Economic model: Learn & Earn
1.4bn people are learning English.
What if they could earn while they learn instead of paying?
With paid learning, millions of people could improve their economic and social mobility and earn a meaningful income in the process.
Let Me Speak (LMS) is building the first Language Learning Metaverse around a simple and powerful concept — Earn while you Learn.
It’s an ecosystem and a new economic model that could affect billions of people. The way to it is through redefining how online education works, how economic incentives can be used, redesigning learning products to fit the new era of the metaverse, and much more.
In the LMS Metaverse you have the freedom of virtual travel around the world to learn new languages in a native space. Freedom to come to New York to learn American English and then to Paris to learn French instantly. Freedom to join the economic side of the LMS Metaverse.
Learn to Earn model
Let Me Speak is the first Learn to Earn Metaverse aiming to redefine how the existing $60bn online language learning market works and build a new economic model on it.
The Learn to Earn model has the power to reshape the language learning industry, and address the key problem of online education — lack of motivation.
Learn to Earn becomes possible by combining the Play to Earn model with the Let Me Speak learning apps. Axie Infinity has already shown that explosive growth in the Play to Earn model is possible. In 2021 alone, Axie daily users grew from 30k to 2.5M and fully diluted token market capitalization increased from $100M to $30bn, with token trading volume rising from $5M to $500M daily.
Just like Play to Earn, the Learn to Earn model is based around people owning in-game assets in the form of NFTs, using them to earn rewards whilst learning and being able to trade / transfer them freely with one another. Earned rewards are in the form of tokens that can be exchanged for real money.
Learn to Earn adds additional value to the playing process itself as the player spends the time on earning, entertainment, and also acquiring new, practical skills, significantly increasing people’s opportunities and chances for a better life.
Let’s take a closer look at each part of the Let Me Speak Economy.
How to Earn
The first and main way to earn is to buy an NFT Character on the LMS Marketplace and start learning English in the Let Me Speak learning app. You will get instant token rewards every few minutes for your learning progress. Claim tokens to your wallet and convert them to USDC at the LMS Marketplace. Daily earning is limited by the Character’s Energy, which can be fully spent in 30–40 minutes, the perfect language learning time each day.
You can play from 1 to 4 NFT Characters yourself in 1 account on 1 device simply switching between them. Each Character has its own stats, progress, daily Energy, and other properties. This was designed to allow families and friends to play together on the same device while being able to follow each player’s progress separately.
While you can play up to 4 NFT Characters in 1 account, you can own as many Characters as you want. You are welcome to provide your NFTs for playing to another learners anywhere in the world. While this person learns English using your NFTs you both get rewarded.
The LMS Economy itself encourages NFT owners to share their NFTs with other players and to learn and earn together. This creates a unique opportunity for a huge number of people who are not ready to purchase their own NFTs to start earning and learning with zero cash outlay. This simple mechanic of sharing NFT access and rewards is what we call Scholarship.
You can engage in the LMS Economy without needing to learn English. Simply buy multiple NFTs and provide Scholarships to those who need them, and earn in the process. There is no upper limit to the number of NFT Characters you can own or to the number of Scholarships you can provide.
You can also put your Characters up for sale on the LMS Marketplace. You can even create new NFT Characters yourself if you have 2 Characters of the same Rarity. Once completed, your new NFT Character is ready to Learn and Earn, or to sell on the Marketplace.
In summary, you can buy NFT Characters, create new ones, level them up by learning, share them with others by providing Scholarships, and sell them on the Marketplace.
How to Learn and Earn
The LMS Economy works hand in hand with the gamified learning apps.
Instant gratification is the foundation for all learning experiences in Let Me Speak. We focus on maximizing the benefits of people’s time spent on language learning and making it fun, engaging and rewarding.
Let Me Speak uses Spaced Repetition learning technique, Communicative Language Teaching methods, Speech Recognition technologies and develops its own unique learning content focused on speaking practice in real life scenarios.
