Reviewhunt is a business model built on Steem that is taking off. It is the second leg of the three phase implementation by @steemhunt. While still in pre-signup, the numbers are growing.
A week ago, the team announced the release of Reviewhunt. This started the process of Hunters being able to sign up to get approved to review products and applications. The company was also taking bookings from companies seeking to use the service.
At that time, there were commitments of over $10,000 a month.
https://busy.org/@taskmaster4450/reviewhunt-introduced-and-already-with-customers
The other day, the company put out an announcement which stated the commitments grew to $64,000 a month.
It seems the team should have waited a few days. I took a look at the Reviewhunt site this morning and noticed the amount grew a bit more.
There are now 42 companies committed to spending over $400K per month with Reviewhunt. This is $5M a year in business that is committed to taking place on the Steem blockchain.
For those who are not familiar with how this works, Reviewhunt is a site that allows companies to have their technological products and applications reviewed. The Steemhunt platform has assembled a "team" of Hunters who are all interested in technology and experienced in finding it. This is what the year long phase of Steemhunt did. It allowed users to find, rate, and comment on technological products and applications found on the web.
Now, the idea is to solicit companies that are trying to create a buzz around their products. Reviewhunt is a place for them to target their marketing dollars utilizing the interested parties already on that platform. The team stated there are roughly 20K Hunters who participated. This is a group that could create a nice buzz around a product.
The HUNT token is the currency and I can foresee some buying pressure. When you have hundreds of thousands of dollars worth of monthly business being done, and requiring the token, that is going to set a floor. This is one of the unique features of Crypto-Economics and HUNT hodlers stand to benefit.
Hunters who review the products will be rewarded either in HUNT or perhaps through a discount on the products. Either way, they are incentivized to look at the products/applications and providing feedback.
Many ask what is blockchain/cryptucurrency used for. The consensus seems to be that there are no real world use cases. Steemhunt is proving that to be untrue. Here is a project that is bringing in Fiat money to the Steem ecosystem through a real business initiative. They are not depending upon the value of the token to finance operations.
When you think about it, all of these companies had money to spend. They could have opted for magazine ads or place their money with Google/facebook. Instead, they chose to take at least a part of it and direct it towards Steem. The idea of promotion is something that was at the core of the Steem ecosystem. Here we see companies that are willing to pay for it.
This is the type of stuff that is going to make Steem grow. Those who were here early and got involved in this project stand to gain as a participant going forward. Over time, we should see more people on-board and use the platform. This will only enhance what Steemhunt is offering to the companies they talk to.
Imagine the results when they can go out and say we have 250K Hunters reviewing products instead of 20K.
The model is there and showing some early success.
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