What Is Move-to-Earn?

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Decentralized move-to-earn apps reward people for moving in the real world. However, this new industry trend is more than just collecting the tokens you earn by running. This article will analyze this new trend and present some of the most popular apps for moving and earning. So, cryptocurrencies are not only a means of potential earnings but can also be very fun.

From its rapid rise from relative obscurity to explosive growth in Web3, the move-to-earn concept rewards people for doing physical activity. People can also engage in all the usual profit-making activities on these apps: investing, yield farming, minting, trading, and coin speculation.

Since the cryptocurrency bear market really began with the Moon debacle, move-to-earn coins have fallen from their previous highs. However, this sector is more than just a speculative bubble. It offers practice rewards, which people can still claim regardless of the coin price. But what is move-to-earn, and how do people make money with it? We will help you with that.


The Concept of Move-to-Earn

Move-to-earn is not a completely new idea. For example, Lympo has been paying out LYM tokens to people for a healthy lifestyle for several years. However, the trend took off only recently. The concept is simple: users get rewards for moving and exercising in the physical world. Move-to-earn platforms combine GPS, NFT, blockchain, metaverse, and GameFi technologies to track people’s movements and award special benefits.

Since this is still a relatively new industry, it is difficult to determine exactly how many users are involved and how much money it brings. But if we look at StepN, one of the more famous move2earn platforms, it already has over 3 million monthly active users. Players have “mined” more than 420,000 sneakers – the in-game NFTs people must equip to earn money. Move-to-earn combines existing technologies in original ways to create an entirely new product. However, innovations in this area do not stop there. Different platforms use the monetization move mechanic in different ways that suit their goals. It is about a concept where they would somehow combine the fitness application Strava and the game Pokemon Go.


How Can I Earn with Move-to-Earn?

There are many ways to earn cryptocurrency without necessarily moving from the couch to the real world. But obviously, as the title suggests, physical activity is the main way to earn rewards and accumulate cryptocurrency in this case. You can do this in the following ways:

Exercise: The central element of the money-making moves. You can literally earn money by running through parks, streets, and forests. The vast majority of platforms reward players with a special game currency. For StepN, it is GST; for Step App, it is FITFI; Genopets has GENE, and The Dustland has DOSE. All of these games allow you to earn in-game currency and then use it within the platform or convert it to fiat.

Minting: Players can mint NFTs on StepN and Step App platforms and use or trade them on the NFT market. At the time of writing, the lowest price for the sneaker on StepN is 4.2 SOL ($162), which can change quickly. As they say, the cryptocurrency exchange rate is very volatile. At the peak of the bull trend, the lowest price was worth over $1,200.

Trading: In-game items and NFTs are essential features of games for money. This means that trading them in secondary markets is very active. We’ve already seen that you need an NFT running shoe for StepN and Step App. Users also trade seeds, eggs, and crystals useful in the Genopets ecosystem. The Dustland roadmap states that a player-to-player trading market will be launched soon. According to reports, the sale of PFP Dustland NFT is also imminent.

Staking: Since all these platforms use GameFi mechanics, most of them have a good staking option. The Step app introduced the so-called permanent stake, meaning users can invest once and earn permanent rewards. Dustland plans to launch DOSE staking in the second quarter of 2022, while StepN allows users to stake their NFT sneakers to win prizes.


Move-to-Earn: PROS

Easy to play: One of the reasons for the popularity of the move2earn concept is that the games are easy to play. Instead of spending time and effort on strategy and combat in P2E games, Move-to-Earn games reward activities that many people already do. This means players have virtually no learning curve to overcome before effectively playing and earning. They also don’t need expensive equipment – just a smartphone with a camera and GPS. Users simply open the app and start scrolling and earning cryptocurrencies.

Interactive Technology: With GameFi technology powering the future of the metaverse, more and more projects will incorporate AR and VR technology to bridge the gap between the digital and physical worlds. move2earn games have successfully started to include virtual reality, which may become a major feature of these games in the future.


