 1.3M and equity investments of USD 8M. The list of numerous private investors and VC funds includes Veligera Capital (US), Infinity Technology Fund (UAE) and VC SILA (CIS).
Currently, the Cheelee app is in the final stage of testing and is expected to be released in the upcoming winter.