Move-To-Earn - a step into Web 3.0?
Learn more about move-to-earn, the latest trend combining active lifestyle, social, and Web3 features.
Everything about the new digital world appears to be beneficial.
If there is one trend gaining traction in the cryptocurrency space right now, it is move-to-earn – a relatively new niche in Web 3.0 that encompasses several products and services that reward consumers for being active.
Is it too fantastic to be true? There is, however, a catch. Consumers must pay a substantial sum of money to begin earning in most situations. Nonetheless, given the appropriate conditions, move-to-earn apps could offer an attractive potential to generate income while also motivating users to increase their physical activity.
Here, we look at the current move-to-earn landscapes and explore some of its essential apps.
Move-To-Earn, a Step into Web 3.0
The term move-to-earn was coined and popularised in September 2021 by the Web3 lifestyle app STEPN and has since been adopted by various additional applications that reward users for their activities.
Move to Earn platforms encourage users to stay active by providing an additional income stream for participating in their regular exercise routines or partaking in specific fitness-related challenges. It is based on the play-to-earn trend, in which users are rewarded in cryptocurrencies for playing games.
These systems generally aim to promote fitness, thereby reducing obesity and providing users with the option to earn money for improving their health. They inspire individuals to live healthier lifestyles and spark interest in Web 3.0 technology.
Although the methods by which these apps generate rewards differ greatly from platform to platform, almost all reward users in the form of native utility tokens for fitness-related activities like walking, jogging, or swimming. Tokens earned can be immediately swapped for goods and services within the app or sold/traded for other cryptocurrencies on an internal marketplace or external exchange.
STEPN is the most well-known Web 3 lifestyle move to earn project. Players must own one of four types of NFT footwear to begin earning using the Solana-based STEPN app: Walker, Jogger, Runner, or Trainer. These have a variety of characteristics that influence how much they make.
- Green Satoshi Tokens (GST) are awarded to users who exercise., which can be sold on a compatible DEX/CEX or spent in the STEPN app to mint, repair, and level up sneakers.
- Green Metaverse Token (GMT) is a second token connected with STEPN utilized to administer the platform. The cryptocurrency can be acquired from third-party exchanges or earned by wearing sneaker NFTs at 30 or higher.
Step App (FITFI)
Step App, arguably the first direct competitor to STEPN, is an Avalanche-based fitness app that pays users for being active.
Step App, the newest move-to-earn platform, has drawn heavily from STEPN and shares several similarities in its operation, such as the requirement for users to stake upgradeable sneaker NFTs (known as SNEAKs) to begin earning.
- KCAL is the platform's utility and reward token. These may be used to purchase SNEAK NFTs and are acquired by staking a SNEAK in the app. It allows users to compete locally or worldwide in various ways, and it employs gamification to make exercise more enjoyable and rewarding.
- FITFI is the Step App's second ecosystem token. This is primarily used to administer the platform by determining burn rates, revenue splits, development milestones, and other parameters. Half of the platform's revenue is used to buy back FITFI tokens from the market.
In addition to its basic move-to-earn functionality, the Step App includes:
- Micro-transactions: Users can purchase character skins, sneak skins, and map styles from the in-app shop using credit cards or cryptocurrency.
- Staked play: Users can spend their tokens to compete against friends or other gamers.
Wirtual, another early entrant into the move-to-earn industry, is an app that compensates users for partaking in fitness-related challenges such as jogging, swimming, dancing, and working out. Wirtual refers to this as "sweat mining."
Before they can engage in challenges and submit their activity data to win WIRTUAL coins, users must first download the Wirtual app and create an account. Some of the challenges are free to participate in, while others require payment.
Users are assigned to one of seven tiers by holding WIRTUAL coins in the Wirtual application wallet. The higher a user's tier, the more WIRTUAL they can earn.
- Default users (with less than 100 WIRTUAL) can make up to 0.1 WIRTUAL each day.
- Emerald users (those with at least 10,000 WIRTUAL) can earn up to 3 WIRTUAL per day.
