The latest craze in the cryptocurrency universe is M2E, or Move to Earn. The cryptocurrency space and the Metaverse has seen a myriad of opportunities for people to showcase their innovation and dynamic earning potential. Ever since the decentralised finance boom in 2020, many new innovations like NFTs, The Metaverse, Play to Earn (P2E), and programmable stablecoins have all made the rounds in the cryptocurrency sector. Investors too have focused and spent a lot of money on this booming sector. As the name suggests, M2E projects allow users to earn rewards for physical activity, like walking , running, dancing and exercising. This has the potential to become a hotspot for users wanting to earn free cryptocurrency while they workout.
What makes M2E attractive?
M2E apps allow users to earn passive income while engaged in everyday physical tasks. The M2E gamification is very similar to P2E (Play to Earn), where users own their in-game assets that can be exchanged for fiat or crypto depending on their individual terms.
Games that revolve around the idea of rewarding or tokenizing physical movements include STEPN, MOOV and Genopets. Some of these apps are still in their Beta version, but are well worth checking out.
What’s the hype all about?
The frenetic interest surrounding STEPN is due to its governance token – Green Metaverse Token (GMT) appreciating 24,500 percent since its token sale on Binance in March. VC firms like Sequoia Capital and others have invested more than USD5 million in a seed funding round in January. The rise of GMT is attributed to its rapid user growth. STEPNs Twitter followers, around 50,000 just a month ago, has zoomed up to 250,000 users.
The Move-To-Earn (M2E) Concept
In order to use STEPN, users would have to purchase NFT sneakers. These NFT collectibles are mintable, and are available in a wide variety of designs and quality. These assets can be sold on any NFT open marketplace. STEPN has been built to run on the Solona blockchain, and each sneaker NFT is worth 10 SOL, or approximately USD1,100.
The user needs to purchase sneakers to be tokenized in the M2E app, and whenever the user engages in physical activity like walking, running or jumping, the app converts these movements into in-game tokens.
Some of the latest and best M2E apps are described below.
STEPN is the most popular Web 3.0 lifestyle app that runs on the Solona blockchain. The app combines the aspects of a P@e game and combines it with physical activity. Users buy NFT sneakers that are tokenised, and can be rewarded with in-game currency while walking, running, or jogging. STEPNs objective is to revolutionise the fitness market by incentivising millions of people to follow a healthy lifestyle. With the sneaker NFT, the app eliminates the problem of proof-of-movement and GPS enables systems.
Dotmoovs is a P2P sports competition platform that aims to change the way people look at sports performance. The app runs on an AI algorithm that enables users to score sports tricks with simple movements captured in a video from a smartphone. Players can then monetise their skills by investing MOOVs in the platform.
Genopets is the world’s first Free-to-Play, Move-to-Earn NFT game on the Solana blockchain that makes it fun and rewarding to live an active lifestyle. Genopets combines user’s step data from their mobile device with blockchain Play-to-Earn economics so players can earn crypto for taking action in real life as they explore the Genoverse evolving and battling with their Genopet.
Launched in January 2022, Step is a move-to-earn project that provides users with daily rewards for walking. The mobile app is currently available for users to check out on iOS and Android devices.
OliveX is a gamified fitness ecosystem working to enhance real-world workout experience through the use of game design techniques and play-to-earn mechanics. OliveX allows players to both improve their physical shape and earn real revenue through gaming activity.