Is ShareNode a Scam? Read This Before You Join Its Affiliate Program
It's time for another review once again, and this time, we're talking about an online community/platform called ShareNode.
In our ShareNode review, we're going to discuss things such as what it offers, who are the people behind it, its products, and its compensation plan.
We're also going to discuss whether ShareNode is legit or just another scam.
Price to join: $250 to $1000
Do I recommend? No
Summary: ShareNode is an online platform created for entrepreneurs, influencers, and customers. It is a community where they can share their favorite products and stores, and be rewarded for sharing them. ShareNode members will use an app to share info about their favorite businesses and redeem tokens from their favorite store.
There are signs that this platform may be a scam and we will discuss them below.
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What Is ShareNode?
ShareNode is a community or platform where business owners, influencers, and customers can promote businesses and get incentivized for sharing them. It uses blockchain technology and has developed a proprietary incentive token technology to promote companies.
Other things you can do via the ShareNode community is connect with other business owners, earn rewards when you shop in affiliated businesses and share your experiences with that business. Apart from these benefits, ShareNode also has an "altruistic" side. Affiliated non-profit organizations will receive micro-funding every time a customer uses a business token to save money.
ShareNode members will use an app to share info about their favorite businesses and redeem tokens from their favorite store. Note, however, that the app is still developed and is yet to be released. According to ShareNode, the business will only pay for marketing after the completion of each sale. ShareNode will then compensate the customer or the influencer each time they promote the business. A chosen non-profit organization will also receive a small percentage after the transaction.
Who is this platform for? According to its website, ShareNode is ideal for customers and influencers who want to save money and redeem rewards. It is also geared towards entrepreneurs who want to promote their venture and non-profit organizations that need extra funding.
ShareNode was founded by Eric Tippetts, Steve Jiang, and James Hardy. Tippetts and Jiang also founded a venture called Nasgo.
How Much to Join ShareNode?
Becoming a ShareNode Community member is by invitation only. A ShareNode membership allows you to earn loyalty rewards from affiliated businesses, as well as referral commission for every new business. You can also refer new members to the website.
ShareNode offers three membership tiers: VIP Member, Brand Ambassador, and Account Manager.
You get all the benefits mentioned above when you become a ShareNode VIP member. You can also receive pooled bonuses on purchases made by members and customers referred by your team. It includes advertising credits up to 250 SNP. This membership costs $250.
If you want to become a Brand Ambassador, you need to pay $1,000. You get all the benefits mentioned above, as well as the chance to earn a pooled community reward each time you refer an influencer to ShareNode.
You are also eligible to receive shared community rewards for every business or customer you refer. This includes SNP advertising credits.
Maintain active status as a VIP member and pay $995 to become an account manager. Apart from the benefits mentioned in the first paragraph, you are also eligible to earn pooled community rewards for every influencer, business, and customers you refer to ShareNode.
What is ShareNode's Compensation Plan?
If you want to join the ShareNode Affiliate Rewards Program and be eligible for commissions, you need to have at least 1,000 ShareNode Tokens or SNP.
Once you become a qualified ShareNode Token holder, you're eligible to earn 10% of SNP bought by the members you directly referred. You're also eligible to receive 5% of the amount of SnareNode Tokens purchased by individuals referred by team members in your downline. Your commissions will be paid in Nasgo Tokens or NSG.
Be eligible to receive 1000 SNP and 100 NSG whenever you make a sale. Receive 50 NSG and 500 SNP if you are the first leader in your team, and receive 25 NSG and 250 SNP if you are the second leader. Five other affiliates in the downline will receive 10 NSG and 100 SNP.
Receive 100 NSG and 1000 SNP whenever you make a sale. With an additional $100 incentive.