The platform has a marketplace where users can purchase NFTs that boost the quantity of WIRTUAL they earn each day. At the current value of the token ($0.65), this corresponds to approximately 6.5 cents per day for default users and $1.95 per day for Emerald users – disregarding any benefits provided by owning NFTs.
It is a mobile application that rewards users for staying fit by participating in physical activities such as walking, swimming, and cycling.
Sweatcoin is unique among move-to-earn applications in that it does not pay users with bitcoin but rather with in-house reward points known simply as "sweatcoins." Similarly, no initial commitment is required, allowing users to start earning right away by installing the app and creating an account.
However, users can upgrade to premium membership, which allows them to earn more sweatcoins per day, access a premium marketplace, and double their sweatcoin earning rate. This costs $4.99 each month.
Sweatcoins can also be transferred to other users, sold through various third-party platforms (primarily peer-to-peer), or donated to various charities/NGOs via the Sweatcoins for Good reason.
Genopets was the first gaming project in the move-to-earn niche, and one of the earliest move-to-earn projects overall, with one purpose in mind: to make fitness more rewarding.
The website encourages users to take better care of their minds and bodies by engaging them in a gamified experience. They nurture, battle, and evolve digital critters known as Genopets. These Genopets can be purchased, sold, and traded, and more vital pets have higher earning potential.
Genopets, like many other move-to-earn applications, have a two-token economy.
- The first token, $GENE, serves as the game's governance token and is used to guide the development of the game and its underlying processes.
- The other token, known as $KI, is the in-game cash that may be spent refining crystals and acquiring habitats for their Genopets to boost their number.
Genopets is unique among move-to-earn platforms in that it lets users start earning without any initial investment through its free-to-play approach, which allows users to mint and trade Genopet NFTs. Its pay-to-play model opens new revenue streams, such as in-game revenues in the form of $KI and the potential to sell a variety of other in-game NFTs, such as crystals and habitats.
Are Move-To-Earn Games Profitable?
Many people interested in move-to-earn games are searching for one thing: to make money from their physical activity. While many users will make a profit, their chances are usually determined by the following factors:
Most move-to-earn apps necessitate an initial investment, either in NFTs or a utility token. Rarer NFTs and more significant token holdings often unlock better move-to-earn rewards for participants and can shorten the time it takes to achieve a positive ROI.
As yields are usually directly related to the amount of physical activity a user puts in, those who are very active are more likely to be profitable.
Most move-to-earn games reward users with a percentage of the inflation of their utility token or a fixed reward pool. These prizes are distributed to users depending on their relative performance to all other participants or on a fixed per-person cap. In most circumstances, the more users who participate, the lesser the incentives for each user.
Depending on the price movement of the reward token, move-to-earn apps can be unprofitable or highly profitable. Users should keep in mind that tokens with a lot of bearish price activity are less likely to be profitable in the long run than those with a lot of bullish price action.
As more users join and reward pools are divided among more people, earning on many of these networks is expected to become increasingly difficult.
If these applications continue to gain popularity, the barrier to entry may rise, making it more expensive to obtain a large token holding or powerful NFTs to optimize the rate of income.
Future of Move-To-Earn
When it comes to FitnessFi and cryptocurrency apps, there's a lot to be thrilled about because they're built on well-established concepts that retain people's interest long after the initial excitement wears off. There are M2E apps that allow you to earn money while doing something you enjoy, such as exercising or working out.
Most of the finest Move to Earn crypto apps require a significant initial investment. It's simple to move around and earn money after investing, and it's much simpler to stay in shape while doing so. The number of individuals utilizing apps that make crypto money is projected to grow in the future. If the entry fees are modest, it is appropriate to begin using M2E applications to boost your overall earnings
Physical activity can be beneficial to your wallet while using M2E apps because you can earn cryptocurrency. With the right FitnessFi app, you can set personal and community objectives, track distance and speed, set particular fitness goals, and track calories burnt.
Move-To-Earn apps' primary goals are physical fitness, amusement, and financial benefit. As you move through the stages, you will be able to unlock perks and awards that will help you improve your revenue and earnings while completing your various goals with the greatest cryptos for making money.