Although the hype surrounding GameFi has died down, Interest in X to Earn Introduced by GameFi has remained strong.
Allowing users to make money by completing tasks is perhaps the competitive advantage of Web3. Even in Web2, traditional online earning platforms like Fiverr or Freelancer have garnered a large amount of active users.
If you were told you can make money online just by using Twitter, would you give it a try? In this article we will look at a Web3 online earning platform: Oi! Network
What is Oi! Network?
Oi! Network is a Web3 crypto earning aggregator, it aims to build an extra incentive & task layer to a traditional social media application. You can think of Oi! Network like StepN, instead of running, is replaced by tweeting.
Oi! Network is easy to get started, once the application is downloaded, connect your Twitter account and you’re ready to go!
How Does Oi! Network Works?
What is required is to help increase the outreach & traction of a project by liking, commenting & retweeting; or by creating a post with required hashtags.
With every task completed, you will be rewarded with XP, which then can be exchanged into $MOM. Do note that XP rewarded varies from your Twitter account rating, such as the number of followers, the number of recent interactions, the number of years of account, etc.
If you dislike tweeting, you can be a verifier to help verify if every task is completed. This prevents cheating on the platform and verifiers will be rewarded for their work.
You can invite friends to join, stake $MOM tokens to boost your earning potential, and even lock up your staked tokens to mint crystal NFTs.
How is Oi! Network different from other Twitter-based projects?
Some Web3 projects have been experimenting with gamifying social media platforms and it has gained a lot of traction. An example is TwitFi, It uses the hashtag #TwitFi for every tweet which causes its project to trend upwards.
Although the principles are similar, Oi! Network has a unique solution featuring a promotion. To increase the chances of getting promoted, the promotion should use $MOM as a prize pool for bidding. Hence compared to Axie Infinity or StepN, Oi! Network has an external revenue instead of relying on the circulation of the internal economy.
Unlike Quest3 that features Twitter tasks, Oi! Network rewards users largely based on their own social media presence. Therefore, if you are a Twitter influencer, by using Oi! Network and posting regular content daily can get you significantly rewarded. And if you are a person who wishes to become an influencer, Oi! Network can support your journey by rewarding you for every content you created.
Lastly, Oi! Network’s Verify-to-Earn can be considered as an anti-cheating mechanism. It may seem less efficient than automation, but the process of verifying can increase project’s exposure as well.
Pros & Cons of Web3 Earnings
Oi! Network is a social media, targeted for profit-driven social users. Oi! Network is unique in a sense that instead of an investment, it provides users earning opportunities through promoting and using its own social media influence.
In addition, Oi! Network is similar to offering a decentralised identity (DID). Oi! Network allow users to not only profit from platform tasks but also to gain more on-chain profits based on the token-gating principle, based on the token-gating principle in addition to profiting from tasks only on Oi! Network’s platform.
The design of Oi! Network may pave the way for the future of GameFi. That is, recognizing profit-driven users in the Web3 space and forming a more sustainable online earning model.
Oi! Network’s project model is easy to imitate, it needs to have innovation constantly in order to be ahead of the curve. Also, the ability for this model to sustain remains to be seen.
