Short length, simple content, and easy to interact with are the reasons why Tiktok in particular and Shorts videos platforms in general are getting so much attention. However, a major drawback for Tiktok users, is when they start to feel meaningless consuming these videos, which is such a waste of time.
To solve the above situation, Cheelee with a combination of Tiktok and GameFi on BNB Chain, offers the opportunity to earn passive income for users even when they watch short videos for entertainment. This promises to bring something new to the currently thriving social networking market.
Cheelee Overview
Cheelee is a short video social networking platform similar to TikTok, while helping users earn extra income. This project built on BNB Chain, aggregate with GameFi elements that allow users to receive rewards from watching videos, and also interact with the project and other users (NFT trading, chat, video collabs,...).
Cheelee Mechanism
Basically, Cheelee with a so-called 'watch-to-earn' mechanism, provides users with NFT glasses when they first sign up to the platform. These glasses will reward them with tokens for watching videos, depending on the rarity and stats of their glasses. Users can buy more or upgrade glasses to increase the frequency and value of rewards received.
This reward mechanism with NFT glasses can be related to running shoes with the Move-to-earn trend or the GameFi trend with NFTs that pay rewards to users when interacting with the project.
Currently, the rewards payment with accumulated points and frequency is written in details in Cheelee Whitepaper, but because the $LEE token has not been announced, Holdstation has not calculated the conversion value.
For now, we need to wait for the official launch to estimate the profit received when participating in this project. Currently, the exact time is not announced yet, so you can follow the project's Twitter for the earliest updates.
Check out Cheelee's whitepaper here
Tokenomics
Cheelee is operated with 2 tokens:
- $CHEEL : is a governance token with a total supply of 1,000,000,000. This token allows users to upgrade NFT glasses, voting power and interactive features on the Cheelee app.
- $LEE : is a utility token with a total supply of 7,000,000,000. All rewards received by users will be paid with this token. The more the total amount of $LEE mined, the more difficult it gets. The number of $LEE can also be improved if users upgrade the NFT glasses.
In general, with $CHEEL's tokenomic, with the list price of 0.08 USD (information from project), CHEEL's estimated capitalization will be $80,000,000 , a relatively fair price for the potential of leading a new trend on BNB Chain.
The token allocation of $CHEEL may need to be notice for 'Hodlers'. The project itself holding a lot of tokens, up to 33.625% (for Team and Marketing), this will be a factor investors need to consider when buying $CHEEL for the purpose of Holding without interacting with the project.
Token $LEE does not have much use, mainly to pay rewards and convert to other valuable tokens.
How can Cheelee create new Watch-to-earn trend?
Cheelee has been in development for 2 years (from the beginning of 2020 to now), most of the functions have been completed. On Cheelee's homepage, there is also a mention that the special technology created for the Cheelee app will make it difficult for competitors to 'catch up' in the near future, so Cheelee currently has no competitors.
Ignoring the subjective factors given by the project, let's find out how Cheelee can create a new trend with the following factors.
Watch-to-earn mechanism is accessible and requires zero capital
Unlike the Move-to-earn project that requires investment in running shoes, Cheelee's NFT glasses are allowed to mint for free, users can start earning from zero. Newbies can start with creating an account, mint NFT glass for free and start using the platform, watch videos on their Newsfeed for rewards.
Multi-usecases $CHEEL token
Usecases of $CHEEL :
- In-game transactions : make purchases and trades on Cheelee
- Staking : Stake token $CHEEL to get APR
- Donation : users can use $CHEEL tokens to donate to streamers / content creators on the platform
- Rewards for content creators : The project will also pay content creators with $CHEEL tokens
It can be seen that, as an online video streaming platform, the use of $CHEEL governance token in addition to basic functions such as staking, in-app trading, there were additional functions allow users to have a regular interaction by making donation or getting reward when participating in using Cheelee.
Use project's revenue to pay rewards and increase token price
The project's Tokenomic also mentions that the project will use 70% of the advertising revenue and in-app purchases, along with 100% of the profits from the sale of NFTs, to go into the token's Stability Fund, helping to push the price and create liquidity for $CHEEL.
This is an effective step, seeing that the project does not benefited from NFT trading (100% of NFT revenue goes back to the fund), so the price of the NFT market will depend entirely on the degree of user's FOMO and the quality of the project.
The majority of revenue and fees will also be transferred to the fund, which partly shows the commitment and determination of the development team.
Roadmap and information are updated regularly on reputable platforms
Cheelee's roadmap shows that the project has been completed as expected in 2022, and the next step is the token release, NFT and GameFi mechanics expected to be completed this month.
Cheelee is reported on famous Crypto sites like Binance, Cointelegraph,... this shows that the project has received interest from Binance itself with building a new concept on BNB Chain.
Comments on the project
The technology and ecosystem created by Cheelee is something to be concerned about, with traditional web2 platforms like Tiktok is doing too well with their analyze and recommend functions based on personal preferences, thereby increase user retention. Therefore, it is highly likely that Cheelee will take a long time to complete their ecosystem and attract a large number of users.
Community building is also extremely important for social networking platforms like Cheelee. Currently the project is receiving a lot of attention with around 20,000 discord members, 40,000 Twitter followers. This number is expected to increase significantly during this period with Cheelee doing a lot of marketing programs in the community.
With the platform's content relying entirely on the capabilities of the content creators, engaging this user group is a prerequisite. This is partly the reason why Cheekee placed the majority of $CHEEL tokens for marketing. However, the existing risk is the team holding a lot of tokens at the early stage, then having to give up a lot of profit eventually, will the team have enough motivation to continue?
Summary
In general, with what the project has committed and announced to do according to their Roadmap, after the token release, it is possible that Cheelee will still have the ability to grow strongly with the marketing programs and airdrops for users, attract more to join the community. Will this project be able to create a new trend on BNB Chain?
Disclaimer:
The information, statements and conjecture contained in this article, including opinions expressed, are based on information sources that Holdstation believes those are reliable. The opinions expressed in this article are personal opinions expressed after careful consideration and based on the best information we have at the writing's time. This article is not and should not be explained as an offer or solicitation to buy/sell any tokens/NFTs.
Holdstation is not responsible for any direct or indirect losses arising from the use of this article content.
