Engage-to-Earn is a new earning protocol that works similarly to existing Play-to-Earn or Learn-to-Earn platforms. Users who engage on the platform regularly will be rewarded with the platform's native cryptocurrency for their time spent participating.
Common engagement activities include signing in, liking, and commenting. Actions that often go unrewarded on traditional Web2 platforms.
The Dream Idols project is one such platform that aims to introduce a fully functioning Engage-to-Earn platform for their users.
New earning protocols are always exciting news for users in the crypto industry, but whether Engage-to-Earn or any other protocol will succeed depends entirely on the dedication of the community surrounding it.
An Engaging Proposition
One of the main attractions of any DeFi project is its capacity to reward users for their time and energy spent on the project itself. Protocols like Play-to-Earn and Learn-to-Earn have already grown in popularity in the DeFi space for a while now.
Alongside a growing interest in SocialFi projects, a new earning mechanic, dubbed “Engage-to-Earn” combines the entertainment aspect of social media content with the ability for users to earn cryptocurrency for their time spent on a platform.
How does Engage-to-Earn Work?
Engage-to-Earn is a Web3 earning system that gives the value of attention back to the provider. By engaging in certain activities on various SocialFi platforms, users will have the opportunity to earn cryptocurrency for their time spent participating.
Depending on the platform, earning activities can vary in what is required of the users. Sometimes it can be as simple as a daily check-in task or be something more active such as commenting your thoughts on a new post.
Examples of common earning activities on SocialFi platforms are similar to the regular actions most people do for free on Web2 social media platforms. Liking, reacting, commenting, and sharing on SocialFi platforms may reward users with cryptocurrency as opposed to just being unpaid actions on Web2 platforms.
Earned cryptocurrency can then be reinvested into the platform itself, opening up more avenues for the user to earn the platform's native currency. Some platforms will even feature staking pools that will accept earned cryptocurrency. You can also purchase platform-exclusive assets with earned cryptocurrencies such as special banners, flares or other customization options for a user's profile.
Engage-to-Earn Ecosystem Examples
The Dream Idols project is a SocialFi ecosystem aiming to bridge musical entertainment, K-Pop fan club culture and crypto-earning features to reward the fans for their support.
Users will engage with virtual idols to earn the Dream Idol's native assets, JOY and DREAM. These assets can then be used to further support their favourite idol by reinvesting the assets to power up each idol's “Popularity” and “Reputation” progress bars. The ultimate goal of the project is to host a massive VR concert in the metaverse once all of the idols have reached their peak “Popularity” and “Reputation” on the platform.
Earning activities include daily check-ins on the Dream Idols site, daily “boosts” that require using JOY assets to access, and watching weekly live streams hosted by the idols themselves.
Community is Key
There are always new ways to earn when it comes to Web3 platforms as the industry develops more and more. But one thing that will always remain is the fact that these platforms and their earning protocols will always depend on dedicated communities to succeed.
Like any functioning economy, token or otherwise, both the users and the mechanisms must work together properly to see any form of success. Whether it’s play-to-earn, engage-to-earn or something else entirely, it takes a group of passionate users to see anything take off in this industry.
In a sense, whatever we build in the crypto industry, we build together, and the Engage-to-Earn protocol embodies that ideal entirely.