Paris, France, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Overdrive builds upon the play-to-earn model pioneered by blockchain gaming to deliver a post-to-earn future for crypto’s content creators.
Overdrive leverages gamification to foster a true creator economy and align the interests of all parties: users, the Overdrive protocol, and the crypto projects using it to target their most valuable audiences.
Overdrive’s Beta launched on October 21, opening its doors to early adopters of the protocol.
In the competition to produce the most up-to-date and viral marketing in a saturated space, crypto communities have relied on their veteran users—the true experts on their protocol’s development and mechanics—to spread the word. But the disconnect still remains when it comes to aligning the interests of these protocols’ content creators with the goals of the protocols themselves.
Overdrive bridges this chasm.
Here, we examine how Overdrive will help propel crypto communities to the next level of engagement, retention, and user acquisition.
What is Overdrive?
Overdrive is a new platform developed by Overdrive Labs that allows crypto brands to engage and provide incentives for their community to build with them towards the same goals.
Overdrive’s incentive design is geared toward gamifying user engagement and content creation while harnessing the user analytics that would have been missing if the brand tried to go at it alone: finding the highest-performing channels, the most valuable users, and fine-tuning their community-building approach to address what their users truly desire.
How does Overdrive Work for Users?
To get started, users will need a Twitter account and a Metamask wallet. Users can then create & engage with tweets or complete challenges such as “create a meme” to start earning rewards and leveling up.
Overdrive revolves around three primary mechanics to gamify the community experience: the level system, NFTs, and token rewards.
The level or ranking system incorporates all of Overdrive’s in-game elements. Users earn Reputation (REP) for creating and engaging with content, which allows them to level-up.
Users also build Influence, a dynamic parameter based on the performance of their tweets.
The higher the Influence score, the larger the REP bonuses. The more consistently users engage, the faster they increase or maintain a high Influence score.
With Overdrive NFTs, users accumulate rare collectibles, showcase achievements, and leverage them for in-game utility.
NFTs represent the user’s ranking, and staking NFTs unlocks bonuses. At the beginning, these bonuses will come in the form of REP and DRT multipliers. Later, they will give users the ability to select specific challenges that are only available to high-ranking NFT holders.
Overdrive has two native tokens, DRIVE and DRT.
DRT is the utility token for the Overdrive in-app economy, whereas DRIVE is the governance token that gives users voting rights in the DAO.
Twitter performance determines the amount of DRT tokens users receive, and this is awarded by Overdrive’s reward algorithm, which measures user contributions in a transparent way for users to understand what’s working, what’s not, and how to continue optimizing their reach.
Participants then burn DRT to collect unique NFTs, allowing them to level-up and unlock REP & DRT bonuses.
DRIVE steers the Overdrive protocol, and is therefore harder to come by: the more you engage and create content, the more DRT you farm. The more NFTs you collect (with DRT), the higher your level. The higher your level, the larger your DRIVE rewards.
Through this system, Overdrive empowers the most active and committed creators with the voting power that will help inform the protocol’s future development and roadmap.
Overdrive for Brands
Overdrive is a powerful digital marketing tool for brands.
Overdrive allows brands to get concentrated attention and community-sourced content creation, enabling them to organize, commission, and incentivize community-based marketing efforts.
By subscribing to Overdrive, brands get:
Focused attention. All the Twitter content related to their brand is aggregated in one place making it easy for people to find, interact, and engage with it.
Crowdsourced content creation through challenges.
With challenges, brands can:
Delegate content creation to fans and brand experts
Incentivize their loyal users and build a stronger community
Access a larger user base beyond their fans, thus expanding their reach and amplifying their message.
The Overdrive dashboard provides brands with a granular view of their performance metrics. Brands can measure the impact of their campaigns and gain audience insights to optimize their marketing activities on Overdrive and beyond.
Users get rewarded for supporting their favorite brands, and brands benefit from a growing and engaged community.
Overdrive brings the play-to-earn model pioneered by blockchain gaming to social media. With Overdrive, you can monetize your content and contributions to the crypto community.