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As Web3 evolves, users and digital creators see many new monetization opportunities. While most “to-Earn” models focus on ownership, many alternative concepts exist like Vote-to-Earn, which allows everyone to make their voice heard and receive rewards. What’s unique about it?
Ample Earning Opportunities in Web3
The core concept of Web3 technology is establishing a decentralized internet where users are in control. Instead of a website visitor serving as a “data cow to be milked,” users can control their data and advertisers must pay them to access personal information. It is a very appealing concept that can affect all online activities, from work, gaming to entertainment.
Moreover, the advent of the decentralized internet gives birth to many “to-Earn” models. Popular verticals include Play-to-Earn (blockchain games), Learn-to-Earn (crypto and blockchain education with rewards) and Move-to-Earn (gamified fitness and health). As powerful as these concepts are, they all focus on user “ownership” to some degree.
That is a solid approach, but there is more to unlock with to-Earn models. One interesting concept is Vote-to-Earn. This enables and motivates NFT holders to express their voices loudly. For instance, BitMart uses a Vote-to-Earn NFT that lets holders vote on upcoming token listings on the exchange. In addition, voters receive an airdrop of the listed project’s token for support.
It is an interesting example of leveraging the community to direct business operations. Although an exchange like BitMart can still list tokens not voted on by the community, the approach ensures the company lists in-demand assets. Moreover, such an approach warrants the issuance of NFTs, as it allows for fair and transparent voting and counting of votes.
The Possibilities of Vote-to-Earn
The example above identifies a viable way to make the cryptocurrency community more active and loyal. However, Vote-to-Earn also has offline and real-world use cases. Although voting will traditionally occur on a blockchain, decisions can pertain to sports teams, companies, accommodations, travel, entertainment, etc. The opportunities are virtually limitless for brands, companies and projects pursuing transparency and accountability.
Tokenizing an entire soccer club would seem impossible, but DSV Leoben shows one can do it. The Austrian club, which is expected to play in the Austrian Bundesliga again by 2028 or sooner — created its own DAO. More specifically, the Decentralized Autonomous Organization enables fans to make winning decisions. That includes choosing which jerseys to wear, picking which side of the field to play to after the toss or helping to decide on a new brand style. Every interaction helps users earn real money and the club increase fans’ engagement.
DSV Leoben uses the KAIF DAO Platform to engage with its fans and community through voting. Besides voting, the club encourages users to complete activities — taking selfies with players or wearing club merch — and introduce proposals. That latter part can pertain to offering a new taste for an energy drink. Everything is done through a mobile application, which can be used in any part of the world. How else decentralization should look like?
The vision for KAIF is to ensure every company be it a sports club, restaurant, hotel or shop has access to the best DAO solutions to grow and engage their communities and get valuable feedback for their product. Doing so enables the team to tackle billion-dollar industries and revamp reward point schemes, loyalty points and other incentives. Moreover, anyone can earn real money instead of points, further empowering the individual.
Overall, the Vote-to-Earn model has the potential to revolutionize customer engagement for three simple reasons: the product clients want to use, the satisfaction of being heard by a big brand and the opportunity to get rewarded for participation in the company’s life. Thus community-oriented businesses could take a lead in the nearest future because of creating demanded products and growth of sales thanks to that.
The Creator Economy Keeps Growing
The creator economy, emerging online trends and new crypto economies are pioneering more opportunities for both creators and companies to capitalize. The activity spearheads a high level of independence and entrepreneurial mindset, especially within the younger digital-native Gen Z generation. The role of cryptocurrency in these Web3 economies should not be underestimated.
This enables broader economic participation with the future being centered around community-oriented businesses that will be able to use DAO to quickly create in-demand products and bypass competitors who still use long-term outdated solutions such as social surveys and focus groups.
Judge-to-Earn, Rate-to-Earn or Vote-to-Earn are monetization models emerging through the need for qualitative information when coordinating more extensive decentralized networks. Unifying the “wisdom of the crowd” under a DAO is the logical evolution of this process. With Vote-to-Earn mechanics, users can change their favorite brand, club, or team for the better and receive rewards in return. It is a win-win situation for all parties involved.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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