Move-to-Earn — What Should one know about this New Buzzword?
Today’s world has evolved far more than the extensively communicating days of Web 2.0. With the advent of blockchains, Web 3.0 technology has been growing rapidly. Other emerging technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML), have been helping a lot too. The addition of Augmented Reality (AR) and Virtual Reality (VR) also has bolstered Web 3.0 further. Such an environment has allowed new earning mechanisms to arise from scratch. While we know about Play-to-Earn (P2E) mechanism, Move-to-Earn (M2E) has been a fairly recent concept. Yet, the concept has evolved well already, and it demands huge attention. That is why this blog concentrates on explaining the Move-to-Earn mechanism and the business opportunities it can provide.
What is Move-to-Earn (M2E) Mechanism?
Move-to-Earn (M2E) mechanism is where users are rewarded for physical movement with crypto tokens. These platforms track user activity through various directional sensors found in a smartphone. Some of those devices include GPS, proximity sensor, accelerometer, magnetometer, and gyroscope. Firms based on the mechanism have already started calling it FitnessFi, similar to GameFi. Move-to-Earn is seen as the metaverses’ next evolutionary move that can bridge both worlds. Here, one will be needed to walk, jog, run, exercise, or dance to earn crypto rewards based on how much time they were active in the respective activities.
Why Does Move-to-Earn Even Exist?
One of the main reasons behind the M2E movement is the lack of physical activity resulting from the P2E revolution. Gamers have spent endless hours without physical activity to play P2E games and earn money. Although the primary mission is done, it comes at the expense of one’s health, making fitness business firms delve into the Web 3.0 world. In plain sight, physical fitness does not have much of a role in the virtual world, and M2E might well change this perspective. An M2E platform is a fitness application that adds the crypto-rewarding element. This way, more people will use the platform regularly and earn rewards while keeping themselves physically active.
Some Popular M2E Platforms
You might have heard this name recently if you are a crypto geek. Yes, this is the same StepN that had seen a huge rise in its market value since its inception in March 2022. StepN is a Move-to-Earn platform based on the Solana blockchain. The platform proclaims itself as a SocialFi and GameFi application. It also requires users to buy and use virtual sneakers to earn rewards for walking. Due to its immense popularity, the price of virtual sneakers has become very high for newbie enthusiasts to afford. The platform has two native tokens — Green Satoshi Token (GST) and Green Metaverse Token (GMT). It was GMT that rose to prominence in major crypto exchanges a while ago. While GST is used for in-app purchases, GMT is used for governance purposes.
Genopets is another Solana-based M2E platform that consists of virtual avatars called Genopets. The platform offers free baby Genopets as a part of its Beta program, which users can raise. There are also Genopets available on secondary marketplaces, although they tend to be pricy. The platform is similar to the popular AR game Pokemon Go but with cashable rewards in the form of GENE tokens. The Genopet grows with the user’s physical activity, and power increases with time. The platform plans to evolve as an RPG (Role Play Gaming) metaverse that bridges the gap between real and virtual worlds through its gameplay.
Step App -
An M2E application based on the Avalanche blockchain, Step App uses blockchain, AR, and metaverse to provide immersive experiences. The motto of this platform is to “turn fitness goals into income, social joy, and friendly competition,” according to its website. The native tokens of Step App are FITFI and KCAL. While the former serves as a governance token, the latter works as the in-game cryptocurrency. One can buy SNEAK using KCAL tokens, and staking SNEAK rewards KCAL tokens. The platform also contains DeFi features such as staking, locking, incentivizing for liquidity providers, buybacks, and token burns. Like many other M2E platforms, Step App is also under development, but the value it has been providing has given a lot of promises.
How Can End-users Benefit from a Move-to-Earn Platform?
As far as end-users are concerned, an M2E platform can encourage them to be physically active through a rewarding mechanism. Also, these applications help non-gamers looking to adopt passive crypto income, as the basis for rewards is simple — One does the physical activity prescribed by the platform and earns cryptos. As the world is advancing toward creating more realistic metaverses, M2E platforms can make the transition smoother by linking both worlds as the world is moving towards creating more realistic metaverses.
How Can a Business get benefitted From an M2E Platform?
With decentralized finance adopting sports as yet another profit-earning domain, Move-to-Earn further justifies the stand. For a Web 3.0 business, though, M2E can be a great option to garner a community and earn profits while rewarding its users for physical activity. As the motto of the online world is changing to empowering the end-user, such a business would make more sense. Businesses have already started sponsoring professional players to earn riches. Engagement levels on such businesses’ M2E platforms only boost their return on investment.
How Can Blockchain App Factory Assist You With Developing an M2E Platform?
Experts at Blockchain App Factory have seen the Web 3.0 world’s evolution from the ground up, which makes us learn all the emerging technologies. We implement what we learned so that our clients can enjoy the result of our efforts in developing such newer platforms. We have been one of the most sought-after firms for developing Move-to-Earn platforms as the craze has officially taken off. Good intentions such as M2E are here to stay, and Blockchain App Factory can proudly proclaim to be part of an impactful movement based on physical activities. If you are looking to make the world fitter by incentivizing fitness routines, our experts can show you how to move forward in the Web 3.0 space.
Originally published at https://www.blockchainappfactory.com on June 10, 2022.