New project | ReadON: A Web3 reading platform that wants users to Read to Earn
Recently, a decentralized reading platform called ReadON has attracted our attention. On August 11, it received a $2 million seed round of financing led by SevenX Ventures. Other participating parties include HashKey Capital, Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund and Smrti Lab, etc.
ReadON has built a set of incentive schemes for content consumers and creators, and developed an NFT system bound to content topics, through the design of the read to earn mechanism to enhance the motivation of users to use the product, so as to allow more users to enter Purpose of Web3.
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Wear Glasses NFT to earn rewards
Users need to purchase and equip Glasses NFT to read. The design and style of Glasses NFT adopts random patterns, and the lenses will display pictures or GIFs related to the glasses theme. Users who "wear" Glasses NFT can not only earn READ token rewards but also accumulate experience points (EXP). At the same time, they can spend READ to upgrade Glasses NFT to enhance functions and obtain higher READ returns.
Each Glasses NFT is associated with a specific theme (such as cryptocurrency, COVID-19, Taylor Swift). There are 20 initial themes, and new themes will be created by users through related processes. Users who own Glasses NFT of a certain theme will Have the right to govern the corresponding sub-community and get incentives from the growth of the sub-community.
As Glasses NFTs are used more, they also start to degrade, and users must use READ tokens to repair them. If not fixed in time, the Glasses NFT will be stuck in "dormant" mode. Dormant Glasses NFTs will not generate any rewards or EXP.
Cultivate user habits through the Brain Hack model
Cultivating user habits is an important part of retaining users. ReadON uses an instant motivation, task system "Brain Hack" around feedback, sense of achievement and surprise moments to form the user's brain into the habit of using ReadON for a long time.
First, the AI timer analyzes the user's reading behavior on ReadON. Every time a cycle is completed, users will be rewarded with READ tokens as an instant reward. The AI timer is powered by an in-app algorithm that recognizes real reading behavior based on behavioral data like screen touches. Some random scrolling or staying on certain pieces of content for longer than a reasonable period of time will not be recorded.
ReadON has designed daily and weekly tasks for users. These tasks follow the habit-forming time curve from easy to difficult. The content includes guides for using ReadON, transferring and exchanging tokens, and buying NFTs. Users can set for themselves Clear goals and be rewarded with token incentives along the way. In addition, users can also invite their friends to take a series of reading challenges with them, unlock various badges of the achievement system, and allow users to develop from short-term usage habits to long-term habits.
Currently, ReadON is designing an NFT minting campaign that will launch in August. In the future, ReadON will also launch plugins to help creators easily claim ownership of their content produced on Web2 social media platforms such as Medium. These off-chain data and on-chain transaction data can be cast into soul-bound NFTs and serve as certificates of their rights to interact and govern in the ReadON world.
The first phase of ReadON will focus on medium-sized articles and blogs, such as analyst reports, tutorials, opinions and book summaries. Additional media formats such as books, novels and videos will be supported in the future based on paid content integration programs.
Previously, the ReadON team won a Community Choice award at the Solana Riptide Global Hackathon. Its mobile-oriented content reading application is expected to be tested publicly in September.
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