Has anyone ever told you they will pay you to exercise? It’s usually the other way round with gym memberships and purchasing exercise equipment. Well, go get your sneakers as I introduce you to the move-to-earn phenomenon sweeping across crypto-nation.
What is move-to-earn?
Relatively speaking, the underlying technology is not new. The move-to-earn (M2E) concept combines NFTs, cryptocurrencies, GPS, and GameFi technologies to enable movement-based rewards. With the boom of play-to-earn in 2021, the combination of gamification and financial incentives has come to the fitness industry. In essence, M2E platforms reward users/players for moving in the real world. Yep, that’s basically it.
How can you earn?
From the user’s point of view, there are several existing ways to profit from these platforms.
The first way to profit from the move-to-earn concept is simply to MOVE. Sorry for being Captain Obvious, but this is indeed the most common way to monetize from the available platforms today. The rewards often come in the form of cryptocurrencies which can be exchanged for fiat currency on various crypto exchanges. In addition, holders can also choose to stake these tokens to earn more rewards.
On the other hand, some platforms require you to purchase an NFT before you can receive any form of rewards. The exclusive nature of these NFTs has meant lots of trading activity on the secondary market for profit. Back in 2021, the original mint price of a STEPN NFT was 1.3 SOL. At the time of writing, its floor price sits at 7.89 SOL on Magic Eden. However, do note that the prices can be volatile, especially in the current market conditions.
So many dApps, which one do you choose?
There are many dApps in the space, and each gives you a slightly different way of monetizing your activity. Here, we introduce some of the top platforms in the industry.
- STEPN is a move to earn running app on the Solana blockchain. The app has already attracted user downloads from over 85 countries, where they are rewarded with $GSTs (Green Satoshi Tokens). They first have to buy their Sneakers from the marketplace, then simply get moving. On top of that, they can also upgrade their Sneakers using Gems.
- Genopets is a move to earn mobile RPG that rewards users for taking steps throughout their day. The Solana-based dApp is the earliest M2E player in the market, integrating gamification from the get-go. Basically, physical movement in the real world will translate into in-game progression. The Genopets will upgrade and evolve based on the amount of player movement.
- The Dustland is the world’s first move to earn audio adventure. As opposed to the previous platforms, this is an Ethereum-based platform. Players will progress through Dustland and receive DOSE tokens by moving in the real world. Its parent company, OliveX, has also bought land in The Sandbox to further expand the ecosystem.
Disclaimer: The information provided in this guide is for educational purposes only and should not be treated as investment advice.
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This article is educational material.
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