The first leader receives 50 NSG, 500 SNP, and an additional $50. The second leader, on the other hand, receives 25 NSG, 250 SNP, and an additional $25. Five other affiliates in your team will receive 10 NSG, 100 SNP, and an additional $5
You'll be eligible to receive 100 NSG, 1000 SNP, and $200 for every Tokenize Premium sale you make. If you are the team's first leader, you will receive 50 NSG, 500 SNP, and $100. Second leaders are qualified to receive 25 NSG, 250 SNP, and $50. Five affiliates or ambassadors in your team will receive 10 NSG, 100 SNP, and $10.
If you don't want to withdraw your earnings and are keen to reinvest them instead, you'll be eligible to receive other bonuses.
* Receive a 10% bonus (SNP tokens) when you reinvest 20% of the commissions you earned.
* Receive a 50% bonus (SNP tokens) when you reinvest 15% of the commissions you earned.
Commissions are credited to affiliate account every day before midnight PST. You need to have a Bitcoin Wallet to receive your commissions.
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What Products Does ShareNode Offer?
Nasgo is the company behind ShareNode. ShareNode offers three Nasgo tokens, and companies can use them to develop their blockchain and digital assets.
Check out these Nasgo Tokens below.
Nasgo Tokenize Basic
The Nasgo Tokenize Basic includes a blockchain registration on the platform, plus a token issue. You will also have access to an e-commerce platform called Amico, as well as access to a rewards platform (VPR). This costs $995.
Nasgo Tokenize Plus
The Nasgo Tokenize Plus costs $1495. It includes a blockchain registration on the Nasgo platform and token issue. You will also have access to Amico e-commerce platform, as well as access to the VAPR rewards platform.
Nasgo Tokenize Premium
This plan includes all the benefits Nasgo Tokenize Basic and Plus offers. It also includes a preferred listing on ShareNode Business Directory. This plan costs $1995.
What I Like About ShareNode
* It is a pretty good platform for entrepreneurs, influencers, and customers alike... if done right
ShareNode takes promotion and affiliate marketing to the next level using tokens and blockchain technology, and it's actually a pretty good idea. Customers and influencers can save money and be rewarded each time they purchase from a store, redeem rewards, and promote their favorite stores. Businesses, on the other hand, can promote their businesses using the latest technology and platform. It's a win-win solution if done right.
What I Don't Like About ShareNode
* Its operation is technically illegal
The core of ShareNode's business is based on its the tokens (SNP and NSG) it developed. According to this article, tokens are considered by the American government as a "value that substitutes for currency," and is subject to government regulations.
Because businesses such as ShareNode are subject to government purview, it should have registered with the United States Securities and Exchange Commission. But you won't find it if you perform a lookup in the SEC's Electronic Data Gathering and Retrieval system.
Another issue with ShareNode is the mystery surrounding the company itself. Unlike other businesses, you won't find the company's address or even its owners on its website. You'll need to head over to LinkedIn or other websites to learn about the people who created this venture.
Performing a whois lookup also proved futile as the site ownership and its address are also veiled in mystery. My advice is to be wary with any business that is willing to take your money but doesn't want to shed its anonymity.
* The app is still set to be launched
The ShareNode app is still missing in action at the time of writing, so it's best to hold on to your wallet before you invest.
* The fine print
According to ShareNode's terms of us, all SNP purchases are non-refundable. Members will also not receive cash or any other compensation for tokens purchased. These tokens are not denominated in cryptocurrency, dollars, or any other currencies. Further, they "do not have any value other than in exchange for goods and services in Sharenode."
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Is ShareNode A Scam?
ShareNode can be a good platform. But what makes me uncomfortable is its use of the network or multi-level marketing business model and its lack of transparency.
MLM as a business model can be profitable for some businesses, but there is only a small percentage of companies that have managed to pull it off and be successful. Sadly, ShareNode might be one of the many companies that will not be successful with MLM.
We don't know who ShareNode's investors are and the company has not released income disclosure statement yet. That does not bode well for its affiliates as no one knows where this company gets its funding and whether it is profitable or not.
If you're not a familiar blockchain, tokens, or cryptocurrency, then it's safe to say that it's best to look for other ways to earn extra cash.
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