$22.75 million raised in 2022, Cheelee has attracted $32.75 million to date
Dubai, UAE, June 14, 2023 (GLOBE NEWSWIRE) -- Cheelee, the GameFi short video platform, closes its next investment round, having attracted $10 million from VC SILA by SAFT. The funds are planned to be used for the further development and marketing support of the social networking application of vertical videos, where users can earn by watching feeds according to their preferences. In total, together with the $22.75 million raised in 2022, Cheelee has attracted $32.75 million to date.
Cheelee’s mechanics are based on the Attention Economy concept, bringing it to a broader audience of users who can monetize their time and attention by watching, creating, and playing on the blockchain-based platform. The project intends to decrease the barrier to Web3 and cryptocurrency adoption by enabling its potential audience of 4.6 billion social media users to test the GameFi short video platform, get free NFT-glasses, and make money by viewing and generating content.
Cheelee Q1 2023 Report
Since the beginning of 2023, the app has been transferred from the MVP stage to a fully working product; it has been completed, tested, and launched. Since April 17, it's been accessible from iOS-based devices, following the presentation of the Android app on February 27. The application has already been downloaded over 250,000 times since its initial release.
One of the main innovations implemented by Cheelee was the purchase of NFT for fiat, which Cheelee introduced in May. There is currently no counterpart to such an offering, and this feature makes Cheelee's NFT glasses accessible to an audience unfamiliar with blockchain.
In January, the first listing of the platform's token, CHEEL, took place. CHEEL is now tradeable on Bitmart, Pancakeswap, Coinsbit, MEXC and LBank. The token's price has increased by more than 10 times since it was originally listed, drawing much attention from the crypto and business media to the project.
Yahoo Finance and Investorsobserver published ratings in which CHEEL is consistently ranked first in the Top Media crypto ratings, which have been picked up by over 900 crypto, financial, and IT media outlets. Cheelee app was called the most anticipated Q1 2023 release by IBTimes and Finance Magnates.
Since the beginning of the year, Cheelee has significantly expanded its community: its social networks now have over 340,000 active users. Cheelee's social media channels are always buzzing with activity, and new content relating to the app's marketing and development is regularly distributed. In April, the second CHEEL community drop with a prize fund of $5,000,000 was launched (it is still in progress and can still be entered).
Cheelee is the GameFi social media platform that rewards regular users for viewing videos in the app. Cheelee's main goal is to give everyone a chance to monetize their time spent on socials. Cheelee's clever AI algorithms tailor material to user choices, making interaction fun. GameFi mechanics, in-app NFTs, and tokens allow Cheelee to monetize app usage.
Cheelee is free to enter, as they give each user the Starting NFT-glasses after signing up. The high-level NFTs make earnings quite substantial, so by correctly upleveling and charging glasses in time, users can earn x2 from their initial value. For example, Rare glasses worth $450 fetch $900, while Uniques worth $1800 bring $3600.
Cheelee`s tokenomics is based on two tokens: CHEEL (governance) and LEE (utility). Both tokens have a limited supply, and LEE mining difficulty is growing by 7% every month, which, in addition to their utility properties and huge potential user base, makes them extremely promising assets for investment.
About VC SILA
VC SILA investment fund is committed to helping young entrepreneurs and innovators achieve their ambitious goals. The VC fund is dedicated to investing in promising startups that have the potential to change the world and is ready to provide them not only with financial support but also with expert knowledge and valuable contacts. VC SILA strives to provide startups with all the conditions for success and help them create innovative products and solutions that will be beneficial to society and can lead to breakthroughs in various fields.
Disclaimer : There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not investment advice. Please do your own research.
Company Name: Cheelee
Country: United Arab Emirates