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There are endless possibilities and innovations in the world of cryptocurrency. With the advent of Decentralized Finance (DeFi) a few years ago, many dynamic concepts such as Play-To-Earn (P2E) and Non-Fungible Tokens (NFTs) cropped up. The latest trend in crypto, called Move-To-Earn (M2E), is currently taking the crypto world by storm, introducing a way for users to earn rewards through simple forms of movement such as walking or running. The mechanisms and methods through which Move-To-Earn NFTs are generated may vary among games, but all rewards are acquired by activities involving movement. Imagine walking and earning crypto! Sounds like a dream, right? Only it is not anymore.
Why is M2E gaining traction so quickly?
Gamification of tasks and activities has long been proved a great way to incentivize and motivate people to perform tasks. The M2E model was pioneered after P2E, both of which allow in-game assets to be tokenized and thus tradeable, allowing users to earn passive income. Move-To-Earn simply offers more variety and more diverse scope of activities for users to participate in, where earning tokens isn't limited only to gamers. Compared with P2E, this already has a much broader audience and user base. Currently, Move-To-Earn NFTs are the only needed initial investment for games using the M2E concept. For example, users have to first buy Sneakers in StepN and Step App to earn crypto by walking or running. Let us look at the most popular Move-To-Earn apps and their functions in the market right now:
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StepN
StepN is currently the fastest-growing M2E game in the crypto world. The app requires users to purchase or rent NFT Sneakers, which are specialized for the app. There are four types of Sneakers: Walker, Jogger, Runner, and Trainer. As implied by the name, the Walker Sneaker allows you to walk and earn crypto, and so forth. The price for NFT Sneakers starts at 12 SOL, the native cryptocurrency of the Solana blockchain. StepN also uses other tokens, i.e., GST and GMT, to repair and level up the Move-To-Earn NFTs and manage the platform itself.
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Biken
Biken encourages users to earn cryptocurrencies by riding a bicycle, allowing them to earn rewards by staying fit. Similar to StepN, users need to acquire an NFT bike. Users must also have a Web3.0 App interface linked to their device to monitor the bike's movements.
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Genopets
Due to its feature that makes it possible for users to earn without investing initial capital, Genopets is quickly gaining in popularity as an M2E platform. As part of the game structure, users acquire digital animals called Genopets, with which they interact and nurture. You can freely trade Genopet NFTs for more powerful pets and generate higher rewards.
Does Move-To-Earn have a role in the future of cryptocurrency?
The creators of these M2E games modified P2E models and devised innovative ways to sustain their companies. Users could earn money by making them level up the NFTs and giving them the option to buy premium NFTs and earn higher rewards. With a wider target audience and a steady user base, the space might be able to maintain a long-term growth trajectory. The Metaverse can even incorporate the Move-To-Earn concept, which will create a plethora of opportunities for the crypto world. The future and sustainability of the model will ultimately depend on the creators and innovations in the space. Nevertheless, it will be interesting to watch the growth of the M2E space.