How one company plans on monetizing your time
Through the use of the blockchain and cryptocurrency, mytime hopes to find real value in your time
Time is the most valuable asset any of us own. At the end of the day, it is the one finite that we have no control over. We plan our days, our work, our families around time. In a world of instant gratification and unlimited information and entertainment at the tip of our fingers, countless companies all over the world are vying for our time. An extra ten minutes on Facebook, two more swipes on Tinder. One more article on KnowTechie.
And typically, we give our time freely to these apps, articles, and general distractions – wouldn’t it be awesome if there was a way to monetize that time? While your time may still be finite, at least you’ll be getting something back for all of the moments and spans you spend engaging in a multitude of things. That’s (hopefully) where mytime comes into play.
Essentially, mytime is a startup looking at the world of cryptocurrency but with a unique problem to solve – how to monetize a user’s time that is both beneficial to them and the companies that are working with the mytime platform. While there are many applications that this could work with, let’s focus on two – blogs and video games.
When you’re a website that draws traffic based on your news or informational articles you’re going to want people to stick around, right? Read more articles, get more impressions, get paid more through advertisers. It’s a simple process, but bounce rate and losing reader engagement will keep those profits from rolling in. Mytime can help encourage users to stay on your site to read articles, thanks to smart contracts and quick payments for longer amounts of engagement. Everyone benefits.
Now, onto gaming. Free-to-play games are a huge draw, but keeping engagement high is difficult due to the paywalls typically found within these games. People play for free until basically progress is stopped because they do not want to invest real money. Understandable. With the mytime platform, however, you can help keep those users on there by giving them small amounts of MYTC (mytime’s cryptocurrency) to encourage higher levels of play while serving them more ads. This keeps users in your game, while the whales (people that will spend large amounts of money regardless) continue to have a larger player base to interact with.
The key with mytime’s plan is having the MYTC work across all of these different platforms. Instead of keeping the currency with one service or website, it will be usable and tradable with any service that utilizes the overarching platform. While there are still plenty of issues and technical aspects to figure out, the idea is solid, and will be exciting to see what early adopters do with it.