Post-To-Earn
Shouldn’t we be paid for staying on the addicting social media platforms?
Time is gold. It means our time is a valuable resource, yet we spend an average of 145 minutes per day on social media. These 2 hours and 24 minutes could have been worth the minimum wage of hourly pay, anywhere in the world. However, these platforms have also paved the way for people to earn a living, such as influencers that constantly push their content make people stay longer.
I honestly have always wondered why influencers have to be on different social media platforms. It turns out the platforms can provide them more revenue than sticking to one platform. So what would happen if they get paid by the number of likes per post?
Introducing, the post-to-earn platforms. These social media platforms allow users to earn real money just by interacting with them.
Lyka
Lyka is a social media that rewards the users with LYKA GEMs every time the user post and rates photos or videos. These LYKA GEMs can be redeemed as a form of payment in the Lyka Mall. These GEMs can be used to shop online, pay bills and do grocery shopping, however, LYKA Grocery is only limited to areas of Metro Manila, Cavite, Rizal, and Bulacan in the Philippines.
One of the most interesting features of this app is how one can earn gems. Every time a user uploads a post or video, they will earn 0.05 GEMs per post. It goes the same when uploading moments, which is similar to posting a story on Facebook or your story on Instagram, and they earn 0.05 GEMs per post. Each GEM is equivalent to 1 peso is to 1 gem, so 0.05 GEMs is 0.05 pesos. This goes for the users, who post. As those who interact with the post, they receive 0.02 GEMs every time they rate another user’s post. However, these are limited to a maximum of 10 earnings per day or 10 max ratings per day. The ratings of the post starts at 1 to 5 diamonds which has an equivalent GEM value: 5 diamonds rating to 0.05 GEMs, 4 diamond ratings= 0.04 GEMS, 3 diamond ratings= 0.03 GEMs, 2 diamond ratings= 0.02 GEMs, and 1 diamond ratings= 0.01 GEMs.
I tested the app myself for 3 days and I managed to collect 3 Lyka GEMs. It is equivalent to 3 pesos but I can’t buy anything with just that amount. I found out there are users who use the term ‘max rate’. It is where you max rate all the posts from your followers and they would do the same for you. I have a total of 51 followers at the moment and only one person has max rated me. Many of the posts I found in the app are focused on certain topics, while others look like any ordinary social media profiles. Surprisingly, the profiles focused on certain topics looked like it was taken online and it raises privacy issues. Moreover, the app still needs a lot of work as there are so many bugs according to the accounts of some users.
There is still something that doesn’t add up for me when using the app. If the pace for normal users, such as myself, would be one peso per day, how do other people receive 3 million when it was only made last year? Wouldn’t they only be earning 730 Lyka Gems at the moment? This is the other feature of Lyka, Ultra Rate, where the user can buy Lyka gifts to other Lyka users starting from the price of 100 Lyka Gems up to 100,000,000 Lyka Gems. It would mean that the user would either be lucky enough to have been given the amount or was already famous beforehand, whether on different social media platforms or in showbiz.
Milio
Milio is a new competitor for the Lyka app as the social media platform for content creators is backed by blockchain technology. It brings the solution of privacy issues from the Lyka app. However, this app depends on a whole new point system, where:
- Sign-ups are 2000 points
- Likes are equivalent to 5 points
- Share post is equivalent to 20 points
- Posting is equivalent to 100 points
- Post a link, you get 15 points
- Referral link, you get 5000 points (but they must sign up using your referral link, to get the
Luckily, it is unlimited, unlike Lyka. However, there are two ways to get convert your points into money. Before that, every user needs to download the Milio Wallet to keep their points. The first way is to sell your points on the Milio’naires FB group and wait for a buyer, but be wary of the scammers. The second way is to hold your points and wait for the exchanger from the app in November 2021, where every 20,000 points are equivalent to 1 RTK (Rights Token). The problem with this is it is meant to be a networking app but it seems like users on the app are more focused on earning money than to network with others.
Conclusion
Although there could be some improvements made to the models for a better experience, it has strong potential to turn into something big someday. Lyka could improve on its privacy and bug issues, while Milio should finish its setup for a currency for its users. I believe this concept will turn out great if it can benefit those who interact with it since they are the reasons for others to stay on the app. Moreover, it should give influencers an easier way to centralize all their content online and earn from one platform than several different ones.
