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Explained: ReadFi, the network that pays you to read books

Explained: ReadFi, the network that pays you to read books

Explained: ReadFi, the network that pays you to read books
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By CNBCTV18.com Sept 14, 2022 7:39:51 AM IST (Published)

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 incentivizing users to read a little bit daily. It also seeks to build a community around the project by integrating SocialFi, a unique handshake between social media and decentralized finance.

Reading is a beloved hobby for many. It is an activity that can help you learn about 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. This is thanks to ReadFi, a new metaverse lifestyle project that pays users to read books. Tag along to learn more about it.

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What is ReadFi?
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 incentivizing users to read a little bit daily. It also seeks to build a community around the project by integrating SocialFi, a unique handshake between social media and decentralized finance.
How can you earn crypto by reading?
The first step is to download ReadFi’s beta metaverse app. In the app, you can browse through a library of books and select which one you want to read. Do note that the app's beta version is only available on Google Play for now, with plans to bring it to Apple as well.
To start earning, users must hold a pair of ReadFi Glasses, which is nothing but an NFT. There are four types of Glasses: Uncommon, Rare, Epic and Legendary. Each has a different earning rate, amortization period, referral bonus and discount rates. These NFTs can be used for a limited period, after which one must purchase the NFT again to continue earning.
The daily reading requirements and earning rates differ based on the type of Glasses you own. Once the daily reading limit has been reached, a user needs to wait for 24 hours to read again and earn crypto. The NFTs also have different amortization rates. The amortization period refers to the time it takes to pay off the asset's initial cost. Here are some more details about these NFTs:
Uncommon: These are the cheapest NFTs on ReadFi. They cost 100 units and provide a daily earn rate of 3.33 units with an amortization period of 30 days. It comes with a 5 percent referral benefit and a 2.5 percent discount on subsequent NFT purchases. These NFTs can be used for 75 days.
Rare: The Rare Glasses cost 200 units, the daily earn rate is eight units, and the amortization period is 25 days. These glasses fetch you a referral rate of 10 percent and a discount of 5 percent on subsequent NFT purchases. Rare Glasses can be used for 60 days.
Epic: The Epic Glasses cost 300 units, the daily earn rate is 15 units and the amortization period is 20 days. The referral bonus for the Epic Glasses is 15 percent and it also fetches you a discount of up to 7.5 percent on the purchase of subsequent NFTs. These glasses come with a usage period of 55 days.
Legendary: The Legendary Glasses cost 400 units, the daily earn rate is 26.66 units and the amortization period is 15 days. These glasses will fetch you 20 percent in referral bonuses and 10 percent discount on the purchase of subsequent NFTs. Legendary glasses can be used for 45 days.
Do note that ReadFi is in a beta stage. Therefore, the conversion rate of the units to $RDF has not been announced. It is expected to be released once the app is launched.
When it comes to reading, a user must read 30 pages a day and spend a minimum of three minutes on a page. After the daily requirements have been met, the system will automatically send the tokens to the user.
Other ways to earn crypto on ReadFi
Apart from reading, there are other ways a user can earn cryptocurrency on ReadFi. The platform offers Staking Pools where users can stake their tokens for a fixed period. Users are rewarded based on the number of tokens contributed and the period for which they were staked.
To build a social community, ReadFi also hosts weekly and monthly General Knowledge Quizzes where users can earn more tokens. To take part in these quizzes, a registration fee is charged to ensure commitment. The ranking system is based on the user's time and correct answer rate.
Furthermore, users get a reference code which can be used to invite others to join this platform. Based on the type of NFT Glasses the user holds, they earn a bonus for referring someone to join ReadFi.
Tokenomics of ReadFi
ReadFi ($RDF) has a total circulating supply of 100 million tokens. At the time of writing, $RDF was trading at $0.02987, down 5.25 percent in the last 24 hours. The token has an all-time high of $0.1845 with a total traded volume of $36,081, which is up more than 47 percent in 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 rise to popularity quite quickly. Moreover, it targets a rather large and dedicated group of individuals (daily readers). Therefore, it should see a good amount of adoption once launched. Having said that, crypto markets are known to be highly speculative. Keeping in this mind, make sure you carryout thorough research and invest only as much as you can afford to lose.
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