Learning is 100% free. Anyone can download our apps and have a full learning experience with no NFTs and no payments.
If you wish to start earning while learning you will need to have your NFT Character or Scholarship connected to your account. You can connect them on the LMS Marketplace website.
Each NFT Character has daily Energy which is converted to rewards for learning. Each time you give correct answers while you learn a portion of the Energy converts to token rewards.
We want you to learn. You don’t get penalized for wrong answers. If you make a mistake, your Energy is not lost, and you can try again. Using this approach we also remove the advantage from people who already know the language compared to those who are just starting. Everyone can spend 100% of Energy daily and collect 100% rewards; it just takes a bit more time for a novice to do so. For experienced learners daily Energy of each NFT Character can be fully spent in 30–40 minutes.
We are currently working on PvP learning games, ratings and tournaments inside the apps. These activities will be challenging and highly rewarding. Watch this space after the Public Beta launch planned for Jan 2022.
Download Let Me Speak iOS app now bit.ly/lms_ios and learn English for free.
Android and web learning apps are coming in Q1 2022.
Watch the Demo of How to Learn and Earn bit.ly/lms_beta
NFT Character is the first playable type of asset in the LMS Metaverse. Characters travel to digital cities inside the Metaverse to learn new languages; the first destination is New York. Characters have 5 types of Rarity.
*Starting prices for NFT Characters are based on the expected public sale price within the Marketplace. Prices may vary and depend on users’ decisions.
Talent: Talent is the main attribute which defines most of the others: the Character Rarity, starting Skill stats and Learning speed. Talent points are given when an NFT Character is created and do not change. The more Talent points a Character has — the faster it progresses, the more it can Earn, and the more chances it has to win in PvP.
Rewards rate: Characters of different Rarity get different rewards for the same learning actions. We created it this way to keep people with different income levels motivated and at the same time to keep the entrance price for NFT Characters lower than $100.
Invites: Each NFT Character can be used to create new Characters. You need 2 Characters of the same Rarity and a fee in ingame tokens to get a new one. You can issue a limited number of Invites for each Character; the limit depends on the Rarity of Character.
Skills stats: Сharacters have four basic skills of language learning: Vocabulary, Pronunciation, Listening and Grammar. You can increase NFT Character Skills by practicing these activities in the learning app. Growing your skills gets you more rewards and gives you advantages in PvP.
XP level: Every NFT Character starts at lvl 1. Each time you learn and spend Energy, your NFT Character gets experience points (XP). Having accumulated enough points you get a new XP level and additional skill stats. Each 10 XP levels the Character gets a significant bonus and new in-game abilities. When you buy or sell an NFT Character its XP level stays the same.
Learning speed: This parameter shows how many XP points an NFT Character gets for its Energy spend. If you want to reach new XP levels fast choose Characters with higher learning speed.
Energy: Each NFT Character has 100 Energy points to spend. You convert Energy points to token rewards and XP points by learning. Energy is gradually restored to 100 points in 24 hours.
In order to have a place for rest and refill its Energy each Character that played, rents a room automatically. The real estate daily rent fee in the LMS Metaverse is very low, less than 5% of potential daily earnings. Characters that don’t spend their Energy don’t need to rent a room.
You can play with up to 4 Characters each day to Learn and Earn, own as many NFT Characters as you want, and provide them as Scholarships to other learners.
LMS Metaverse Visa
In order to Earn while you Learn, your Character will need an LMS Visa.
The LMS Visa is given to each Character and gets activated after Character’s first log in to the Metaverse. The length of the LMS Visa depends on your Character Rarity. Starting Visa time for an Uncommon Rarity is 4 months, for Legendary Rarity it’s 7 months. Visas can be extended for an extra fee. If your Character’s Visa expires you can still learn languages, but you cannot receive rewards unless the Visa is extended.
The Visa mechanic provides a boost of motivation for everyday learning as the total potential earnings are limited by time. This urgency factor employs both greed and fear of missing out to fight people’s laziness. Combined with instant monetary rewards this can become a game-changer for solving one of the biggest problems of online education — lack of motivation.
