Walk, move or run to earn cryptos. That’s the strange deal offered by the Move To Earn concept.
The advent of blockchain has allowed for the emergence of real innovation with real financial rewards for a few accomplished tasks. These are the “Play to Earn”, learn to earn or “Move to earn” games.
This time, we will try to understand what is move-to-earn? Where does this concept come from? Where can you move to earn cryptos?
In short, move-to-earn is an area that allows you to discover the world of cryptocurrencies without the technical aspects.
Until now, sports performance recording and effort rewards were mainly limited to two things. On the one hand, there were mobile applications that allowed you to store all the data of your efforts and share them on social networks. On the other hand, devices that allow the recording of physical exercise data via an Apple Watch for example.
But the arrival in recent years of blockchain, NFTs and Play-To-Earn games has totally changed the game to see a new way of consuming sports emerge.
Move to Earn (M2E) apps allow users to earn passive income while performing routine physical activities. Move to Earn gamification works similarly to Play to Earn, where players have sole ownership of in-game assets that can be exchanged for crypto or fiat currency according to their own rules.
What is Move to Earn?
Move-to-Earn is a model that uses technology that tracks human movements and measures those movements with a sensor, helping users earn money through their daily movements.
The advantage of Move-to-Earn over Play-to-Earn is that users do not need to be constantly connected to their phones. Users must be physically active for a certain period of time, as rewards are earned in exchange for certain periods of time.
The second benefit of Move to Earn is that it forces you to exercise instead of sitting and clicking on your phone. Imagine walking through the park, breathing in the fresh air and receiving a project token?
How does it work?
Just like when you want to go for a run, you’ll have to equip yourself! Let’s take the example of the Stepn game.
STEPN is currently the most dominant player in the open world in the Move-to-Earn niche, several other applications have also gained momentum in recent months. The most well-known Move-to-Earn projects;
The whole principle of Step’n is based on shoes that take the form of an NFT with specific characteristics, a rarity system and even levels.
Depending on the nature of your movements, you will have to choose between four types of shoes: the Walker (between 1 and 6 km/h), the Jogger (between 4 and 10 km/h), the Runner (between 8 and 20 km/h) and the Trainer (between 1 and 20 km/h). Be careful, depending on the shoe and its “energy”, it will not be possible to exceed a certain time.
The shoes all have different characteristics in their four attributes:
- efficiency will allow you to make the most of your time to accumulate GST tokens
- luck will allow you to acquire bonuses at the end of a move
- comfort will increase the recovery rate of GMT tokens
- the reparability index will reduce the cost of repairing shoes
Depending on your means and your goal, the cheapest shoes are currently at 8.3 Solana (that is to say at the current price about 830 dollars). The basic investment is therefore substantial and we must not forget that for the moment, the phenomenon benefits from a highlighting effect. Nevertheless, this kind of initiative seems to have a potential that is far from having reached its limit.
After all, partnerships with sports events or brands using the app’s cryptocurrency could clearly be considered. In general, including a financial reward for adopting a healthier lifestyle by walking or running could well become more than a trend. For some, it has already become a form of work.
Simply put, in order to work well, a move-to-earn game relies on four elements:
- An app installed on a tracking device: a smartphone or smartwatch that will count your steps, distance traveled or movements during your sessions.
- NFTs: your tool (sneaker) or your companion/avatar (pet) through which you will generate earnings.
- A utility token: used to purchase items in the application and to pay users.
- A governance token: used to participate in collective decisions about the project.
The health benefit argument is obviously the major asset of these M2E. Nevertheless, Move-To-Earn suffer from some major flaws:
The cost of entry is generally important. You have to invest first (in NFT sneakers in the case of Step’n) before you can hope to have a correct return on investment. It is necessary to count several hundreds or even several thousands of dollars to start playing some applications.
These games are above all financial applications. So there is a real risk of losing the invested capital.
M2Es often have an image of simple “Ponzi Pyramids” where the first players are remunerated by the arrival of new ones. It is therefore necessary to remain vigilant and to inquire about the seriousness of the team in charge of the development of the project before launching.
Note: Always do your own research (DYOR). This article should not be considered as an investment recommendation