What is Move-to-Earn? A Closer Look at STEPN
The crypto community witnessed the rise of blockchain gaming last year, with play-to-earn games gaining significant attention alongside NFTs and metaverse. Axie Infinity set the stage with massive returns of up to 25,000% at its peak, showcasing the potential of integrating games and NFTs.
Now, GameFi expands beyond play-to-earn, with move-to-earn games taking some market share. STEPN emerged as a leading project in this GameFi sub-sector which experienced remarkable growth with its governance token (GMT) reaching a market cap of one billion in less than thirty days.
In this blog, let’s understand what is the concept behind move-to-earn and how it works using STEPN as an example.
What is Move-to-Earn
Move-to-earn apps allow users to earn crypto rewards by engaging in fitness and sports activities, similar to play-to-earn Web3 apps. However, M2E focuses on physical exercises rather than gaming.
These apps combine technologies like GPS, NFTs, blockchain, cryptocurrencies, and gaming features to track user movement and provide rewards. By integrating DeFi elements, participants have a stake in the game. M2E apps seamlessly utilize existing technologies to create innovative products.
What is Move-to-Earn Business Model
In the M2E ecosystem, participants can earn rewards through physical exercises like running or jogging. By engaging in these activities, participants accumulate in-game digital assets as a result of their movement.
The acquired assets can be sold using secondary marketplaces like OpenSea and LooksRare. Some M2E apps also include staking features, allowing users to stake assets and receive ongoing rewards.
Overall, the move-to-earn model leverages participants’ physical activity and integrates various blockchain technologies to incentivize and reward users for their efforts. By combining exercise with tokenized rewards, M2E offers a unique and immersive experience where users can not only improve their fitness but also potentially earn income within the virtual world.
About STEPN
STEPN, the pioneering GameFi application, revolutionizes move-to-earn by transforming it into a lifestyle tool. Originally conceived during a Solana hackathon in 2021, STEPN achieved an impressive 4th place out of over 500 participants.
Similar to play-to-earn games, STEPN incorporates game mechanics, but with a unique twist. Instead of using NFTs as avatars, STEPN utilizes them as sneakers. Users activate their NFT sneakers while engaging in intense activities at the gym or even during everyday tasks like grocery shopping. Regardless of the location, every step counts towards earning in-game currency, making each movement valuable.
How to Get Started on STEPN
- Open the App: Simply open the StepN app before starting your walking, jogging, or running session.
- Buy Sneaker NFT: StepN sneakers can be purchased on Binance, OpenSea, and Magic Eden. These sneakers are based on the Solana blockchain and require SOL to acquire, with prices starting at approximately 0.138 SOL ($2.69).
- Choose Your Mode: Currently, Solo Mode is available (with two other modes in development). Ensure that you are outdoors as the app uses GPS to track your movement and cannot be used on treadmills or ellipticals.
- Earn GST Tokens: During your exercise, you’ll earn StepN’s native in-game spending token called GST (Green Satoshi Token) for every minute of movement. The app detects natural movement and has anti-cheating mechanisms in place to ensure authenticity.
What Influences STEPN Earnings
Energy System
Understanding the energy system in STEPN is crucial for maximizing your usage. Initially, you start with one sneaker and two energy caps, allowing for 10 minutes of app usage per day.
By collecting more sneakers, especially rare and uncommon ones, you can increase your energy levels and extend your M2E time. However, there is a limit of 20 energy levels, restricting the app usage to 100 minutes, even with more than 30 NFTs.
Resilience
Resilience plays a crucial role in the lifespan of your NFT sneakers in STEPN. Without regular repairs using GST, the sneakers gradually lose their earning power and become defunct. As users are motivated to move and earn, the more activity they engage in, the quicker their shoes wear out, adding a strategic element to the game.
Comfort
Comfort is the final characteristic in STEPN, introducing the governance token GMT (Green Metaverse Token). Sneakers that reach Level 30 with a minimum of three Energy can earn GMT. At this level, users can choose to earn either GST or GMT. GMT can be utilized for various purposes such as renaming sneakers, leveling them up, and redistributing attribute points.
Are Move-to-Earn Apps Here to Stay?
Move-to-earn apps are not something new. They have been around for years. But what makes projects in Web3 different is they allow users to sell tokens and other rewards in an open marketplace. This enabled many early adopters of apps like STEPN to earn astronomical returns.
However, we have to acknowledge that these GameFi economies are still unproven and only have a few years under their belt. So investing in such a sector will definitely come with its own risk. To see more adoption, we should make the apps more accessible, like how STEPN integrated Apple Pay for easier checkout.
For more such insights on Web3 gaming, follow Trikon. And if you want to experience uninterrupted Web3 gaming, register on trikon.io now.
