The Web 3 space has bought a lot of developments and innovations to our table. Now you could have apps on your that pay you for walking. This particular concept is gaining quick momentum in the crypto world, and it is called the move-to-earn model. It comes off from the platform of play to earn where users get paid to play games. Both of these technologies are similar in nature and work with the underlying technology of Blockchain.
Let’s drill down to some of the top trends in the move-to-earn model.
By far the most popular app that runs on Blockchain Solana. The app basically pays you for being active. Looks like we now have a good reason to grab those shoes and get those steps in. It requires you to have a referral code link to get started on the app. Now diving in, you will have to buy or rent a pair of NFT sneakers to participate. The prices of these NFTs may vary depending on the activity you choose. Quite naturally, the higher-priced sneakers come with better earning power. Users start earning crypto money when their movements are tracked. Stepn uses two types of cryptocurrencies, Green Satoshi Tokens or GST, which can be used on a supported DEX or a centralized exchange, or used to mint and level up sneakers, and Green Metaverse Token GMT which act as a governing exchange and can be earned by users wearing sneakers level 30 and above.
Although, the market being slightly bearish, the market stats has steadily increased since its launch. The all time social stats has has shown a whopping rise to over 650,000 members on Twitter and over 350,000 on Twitter.
Step app has drawn inspiration from Stepn and is trying to carve out its way in the Move to Earn niche. The users are required to stake on upgradable sneakers called Sneaks. The utility token used here is KCAL, which users can use to purchase sneak NFTS and are earned by participating in the app by staking a sneak. The governance token used is FITFI which helps to determine burn rates, revenue splits, development milestones, and more. The app also allows microtransactions so users can make purchases from in-app shops using credit cards or crypto. The app is fully funded by the community.
The app was already introduced with over 59000 pre-registerations, and is being endorsed by top athletes and fitness influencers. It had its recent Public SHO with DAO Maker with $348,000 as Marketcap and over 90,000 participants.
Wirtual lets users earn virtual coins by completing challenges. They are offered rewards for participating in fitness-related challenges like running biking or swimming. They offer both free and paid features. The app has 7 tiers in total, and the Wallet users are assigned one of the tiers based on the number of coins they hold in their wallets.
The app is primarily targeting South Asian countries including Thailand, Indonesia, Vietnam, Philliphines. It has recently introduced Wirtual 2.0 through feedback from early users for better experience, hoping to add a better level of immersion
Sweat coins operate a little differently from the other Play to Earn Model apps. It does not use cryptocurrency, but sweat coins to reward its users for completing fitness-related tasks. The bonus here is that there is no initial investment to use the app. Users are simply required to download the app and use the app for free. That said, they can opt for a premium membership later on to increase the number of sweat coins they earn.
The Sweat Economy, very recently received a funding of $13M. It is currently the most downloaded health and fitness app with over 100M users.They plan to gradually accelerate to the Web 3 space.
Genopets was started to make fitness more wholesome and rewarding. The app helps users take better care of their minds and body through a gaming experience. The users are required to nurture and evolve their “NFT pets”. Genopets also feature a two-token economy., one being the governance token, and the second one being an in-game token that is used to reward the users. The app also does not require any initial investment from the players.
The app was introduced with a Market cap of $23.5M. Currently, Phase 2 of the app is in progress. The goal is to introduce core gameplay mechanics and improve the size of playerbase. Phase 3 is likely to release in 2023.
The Move-to-Earn model has definitely seen an upward trend ever since its introduction. It is gaining momentum and the concept is intriguing. The revenue model is an added advantage especiall for those who struggle to find motivation to get enough movement. Especially with Blockchain being its underlying technology, it has managed it imbibe trust and reliability amongst the users.