- Move-to-Earn is an idea that is growing quickly. It gives cryptocurrency to people who do fitness activities.
- It uses GameFi, NFTs, and GPS to track where users go. This information is stored on a blockchain and turned into rewards, which are usually in the form of cryptocurrency.
- Users can make money by trading these cryptos on exchanges, flipping in-game NFTs that have gone up in value or staking their assets on the platform to make passive income.
How does Move to Earn work?
The move-to-earn (M2E) model lets users earn cryptocurrency by moving around, running, or engaging in any other form of exercise, just like the play-to-earn (P2E) concept of blockchain games lets users earn crypto by playing.
StepN, a popular web 3.0 lifestyle app that came out in September 2021 and gives users crypto and NFTs for doing fitness activities, came up with the idea of “move to earn.”
How do I use Move-to-Earn?
Move-to-earn combines the ideas of GameFi and NFTs with GPS technology on users’ cell phones or other tracking devices. Users are paid in NFTs or in-app tokens as their movements are added to the blockchain. The tokens can be traded on the app’s marketplace or an exchange platform for other cryptocurrencies. They can also be used to pay for additional services on the app.
Many M2E apps also give their tokens more ways to be used. This increases demand for their cryptos, keeps the value of their tokens stable, and makes it less important to sell tokens on third-party exchanges.
How to Use Move-to-Earn Apps to Make Cryptocurrency?
Most M2E apps give users rewards when they exercise or move around. However, there are other ways to earn cryptocurrency on these platforms, such as:
Minting: Some apps have tiered memberships that allow premium users to mint NFTs to earn crypto.
Trading: Most M2E apps give users in-game currency, which they can trade on several DEXs and CEXs.
Staking: Some M2E apps also let users earn crypto through staking, which lets them earn passive income when they are not busy or moving.
5 M2E apps that give you rewards for working out
In the past year, the number of move-to-earn games has grown a lot, and many of them have done well regarding how many people play them and how much their tokens are worth. These things are:
Built on the Solana blockchain, STEPN was released in March 2022. In order to use it, users must buy or rent a pair of NFT sneakers.
The prices of the NFTs vary by type, level, and quality. This affects how much and how quickly users can earn in-app tokens. Obviously, the higher-priced shoes bring in more money faster. The last time I looked, the cheaper shoe cost between 11 and 12 SOL, which is about $385. Users start making crypto when their GPS-tracking moves outside are seen. When the price of a GST token was $0.92, a basic set of NFT sneakers gave users five minutes of earn time each session, which was worth 5 GST ($4.60) for every walk or run.
GST and GMT are the two main cryptocurrencies on STEPN. Users are paid in Green Satoshi Tokens (GST), which are the native utility token. It is also used to make new shoes, fix old ones, and improve them. GSTs can be traded on centralized exchanges like Phemex or decentralized exchanges. The Green Metaverse Token (GMT) can also be bought on exchanges, but it can also be earned by wearing an NFT sneaker (level 30 or higher.)
GENE or Genopets
Genopets combines the Move-to-Earn model with the Play-to-Earn model through role-playing games (RPG). Users get rewarded for exercising, playing games, and caring for their NFT “pets.”
Genopets also use a dual token system. The first token is the GENE governance token, and the second is the KI in-game token, which is used to give out rewards and buy things in-game.
Before you can play Genopets, you don’t have to pay anything. This means that users can make and sell NFTs for free.
FITFI or the Step App
Step App is a lot like the STEPN app. Before users can start making money on the platform, they have to stake NFT sneakers called “sneaks.” Like the STEPN app, these shoes can be made better.
The KCAL token is the utility token for the Step app. It can be used to buy sneak NFT sneakers and enter contests. You can also earn KCAL by staking a sneaker on the app and taking part. The FITFI governance token is used to run the Step App platform and decide on things like burn rates, revenue splits, development milestones, and more.
Step App is fully funded by the community, which is different from other M2E platforms. Its last strong holder offering (SHO) was with DAO Maker, and it launched with a market cap of $348,000. Step App has teamed up with some of the best athletes and has so far signed up 13,753,389 people, which is a big deal in the M2E space.
Another app that pays people to stay fit is Sweatcoin. Users get Sweatcoins when they walk, ride bikes, or swim. Sweatcoin doesn’t need any money to start, so users can try it out for free.
At the same time, users of its paid versions can earn more sweatcoins daily. Users can also trade their coins for goods or discounts from Sweatcoin’s partners, such as Yoga Club, Tidal, and Skullcandy.
There are both free and paid challenges on Wirtual. Users are put into different tiers or levels based on how many Wirtual coins they have. The more coins a user has, the higher their tier and the more Wirtual they can earn by participating in fitness challenges.
Does Move-to-Earn have a chance to grow?
Since it started, several move-to-earn projects have been very popular and made a lot of money, and the value of their tokens has gone up in an ideal way. Overall, the idea behind M2E is catchy and easy to understand. It introduces blockchain and cryptocurrencies to people who might not be interested in them otherwise.
As with P2E, the biggest problem with these M2E projects is keeping their token economies going. They must keep growing by coming up with new ways to keep existing users interested and attract new ones. They also have to carefully make money off the demand for their platforms through in-game spending and ensure that there is still value in the ecosystem.