How do we make the LetMeSpeak "Learn-and-Earn" model sustainable long-term, so that we can reinvent education at scale?
Firstly, the core product should be fun, engaging and deliver learning outcomes that people want.
Secondly, the level of economic LetMeSpeak rewards paid out - called LSTAR rewards on LetMeSpeak - should balance with the funds inflow into the metaverse as a whole, on a long-term basis.
To address the first part, we have a product vision to keep users engaged, help them achieve their target learning outcomes, and inspire them to spend LSTARs in the LetMeSpeak metaverse.
We’ve spent more than two years getting the product right, before turning it into a Web3 experience. We’ve helped more than two million people improve their English for free. Learners on average rate their experience 4.8 ⭐ out of 5 on the AppStore. In April 2022, more than 700,000 people learnt English with LetMeSpeak.
We have a rich roadmap to make the LetMeSpeak metaverse the most engaging place for language learning. It includes several core directions:
- 1.Enable Learn-and-Earn with low capital outlay:
- Renting NFTs
2. Add new revenue streams:
- NFT enhancements
- Corporate language learning
- New NFT types (land, properties)
- Advertising / partner placements
3. Integrate new experiences:
- Add new apps (different ways to learn) playable with the same NFT Characters
- Add Player-vs-Player mechanics
- Introduce on-demand tutoring and language exchange
4. Inspire giving and philanthropy:
- Give people an easy way to sponsor friends, family and people you care about to learn English and earn with LetMeSpeak.
- Enable people and charitable organisations to sponsor those in need to learn English and earn using LetMeSpeak and be able to track philanthropy impact in real time.
5. Lower barriers to entry for Learn-and-Earn:
- Make the Learn-and-Earn experience very simple and require zero blockchain knowledge.
There are several checks and balances in the LetMeSpeak economy that promote sustainable user growth.
- First, the earning capacity of each NFT Character is limited by time. Once activated, each NFT character has a LetMeSpeak Visa expiry date between 120 and 240 days. The daily earning of each Character is limited by the Energy. If you don’t learn on a given day, you forgo the potential earnings on that day.
- Second, you may need to spend more over time to keep your NFT Character in shape and achieve its full earning potential. The level of daily rewards is highly dependent on the learner's personal effort. Learners can get up to 50% more in bonus rewards on top of the base level ones. The LetMeSpeak metaverse will give additional rewards for NFT Characters Skills, XP Levels, Upgrades and other achievements to stimulate more active and fun learning.
We look forward to creating a sustainable way of solving the main problem with online education — motivation. We can only do it by experimenting, adjusting and working together to get it right.