Wednesday, September 28, 2022
Published 2 Months Ago on Thursday, Aug 11 2022 By Adnan Kayyali
After the popularity of move-to-earn (M2E) and play-to-earn (P2E) gaming spread in 2021, thanks to STEPN (GMT) and Axie Infinity (AXS), another iteration of the “to earn” concept debuts in the form of CurateDAO’s Curate-to-Earn platform.
The CurateDAO team announced to Cointelegraph that they have launched a database platform resembling Pinterest on the Avalanche (AVAX) blockchain. CurateDAO defines itself as a “community curated blockchain-based database for Web3 applications”.
Users may receive cryptocurrency tokens as payment for completing tasks, much as traditional “to earn” business models. Those who wish to participate in the Curate-to-Earn platform would add their carefully vetted lists to the project’s database.
CurateDAO gives content creators the option to monetize their own work. To compensate curators and scouts for their efforts, CurateDAO was designed from the bottom up with monetization. After the participants have built these on-chain databases, they can use a variety of APIs and applications to create user-facing, scalable web3 applications.
The platforms mission, as stated on their website, is to “use crypto economic games to curate the world’s information”.
Within the project’s ecology, various jobs exist. This includes curators who create databases and establish their rules, scouts who identify and add content that complies with the database standards, and viewers who engage with the content by looking at it.
Decentralized autonomous organization (DAO), an artificial intelligence software, or even a person can serve as the curator. They too will profit from the Curate-to-Earn model alongside the scouts as viewers pay for the content or access it by viewing adverts.
The team thinks that incentivizing curation with rewards will result in the collection of high-quality data. The initiative will be valuable in gathering user-generated material in a method that is recognizable to Web2 application users, according to Michael Fischer, the creator of CurateDAO.
The X-to-Earn profit models are gaining major traction as traditional web2 applications, services and sites explore new ways to incentivize users to use their services. Sites like Brave Browser are even rewarding users just for using the search platform. There’s Play-to-Earn, Move-To-Earn, Create-To-Earn, Wear-To-Earn, and now Curate-to-Earn.
This is where it all began. As previously covered, play-to-earn games will very likely be a major segment of the main industry in the future and will continue to expand as time goes on. Why wouldn’t people want to get paid for something they do in their free time anyway, especially when it’s a fun experience?
However, P2E games seem to lose traction if they fail to secure the fun factor, especially if earnings are not worthwhile enough to warrant a boring and laborious experience. While some P2E studios seek to focus on the token first and game second, others aim to make a fun gaming experience and later implement a token to reward players for participating.
Users like using Move-to-Earn, which turns physical activity into measurable gains, to take action for their health as well as to earn money. Although many Move2Earn applications currently use the standard step-counting method for tracking walking distance, like Sweatcoin, apps like Menzy place more of an emphasis on rewarding strenuous physical activities like yoga and running.
That’s one way to combat the obesity problems taking place in the western world, pay people to move. Unlike the Curate-to-Earn model, this profit model can be done by doing what we do every day anyway. Well, most of us. And that’s walking.
The create-to-earn sub-model may be the most applicable to real-world situations among those we explore here. Artists from a variety of artistic disciplines have so far made money by heavily marketing their creations with the aid of third parties. Today, popular works of art, songs, and even moments in internet history – like Jack Dorsey’s first tweet – can be transformed into digital assets that can be bought and sold directly.
This is what the so-called “creator economy” refers to, which, I would say is the bedrock for the Curate-to-Earn model. The NFT format is being used by musicians to share their songs and painters to create collections. This create-to-earn business model enables creators to make money from both the initial sale and resale of their works.
In order to implement “wear-to-earn” models that will enable their businesses to succeed in the digital fashion space, brands, designers, and retailers will work together. Brands and designers may now pay customers who wear virtual goods. This helps them establish enduring relationships with their clients as well.
This system of rewards includes cryptocurrency prizes, exclusive access to wearable products, airdropping clothing to users’ digital wallets, and occasionally rewarding devoted consumers with fungible tokens. Every piece of clothing we purchase will soon be available in digital form, and we will be able to earn money by wearing it in various virtual environments.
Although the majority of people are still skeptical of “X-to-Earn” concepts, it appears that once the blockchain revolution takes off, they will become ubiquitous. Once a technological revolution begins, it will become inevitable. Especially when the momentum is continually picking up. It would be wise for every business owner to recognize that the tide is changing and ride the technological wave currently taking place.
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