What Is Move-to-Earn?
While move-to-earn (M2E) is often touted to be a “novel” concept, several similar models exist in the centralized (Web 2.0) realm. There are already several applications connected to fitness trackers and other wearables, some of which have built-in gamification to help users monetize their fitness data. In this context, move-to-earn is Web 3.0’s first step toward encouraging users in the metaverse to lead a healthier lifestyle in the real world. Users of M2E apps can earn cryptocurrencies, NFTs, and other digital assets just by maintaining a healthy lifestyle.
The blockchain space is continuously evolving, unlocking endless possibilities for service providers and consumers alike. Move-to-earn (M2E) is the latest addition to the extensive list of blockchain-powered initiatives like play-to-earn (P2E) and learn-to-earn (L2E).
Move-to-earn is a fast-moving, emerging sector within the Web 3.0 ecosystem. As an offshoot of the play-to-earn model, move-to-earn is a blockchain-native model that focuses on health and fitness while incentivizing users to engage in regular physical activities (walking, running, dancing, exercising, etc.). Accordingly, the more time you spend moving around, the more you can earn.
The majority of the move-to-earn projects offer apps with built-in gamification that works similarly to the play-to-earn model. As a user, you own the in-app assets that you earn as rewards, which you can exchange for cryptocurrencies or fiat money (depending on the app’s terms and conditions). Most M2E apps offer several exciting features, including microtransactions, staking, and in-app tournaments and competitions, allowing users to earn more rewards.
Polygon-based Dotmoovs and OliveX, Solana-based Genopet and StepN, and Binance Chain-based Wirtual are just a few of the notable projects accelerating the mainstream acceptance of the move-to-earn model.
How Does It Work?
As of now, there are only a handful of projects built around the move-to-earn model. These offer their own apps, which are usually compatible with various devices. Since the apps reward users for moving, they are designed to track and record users’ movements via GPS as well as through motion and health sensors - all of which can be easily accessed and controlled by the users from their phones.
Each game also features its own mechanics. For instance, StepN, a popular Web3 lifestyle app with SocialFi and GameFi elements, rewards users for moving around. Users need to buy (or rent) a pair of Solana-powered STEPN NFT Sneakers to get started. Once accomplished, the app begins tracking a user's movements and converting them into in-game tokens.
Author Bio
Skirmantas Januskas is the CEO and Co-founder of DappRadar. He entered the crypto and Dapp (decentralized application) sector in 2017 and has extensive experience across back-end web development, Node.js, game development, programming, web development, and PHP. He founded DappRadar in February 2018, which has now become the go-to source for everything related to Dapps. Previously Skirmantas developed the popular Basketball Shooter Online mobile game for Android devices.
Connect with Skirmantas on LinkedIn.