The Best Apps for Move-to-Earn

The first step to making your practice profitable is to know how to use move-to-earn platforms. Knowing which daps are currently leading in terms of community size, rewards, usability, and ecosystem maturity is the key to getting real money in your pocket. Below are the top 5 move2earn dApps:

1. StepN

It is currently one of the most popular move2earn games and is based on Solana’s blockchain. Launched in December 2021, NFT connects users’ running routines with blockchain technology via sneakers. To participate, players must purchase running shoes that match their average running speed and fitness level and use geolocation to track outdoor runs. By maintaining a consistent pace within the optimal speed range displayed on the screen, the player earns cryptocurrency rewards for running. There is also an online leaderboard, which encourages friendly competition and adds another incentive level.

Despite being one of the newest FitFi projects, STEPN has achieved great popularity in the crypto space with parabolic growth. The price of the $GMT STEPN token increased by almost 2,500% from the start of the sale to the peak of the bull trend.


2. Dustland

This game was created by the fitness company OliveX. Players progress through the fictional story of Dustland by running in the real world. For this, they are rewarded with their own DOSE token, built on the Ethereum blockchain, which they can use to upgrade the game or convert to real money. And yes, to progress in this adventure and be rewarded, you will actually have to run and earn $DOSE tokens. But first, you will need Kettlemine NFT to participate in the game. Getting this NFT is perhaps the easiest task in the game, as you simply need to connect your wallet to the official website.


3. Step App

Step App is a new application on the FitFi platform, built on the Avalanche blockchain. Once it’s fully available and people are using it, they’ll be able to earn money similarly to StepN app users. Until then, permanent investment takes place, where FITFI token holders can invest in-game currency and participate in prize draws to win Sneaks. Sneaks are NFTs that players will need to equip to earn money. So far, users have invested more than $15 million with the Ste app, and the platform has gained more than 200,000 followers on Twitter since the beginning of March.


4. Genopets

The Genopets team uses the move-to-earn method in perhaps the most interesting way among all platforms operating in this field. By moving around outside, players level up their in-game avatar. NFTs called Genopets fight against opponents, and the strongest wins. Genopets is built on Solana’s blockchain and has a betting system as part of the GENE economy. The smart use of blockchain technology and progressive game mechanics aims to encourage players to take better care of their mind and body.


Move-to-Earn: CHALLENGES

The concept of pulling and earning could become an important force to help the mass adoption of blockchain and GameFi technology. However, the projects will have to solve several problems that could threaten their long-term growth:

The barrier to entry: Most move2earn apps require an initial investment even to start playing. They are definitely not cheap, and not everyone can afford them. A great example is NFT’s STEPN sneakers. As the popularity of these applications continues to grow, so will the financial barrier to entry as demand for their NFTs increases.

Volatility: It takes time to embrace all new concepts, and crypto markets are still very volatile. Move-to-earn reward tokens can be incredibly profitable or completely unprofitable. Therefore, choosing the right project to invest in is not an easy task. Users must do their own research on the team, the game, and the tokenomics to make sure the project is legitimate and really brings value to users and the game ecosystem.

Scaling: M2E games reward users with utility tokens from a fixed prize pool. The tokens received are based on the user’s performance compared to other participants. Most users can expect to earn a few dollars each day by casually participating in the Move and Earn app, while some users can earn much more. Those who are highly active can more easily achieve profitability.

Declining number of active players: Many people play move2earn games just to earn money from their physical activity. Apps can encourage people to be more active and lead healthier lifestyles. Still, research shows that sticking to an exercise routine is more about habit formation and intrinsic motivation than extrinsic rewards. Therefore, there is a big risk that the number of active users will decrease. This is a fundamental factor to consider when considering long-term investments to move and earn.


Conclusion

Likely, we can now use move-to-earn apps to generate income through physical activities that people do every day. Although the concept is in the early stages of development, given the current growth, it has great potential to attract many users through the combination of exercise, monetization, and “gamification” of fitness apps. In the near future, more projects will surely enter this space, each with a different focus but with the same vision: to make sports more fun and profitable and to motivate users to change their sedentary lifestyle to a healthier one. We can all hope for further success of the concept, and who knows: maybe this will be the starting point for the mass adoption of cryptocurrencies.


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