Move-To-Earn: Winning Crypto Marathon
Getting lazy while sitting for hours participating in P2E economy? Well, the cryptocurrency space got you covered by introducing move-to-earn, a new niche that allows users to earn for physical activities along with variety of products and services. The crypto space has always been open for innovation with various earning economies emerging for the community. This time, emphasis is been placed on physical and tangible aspects while providing the opportunity to earn.
Why should you participating in move-to-earn economy
Moving around and earning crypto tokens sounds too good to be true. Hence, participating in this incentivizing model requires users to allocate considerable amount of money. For example, Stepn has a participatory requirement for users to purchase NFTs on their platform which has a base price of 10 SOL before starting earning through move-to-earn model. The NFTs are in form of four different shoes representing different earning capabilities. Nevertheless, the opportunity on the table is certainly appealing and related projects are also gaining traction.
The platforms operating under the move-to-earn economy aims to incentivize fitness, reduce obesity while allowing them to earn in tandem. The reward mechanism can vary considerably from platform to platform but almost all of them reward users through native tokens of the platform on the basis of completion of fitness related tasks. Additionally, there’s a tracking system placed to monitor physical activites through electronic fitness gears and smartphones.
Growing ecosystem of move-to-earn
Since the starting of the year, the number of move-to-earn games have emerged considerably and there are close to dozen app rewarding users for being physically active. But for a newly formed earning economy, most of the projects operating are obscure while some of them have gained significant public attention.
Stepn is by far the most known project under this segment which started with a bang in March 2022 after conducting its token sale on Binance Launchpad. It is a Solana based move-to-earn platform wherein users need to own one of four types of NFT sneakers (walker, jogger, runner, or trainer). Giving direct competition to Stepn is Step App, which is an Avalanche-based fitness application rewarding users based on their physical activity. Wirtual is another exercise to earn application in the space. Other considerable projects includes Sweatcoin and Genopets which claims to be the world’s first move-to-earn NFT game.
Is move-to-earn model sustainable?
The crypto economy has always been open to new incentivizing models but their sustainability is directly pegged to the adoption within community. Specifically, for move-to-earn model, the important parameters defining the sustainability of projects can be the initial investment required to participate, activity level on the platform, price action of native token and saturation. With all these parameters going in favour of the projects, move-to-earn segment is another economy embracing social exclusivity thus accruing value to these projects.