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ReadFi ($RDF) is a metaverse lifestyle app. It is based on blockchain technology and offers services such as Read-to-Earn (R2E) and SocialFi. The project aims to encourage the habit of reading by encouraging users to read a little daily. It also seeks to build a community around the project by integrating SocialFi, a unique handshake between social networks and decentralized finance.
Reading is a beloved pastime for many. It’s an activity that can help you discover something new or immerse yourself in a fictional world. And now, with the emergence of blockchain technology and cryptocurrencies, reading can also help you earn money. That’s thanks to ReadFi, a new metaverse lifestyle project that pays users to read books. Follow us to find out more.
What is ReadFi?
ReadFi ($RDF) is a metaverse lifestyle application. It is based on blockchain technology and offers services such as Read-to-Earn (R2E) and SocialFi. The project aims to encourage the habit of reading by encouraging users to read a little daily. It also seeks to build a community around the project by integrating SocialFi, a unique handshake between social networks and decentralized finance.
How to earn crypto by reading?
The first step is to download ReadFi’s beta metaverse app. In the app, you can browse a library of books and select the one you want to read. Note that the beta version of the app is only available on Google Play at the moment, with plans to bring it to Apple as well.
To start earning, users must own a pair of ReadFi glasses, which is nothing but an NFT. There are four types of goggles: uncommon, rare, epic, and legendary. Each has a different win rate, amortization period, benchmark premium and discount rates. These NFTs can be used for a limited period of time after which one must purchase the NFT again to continue earning.
Daily reading requirements and earning rates differ depending on the type of glasses you own. Once the daily replay limit is reached, a user must wait 24 hours to replay and earn crypto. NFTs also have different depreciation rates. The amortization period refers to the time it takes to pay off the original cost of the asset. Here are some additional details about these NFTs:
Rare: These are the cheapest NFTs on ReadFi. They cost 100 units and offer a daily win rate of 3.33 units with a 30-day amortization period. It comes with a 5% referral benefit and a 2.5% discount on subsequent NFT purchases. These NFTs can be used for 75 days.
Rare: Rare glasses cost 200 units, the daily win rate is eight units, and the amortization period is 25 days. These glasses earn you a 10% referral rate and a 5% discount on subsequent NFT purchases. Rare glasses can be used for 60 days.
Epic: Epic Glasses cost 300 units, the daily win rate is 15 units, and the amortization period is 20 days. The referral bonus for Epic glasses is 15% and it also earns you a discount of up to 7.5% on the purchase of subsequent NFTs. These glasses come with a 55-day usage period.
Legendary: The legendary glasses cost 400 units, the daily win rate is 26.66 units, and the amortization period is 15 days. These glasses will earn you 20% referral bonus and 10% discount on the purchase of subsequent NFTs. Legendary Glasses can be used for 45 days.
Note that ReadFi is in beta phase. Therefore, the unit conversion rate to $RDF has not been announced. It should be released once the app is launched.
When it comes to reading, a user should read 30 pages a day and spend at least three minutes on a page. Once the daily requirements are met, the system will automatically send the tokens to the user.
Other Ways to Earn Crypto on ReadFi
Apart from reading, there are other ways for a user to earn cryptocurrency on ReadFi. The platform offers Staking Pools where users can stake their tokens for a specified period. Users are rewarded based on the number of tokens contributed and the time period for which they were staked.
To build a social community, ReadFi also hosts weekly and monthly general knowledge quizzes where users can earn more tokens. To participate in these quizzes, a registration fee is charged to guarantee engagement. The ranking system is based on user time and correct answer rate.
Additionally, users receive a referral code that can be used to invite others to join this platform. Depending on the type of NFT glasses the user holds, they earn a bonus for recommending someone to join ReadFi.
Tokenomics by ReadFi
ReadFi ($RDF) has a total circulating supply of 100 million tokens. At the time of writing, $RDF was trading at $0.02987, down 5.25% in the last 24 hours. The token has an all-time high of $0.1845 with a total trading volume of $36,081, an increase of more than 47% over the previous 24 hours.
Conclusion
ReadFi is an upcoming project that is still in its beta phase. However, if it follows in the footsteps of its play-to-earn and move-to-earn counterparts, it could gain popularity quite quickly. Moreover, it targets a fairly large and dedicated group of individuals (daily readers). Therefore, it should see a fair amount of adoption once launched. That said, crypto markets are known to be highly speculative. With that in mind, be sure to research thoroughly and only invest what you can afford to lose.
