Videomine Technology – Legit or Scam?

Videomine technology is an online money-making platform that has taken Nigeria by storm in the past few months with promises of fast money. 

Many Nigerians want a way to make money but at the same time, others are wondering; is videomine technology legit? 

It’s very unlikely that Videomine technology is a legit business. It uses classic tactics of past similar Ponzi schemes or affiliate scams to get people to pay in and make the owners some money. 

It is likely to come crashing down one day such as its past successors like Racskterli, Fieldsmine and others. 

Read on to find out more about Videomine technology, how it works and how we came to our conclusion of a scam.

What is Videomine Technology?

Videomine markets itself as a new way for people to make money online in the 21st century.

In theory it sounds good, you register on the platform, carry out some simple tasks such as watching videos, sharing them to social media and referring others to join and you make money.

It claims on its site that “Videomine Technology  is an online skills acquisition centre dealing with sales of digital products (books, tutorials, courses etc.) only and rendering of digital services like tutoring on those products,”

It adds: “It is also an affiliate marketing/Networking platform of which various individuals earn sales revenue from by inviting one another to learn or purchase our skills pack,”

The key is in the second part of that explanation.

Multi-level marketing or networking platforms are almost always a scam – 99% of those entities are never legit and get customers to invest more and more with little returns.

Let’s dig further into this company.

Registration

To register on Videomine technology, you need to visit their website at videomine.org.

You also need an activation code or coupon which can be purchased from an accredited vendor.

Sign up

After you have your coupon, you head to the website’s sign up page and enter your details including the coupon code.

Below is how the Videomine technology sign up page looks like.

Login

Once you have your details, you can return to the homepage at videomine.org and login to the site.

About Videomine technology

The company was launched on the 1st of November 2021 and has taken Nigeria by storm.

It is marketed as platform for people to acquire and get equipped with the modern day skills.

The company also claims to be for people looking for legitimate sources of income online by simply making money through networking and through affiliate marketing

Their website says “Videomine Technology is  made up of two types of structures and both structures solely depend on what the registrant chooses to participate in on our website.”

The two structures are:

1 Affiliate System

2 Multi-level marketing (MLM)

How to Earn 

Affiliate system earnings 

Those in the affiliate system register individually and aim to qualify for the platform’s online skill classes. 

Affiliates can market, sell or promote their digital skills and products on videomine technology and receive 70% commission (about N1,400) for any user introduced to the site.

New users then have to purchase any of the skills on the site, after which the original referrer gets a cut.

Payments for affiliates are made on Sundays and Wednesdays.

As with any good affiliate scam, the only way to make more money is to introduce more people!

How to Make Money as an Affiliate

You need a registration fee of N2,000 to join Videomine. 

You receive a registration bonus of N1000 after joining. 

Affiliate subscribers make N1,4000 for each person who join the platform with your link.

Logging in daily earns you N100 commission, whilst you earn N150 for watching a video.

You additionally earn N200 for sharing a viral or sponsored video.

Multi-level Marketing (MLM) earnings

Those on the MLM structure usually introduce a group of people to the company for in the company’s own words, ‘to achieve a set target and goal’.

They receive an affiliate link and receive commissions for the attainment of these vague targets and goals.

“Individuals on the mlm structures are usually purely networkers and do not necessarily need to learn one or two skills from our website although, they can however subscribe to our skills classes if they want to,” the site adds.

“Their sole aim is to keep marketing our brand to various individuals which can in turn subscribe to our affiliate plan and get to apply for one skill or the other.”

Hmm.

Payment for multi-level marketers are made daily.

Videomine Technology App

The company has an app which can be downloaded on the Google Play Store.

The app description reads: “Watch short videos, share and earn daily, earn on Vmine technology income App.

“Videomine is a new online platform that allows its users to make some extra cash doing some simple tasks online. These simple tasks may include: watching viral videos as well as making a daily login”

The app has 50,000 plus downloads, and appears to have shut off ratings or reviews.

Another thing to wonder about…

Is Videomine Technology legit?

So we now come to the big question, is videomine technology legit?

In our opinion, no it is not.

Review

To sign up, you have to pay for a coupon and then have to keep referring new people as the primary way to make money.

All companies that fashion in this way are well known as Ponzi schemes.

They work by taking money off new customers to pay the old while the company founders take their share.

Eventually, a time comes when there are not enough new customers to pay everyone their commission and that’s when the bosses take their cut and run.

It has happened in Nigeria many times before, in Ghana, Kenya and other African countries, and it will happen again.

The desperation to make money is strong and get rich quick schemes such as these play on that.

Generally, when something seems too good to be true, that’s because it probably is.

There is also too little transparency about the company, who founded it and such important details.

Their website is also poorly formatted, with a lot of stock text that WordPress and other content management sites put on your site until your edit it with your own words strewn all over the site.

A serious company will make sure all the stock text is taken out and replaced with what the company does!

Source: Nigeriabombshell.com

No related posts found...