Move-To-Earn games reward people for moving around in the real world. But that is not as simple as it sounds. There are various ways that different platforms utilize to make their tokenomics work and provide benefits to their users. Move-to-earn apps combine GPS, NFTs, blockchain, and GameFi technologies to track people’s movements and grant them rewards.
Aside from running around and earning tokens, users can also engage in profit-generating activities, such as staking, yield farming, minting, and trading to earn additional crypto while supporting the network.
How Move-To-Earn Started?
Since its rapid ascent from relative obscurity to being one of the hottest new innovations in Web 3.0, move-to-earn has been rewarding people for socializing and getting fit.
Though Move-To-Earn coins have also suffered and plummeted from their previous highs, unlike many other projects out there, the Move-To-Earn industry is more than just a speculative bubble. The value it offers is encouraging users to exercise, engage with the application, and join contests to earn cryptocurrencies as a reward.
Despite its recent rise in popularity, Move-To-Earn is not a new concept. Many businesses have created fitness apps that enable users to receive rewards for their hard work, such as gift cards and vouchers.
In 2016, Pokémon Go was released, an augmented reality game that requires players to search for Pokémon on the streets, players could also organize themselves into teams, and engage in exciting battles. Operating within this concept, Lympo launched in 2018, which pays out $LYM tokens to people for leading healthy lifestyles.
Many Move-To-Earn projects operate on similar mechanics, but these Web 3.0 apps can bring some form of income to their users. Some of the more popular Move-To-Earn games incorporate NFT characters and game scenarios to encourage participation and stimulate their tokenomics.
Putting the earn in Move-To-Earn
There are multiple ways to earn from M2E platforms. Surprisingly, they don’t all necessarily involve moving around or socializing with other people. Here are some other ways users can earn from these Move-To-Earn DApps.
Minting NFTs
Some of the Move-To-Earn platforms allow players to mint valuable in-game NFTs. For example, StepN has a “Shoe-Minting Event” where 2 Sneakers can “breed” to create a new Sneaker NFT. Players of Genopets can also mint new “Habitats”, which is a virtual world NFTs that can be sold or rented to other players to earn some income
Trading NFTs and Tokens
NFTs and native tokens of Move-To-Earn games can be traded for crypto or fiat currencies on different exchanges, and the prices of these NFTs and tokens are proportional to the demand and popularity of the Move-To-Earn games. The more popular the game is, the higher the demand which increases the prices of NFTs and native tokens on exchanges and NFT marketplaces.
Staking
We have covered staking as a great way to earn some passive income and depending on the GameFi mechanics, some Move-To-Earn games provide great staking benefits. Like in Genopets, staking $GENE will give rewards in GENE, NFT distribution, KI tokens airdrops, in-game boosts, access to additional in-game features, and governance voting.
Top 3 Move-To-Earn Apps Today
Leveraging on Move-To-Earn platforms is the first step toward making exercise more ”rewarding”. With so many different Move-To-Earn platforms and games available, one might get confused with information overload. However, if you are just starting out, it’s best to stick with established Move-To-Earn platforms. Below are the top three Move-To-Earn games based on popularity!
StepN
Built on the Solana(SOL) blockchain, StepN is now the most popular M2E Web 3.0 app. Players need to purchase a pair of Sneaker NFTs as an initial investment. After which, walking, jogging, cycling, and running will yield you rewards in Green Satoshi Token (GST). By staying active on the application and completing tasks, players can earn an additional GST.
GST tokens can be used to buy new avatars and upgrades, on top of that players can stake or exchange GST tokens for other cryptocurrencies. To advance through the game, players can purchase new sneakers from an NFT marketplace located within the app or upgrade the ones they already own.
By renting out their additional sneakers, players can earn an additional GST. In addition to GST tokens, there is GMT which is the governance token for StepN. Holders of GMT can vote on proposals and decisions on future developments of the game.
Genopets
Genopets is the first Free-To-Play, Move-To-Earn that is about cultivating a bond with your digital companion. Players can mint a Genopet for free and by using the pedometer of the smartphone to track physical activity, players can accumulate steps and convert them into Energy (E), which serves as the fuel in the game.
Though there is a Free-To-Play model, the Pay-To-Play version allows players to make progress much faster.
Genopets run on a dual token system, GENE, and KI. In the Genoverse, $GENE tokens are the governance token that is used for both running the system and staking. Holders and stakers of GENE tokens will be able to vote on the game modes or future game changes. The KI token is the in-game currency used to reward players, accelerate the evolution of Genopet, or create items and Habitats.
Step App
Step App is where the Metaverse meets move-to-earn. Step App provides an SDK (Step Protocol SDK) for third-party developers to use to build things within its metaverse. This will make the growth of what Step App refers to as the "FitFi economy" more transparent.
Drawing inspiration from the Metaverse and GameFi, Step App incentivizes users to be active by providing a means to earn cryptocurrency. The Step App is one of several new initiatives that aim to help their users make money off of their exercise habits. The primary purpose of Step Software, the first app on the Step Protocol, is to unite users, programmers, and creators in the Step Metaverse by using intriguing game mechanics, augmented reality, and financial incentives to familiarize people with crypto and the metaverse.
Don’t Get Left Out!
In the blockchain community, there is a lot of action happening around health and fitness. Move-to-earn games are the best way to bridge fitness, games, and blockchain technology to earn some extra cash. By doing so, hard work gets rewarded and good habits are formed.
The concept of M2E crypto is continuously rising, and its usage is only increasing with time. This could be the right time to be fit and earn some crypto at the same time.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
Get your crypto journey started with Coins.ph
Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
Sign up for a Coins.ph account now to start trading OR download the Coins.ph app. Once you have verified your account, you can convert PHP into the cryptocurrencies of your choice.
Start trading your favorite Crypto on Coins Pro with fees as low as 0.05%!
Join the Coinmunity
Connect with like-minded crypto enthusiasts! Be the first to learn about our news and campaigns.
Join us on:
- Twitter: https://twitter.com/coinsph
- Discord: https://discord.io/coinscommunity
- Telegram (Announcements): https://t.me/coinsph_announcements
- Telegram (Community): https://t.me/coinsphfilipino
- Instagram: https://www.instagram.com/coinsph/
- Facebook: https://www.facebook.com/coinsph/
- TikTok: https://www.tiktok.com/@coinsph_official
- YouTube: https://www.youtube.com/coinsph