For NFT owners the time bound mechanics of the Visa act as a motivation to provide Scholarships, as well as monitor and redistribute Scholarships to the people who are happy to learn on a daily basis.
The limited lifespan of playable NFT Characters is a key for long term stability of the LMS Economy. The LMS Visa allows to measure, predict and manage the supply of reward tokens created and balance this against demand using fees and incentives. The aim is to build a self-regulating LMS Economy, adding new money inflows and gradually rebalancing financial and emotional incentives within the Metaverse itself.
The LMS Metaverse decentralized Marketplace is powered by the Solana blockchain, which allows fast, cheap and reliable transactions for all users worldwide. The LMS Marketplace enables all LMS Economy related actions. You can:
- Explore NFTs for sale, latest deals, overall Economy stats
- Buy and sell NFTs
- Claim tokens earned by learning
- Swap in-game tokens for USDC, Sol
- Provide and get Scholarships in seconds (Watch early development demo)
- Manage playable NFTs and create new ones
- Get info about your history of transactions
In-game token — LStars
LStars token is the secret sauce of Let Me Speak. LStars — the in-game currency — helps drive your motivation as you learn English or another language.
LStars are the tokens you get as your Learn & Earn with your NFT Characters. It can be instantly credited to your connected wallet after every learning experience. Instant gratification at its best.
What can you do with LStars? You can exchange them for USDC. You can use them to create new NFT Characters, upgrade existing ones and extend LMS Visas.
If you want to buy LStars or exchange your LStars to USDC you can use the Swap section on the LMS Marketplace. Swap is powered by decentralised Liquidity pool, and enables you to exchange your tokens instantly at any time.
The LMS Economy is built on direct user-to-user transactions. Prices, demand and supply for in-game assets and tokens are based on people’s actions, and settled between them using blockchain.
During the initial growth stage, the economic parameters of LMS Metaverse are set up to over-stimulate demand for LStars and provide increased incentives for LMS early adopters.
LMS governance token & DAO
We believe the LMS Metaverse should be driven by users. Through distributing LMS tokens to them, Letmespeak.org should gradually evolve into a community-owned Decentralized Autonomous Organization.
The LMS governance token holders will be able to choose the direction of the Metaverse development and adjust Economic parameters.
Utility for an LMS governance token inside the Economy:
% of LMS Marketplace transactions fee
% of NFT direct sales from LMS to users
% of fees to create NFT Characters by users
Part of the LMS governance tokens will also be used to award winners in PvP competitions and ratings.
The LMS Metaverse is about doing good.
Sharing and cooperation are built into the LMS Economy. Scholarship mechanics empower people to learn and earn together. This creates a unique opportunity for any person to start earning and learning with zero cash outlay.
The LMS Metaverse is different from other GameFi projects. LMS helps people acquire a useful skill— English language — in addition to having fun playing games. It connects people to the world of global knowledge and economic opportunities outside of where they are.
Sharing is caring. Sponsor others to learn and earn — whether it’s your family, your community, or a total stranger. We making pure giving easy and rewarding as you are able to track progress of those you sponsor. The LMS Metaverse will provide sponsorship itself and will inspire others to do the same.
Mass adoption: How To Get There
1.4 billion people are learning English. The secret of getting these people onboard is a seamless experience with zero required prior knowledge of blockchain technologies.
This is how we are going to get there:
- LMS apps are free to use for all learners on iOS, Android and web
- Start earning with zero capital outlay; NFT Characters prices start from below $100
- UI/UX is intuitive for people without prior experience in blockchain
- Low transaction fees and fast settlement of decentralized transactions
- Scholarship is simple and attractive to use. Take a look at the early development results here
- LStars are easily convertible into USDC connecting the LMS Metaverse and the real world
Sneak peek into upcoming types of LMS NFTs
We look forward to welcoming you join the LMS Metaverse!