The world of NFTs and cryptocurrency is giving rise to all kinds of new applications. By the end of 2020 and mid-2021, all tech-savvy and gamers were getting used to the term “Play-to-earn game”, a type of NFT Game Development allowing players to gain tokens while playing games. Only the Axie Infinity GameFi platform has had roughly 2.8 million daily users and a total trading volume of $3.8 billion. Although this term still caught the attention, a new concept Move-to-earn has emerged with notable projects like STEPN and Genopets. It's leveraging motion-sensor technology to create a new GameFi niche that rewards customers for being active. Players can earn in-game currencies that can subsequently be exchanged for real-world fiat currencies as the move-to-earn paradigm shifts to crypto, delivering actual benefits for their engagement rather than merely paying to play a game. And if you're interested in learning more about this new trend, stay reading!
1. What Is Move To Earn (M2E)?
Move To Earn, or M2E is a new term but not a new concept. In the last few years, gamers around the world were really excited about a game called Pokémon GO, a movement-based Mobile App Game Development. It requires players to move around to find out the characters or rewards. In 2020, Pokémon GO earned $3B in revenue. As of 16 March 2022, Pokémon GO has averaged 8.6M DAU over the last 30 days. Similarly, M2E requires users to participate in more outdoor physical activities such as soccer, running, etc. but has an appealing feature that allows them to earn rewards such as tokens or rare items. In other words, this concept is the ideal combination of Gaming Finance and Fitness Apps, with the goal of motivating users to eliminate a sedentary lifestyle to change for a healthier one.
Move to earn is an ideal combination between Gaming Finance and Fitness Apps.
2. How Does Move To Earn Concept Work? Are There Any Differences With P2E?
When it comes to P2E, players will earn tokens for winning battles, progressing through levels, and exploring the in-game cosmos. These tokens are then used to purchase equipment, clothing, and other items for the game's characters. It means that in order to receive prizes, people must spend a significant amount of time in front of their devices playing games, which can be harmful to their physical health. Move-to-earn apps, on the other hand, employ the sensors in the player's mobile device to detect their movements and automatically reward them for physical activity. So, it can be said that the M2E concept extends the benefits of blockchain-based rewards beyond gaming to inspire people to live healthier lifestyles. This corresponds to the increased popularity of fitness trackers and workplace wellness programs that encourage employees to exercise. M2E based on fitness has the potential to cut health insurance prices and sick leave. As a result, M2E apps have the potential to reach a wider audience than P2E apps.
3. Take A Look At Outstanding Move To Earn Projects
STEPN: As one of Solana projects, STEPN is an M2E fitness app allowing players to earn the in-game currency, GST by wearing a sneaker NFT while traveling on foot. This program will track players' movements and award them with M2E tokens based on the GPS signal from their devices. The amount of $GST players can earn is influenced by the Components of footwear, such as Attributes, Types, Levels, and Quality, as well as the Energy system (reward capping). Furthermore, customers can increase their revenue by installing a superior GPS and mobile data signal. With a Web3 interface that integrates both Marketplace and Wallet in the same app, STEPN has access to all user files regardless of whether they are familiar with crypto or not.
STEPN is an example of an M2E Fitness App.
Genopets: Genopets is a Move-to-Earn NFT mobile game on Solana that makes it fun and rewarding to live an active lifestyle. Genopets are generative NFTs that can evolve, be upgraded, and customized as they progress through the game. The main in-game currency is $KI, which players acquire and use to improve their Genopets, while the governance token is $GENE. Anyone can mint a free Genopet infant, but its value is determined by the amount of XP acquired by accumulating steps.
WIRTUAL: WIRTUAL began in 2019 as a website to test their prototype product in Thailand. WIRTUAL expanded the app and released version 2.0 in the first quarter of 2022, incorporating cryptocurrency, NFT avatars, and a tracking system linked to smartwatches such as Strava, Fitbit, and Garmin. Like STEPN, WIRTUAL is a Metaverse fitness app. However, the core product is quite different and is based on a pay-as-you-go model, allowing users to compete on distance traveled, pace, and so on. Users are rewarded for tracking and submitting data on their physical activity, with challenges ranging from running to walking to swimming to dancing to working out to cycling.
4. Final Thoughts
To summarize, we are only seeing the beginnings of a long journey of Move to Earn. Long term, if this new wave is properly invested in and expanded in the market, there will be enormous potential. It has the potential to give the Crypto market a new lease on life.
Want to take the first steps in the M2E Market? Feel free to contact our world-class developers. SotaTek is a leading Blockchain Development Company with 8 international offices in Vietnam, the US, Australia & Japan. With 750+ in-house employees, we are always up to date on the latest IT trends so that we can provide the best Tech solutions for our global clients, assisting them to skyrocket their business and outperform their competitors. Whether you are a start-up, a medium-sized business, or a large organization, you can be confident that we will create the best roadmap for your company's blockchain adoption.
