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Cheelee has positioned itself as a ‘SocialFi’ project that rewards users for simply watching videos. The idea is to properly compensate content creators for their effort, while transforming doomscrolling sessions into something productive for the user. Basically, Cheelee wants to make social media a more interactive and beneficial experience for all.
Interestingly, Cheelee relies on NFTs called ‘Cheelee Glasses’ to pay out its users. Basically, these NFTs confirm your legitimacy as a user and investment in the project. The rarer, and more expensive the Glasses being used to ‘watch’ content, the more the user can earn.
However, the barrier to entry is not hidden behind a paywall – new registers receive a free pair of ‘Glasses’ to begin their Cheelee experience.
Part of Cheelee’s unique business model lies in advertising revenue. Unlike other, similar SocialFi products that rely heavily on NFT and token sales, Cheelee claims to earn much of its profits through partnerships and advertisements, which it believes is more sustainable.
There are two tokens associated with Cheelee – CHEEL and LEE. CHEEL is a governance token with a circulating supply of 1 billion. These cryptocurrencies are also used to upgrade your NFT glasses.
Meanwhile, LEE tokens are rewarded to users for watching videos (almos as if they are ‘mined’).
