Move-to-earn (M2E) is a market economy that combines physical exercise with NFTs and geo-location technology.
Move-to-earn is a derivative of the popular play-to-earn system where users are paid in cryptocurrency for playing certain games such as Axie Infinity and Splinterlands.
Move-to-earn is not a new idea, with early platforms such as Lympo awarding users with LYM tokens for embodying a healthy lifestyle.
However, the move-to-earn movement has taken off in 2022 with over 200,000 people on the waiting list to join the popular fitness app STEPN.
In essence, move-to-earn is a system that rewards individuals for moving their bodies with cryptocurrency.
Most move-to-earn platforms use a combination of GPS, NFTs, blockchain, and GameFi technology to track user movements and rewards.
While the central premise of move-to-earn is to collect rewards from moving around, there are several ways this system can be set up.
Some platforms incorporate exercise into RPGs so that real-world fitness has implications for adventures in virtual worlds. Players can also level up their battle avatars in these worlds by remaining active.
Other platforms allow users to enter into competitions against family, friends, or randoms from around the world.
Players enter into 1-on-1 contests to complete a predetermined task with each player placing a stake in the winner’s pot. The winner, who is adjudicated by an AI tracking tool, then collects the prize.
More traditional move-to-earn apps focus exclusively on exercise. The more one moves around in the real world, the more in-game tokens they collect. Some of these apps also allow for NFT minting, trading, and staking.
Let’s conclude this article by taking a look at three move-to-earn games.
Built on the Solana blockchain, STEPN is a Web 3 lifestyle app that incorporates elements of game-fi and social-fi.
To play, users must purchase an NFT sneaker that best suits their fitness level before they can start earning crypto from walking, jogging, or running.
STEPN is backed by investors such as Binance, Sequoia Capital, and Folius Ventures.
The Dustland is the world’s first move-to-earn audio fitness blockchain game.
Players move through the fictional post-apocalyptic Dustland narrative by running in the real world and are rewarded for mission completion with Ethereum-based token DOSE and NFTs.
Collected items and resources can be used to upgrade a player’s avatar to improve their stats and undertake more risky missions that attract more significant rewards.
Genopets is one of the more interesting takes on move-to-earn.
Players are rewarded for exercising their mind, body, and spirit which translates to in-game progression across the so-called “Genoverse”.
As users become fitter and more physically evolved in the real world, their Genopet NFT also becomes more evolved, rare, and valuable.
Players can also battle others through turn-based mini-games that test an individual’s memory, reaction time, and cognition skills.
Is it sustainable?
With the collapse of cryptocurrencies, in 2022, in what has already been labeled as crypto winter, some argue whether models like play-to-earn or move-to-earn sustainable.
In short, the key question here is whether people joining in these platforms are doing it only for speculative reasons (see the value of their token go up) or whether to built-in economics of these platforms make users hooked in the long-run.
The answer between the former and the latter is the difference between a ponzi scheme (a scheme that feeds itself based on the new entrants in the scheme) or a new commercial use case for Web3, able to scale.
For that matter, in order to assess whether a project is sustainable, it’s critical to keep an eye on the adoption metric of the platform over time.
In short, if, when the price of the token drops, most users leave, you know that they were there, primarily for speculative reasons.
- Move-to-earn (M2E) is a market economy that combines physical exercise with NFTs and geo-location technology. M2E platforms use a combination of GPS, NFTs, blockchain, and GameFi technology to track user movements and rewards.
- Some M2E platforms equate real-world physical activity with progression through a digital world, while others are more focused on 1-on-1 competitions or the minting, trading, and staking of NFTs.
- Three move-to-earn platforms with somewhat different approaches to the model include STEPN, The Dustland, and Genopets.
Read Next: Play-to-earn.
Connected Business Concepts
Connected Business Model Types
Main Free Guides: