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Binance’s recent introduction of the “Pay to Reach” feature by Changpeng Zhao (CZ) marks a significant change in how users can directly interact with influential figures in the crypto world.
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This initiative not only streamlines communication for CZ but also improves the overall utility of BNB, drawing over 100 influencers to monetize their interactions through ReachMe.io.
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“I will adjust the price to try to hit a sweet spot of about 10 messages per day,” CZ mentioned, highlighting the need for more impactful conversations.
This article discusses the implications of Binance’s “Pay to Reach” feature, which transforms communications into monetized interactions, enhancing BNB’s utility.
CZ Launches Pay to Reach
Announced 18 days prior on Binance Square, this initiative aims to streamline interactions and manage the daily influx of messages CZ receives. The “Pay to Reach” system operates through the platform ReachMe.io.
Users can pay 0.2 BNB (formerly Binance Coin) to send a direct message to Changpeng Zhao with a guaranteed response. Based on the BNB rate, $627.03 as of this writing, this translates to approximately $125.
Notably, this approach mirrors the “poor man’s version of the Buffett lunch,” offering direct access to influential figures in the crypto space.
CZ’s decision to implement this feature stems from the overwhelming number of messages he receives. Many of these communication attempts are brief or lack substantial content.
In a recent post, he highlighted the challenges of responding to messages or inquiries about various meme coins. To address this, he adjusted the messaging fee to 0.2 BNB to manage the volume and encourage more meaningful interactions.
“…I set the price to 0.1 BNB, but I still woke up with 100+ messages. I have since moved the price to 0.2 BNB, about $120. I will adjust the price to try to hit a sweet spot of about 10 messages per day,” the Binance executive shared.
The introduction of “Pay to Reach” has broader implications for the Binance ecosystem. By utilizing BNB as the medium for these transactions, the feature adds another use case for the crypto token. Specifically, it could increase its utility and demand.
Over 100 Key Opinion Leaders (KOLs) have joined the platform, setting their message prices between 0.01 to 0.2 BNB. Passing as a means to fund innovation also fosters a new avenue for monetized communication within the crypto community.
Noteworthy, Pay to Reach is entering a space that has already been colonized by players like time.fun, which is already in the market.
“Is this not time.fun?” one user posed.
It is important to note that ReachMe.io has explicitly stated that it does not have an official token associated with its platform. Users are advised to exercise caution and avoid tokens claiming affiliation with ReachMe.io, as they are likely scams.
“Reachme.io does not have an official token! Please all stay safe out there and be careful of what you buy…There is NO token associated with this project. Any token out there claiming to be associated is a scam,” the platform articulated.
Meanwhile, this development comes on the heels of recent controversies in the Binance ecosystem. Notably, CZ’s first decentralized exchange (DEX) trade involving the TST meme coin led to a 50% surge in its price, reflecting the significant influence he wields in the market.
Moreover, these incidents highlight the volatile nature of the crypto market and the substantial impact that prominent figures like CZ can have on the market.
Nevertheless, the “Pay to Reach” initiative reflects a growing niche in influencer-fan interactions within the crypto field. Monetizing direct communication establishes a structured channel for engagement, potentially reducing spam and fostering more meaningful exchanges.
However, it also raises questions about accessibility and the commercialization of traditionally free interactions. This prompts discussions about the balance between managing communication and maintaining open channels within the crypto ecosystem.
“No sign-up needed. All you need is a wallet. The fee is the gatekeeper,” CZ quipped.
Despite this news and the promise of increased utility, BNB’s price continues to decline, down almost 1% in the last 24 hours.
Conclusion
In summary, the “Pay to Reach” initiative offers a pioneering approach to communication within the crypto space, allowing users to engage meaningfully with industry leaders while enhancing the utility of BNB. However, it also raises critical questions about accessibility and commercialization in a market that thrives on open communication.
