Move-to-Earn (M2E) is a new trend that is currently gaining popularity in the crypto space. In short, it’s a unique niche in which a number of product and service providers reward users for their engagement on their platforms.
With the popularity of the move-to-earn model, STEPN became the most popular app in the crypto market in the first quarter of 2022. According to recent announcements, STEPN has surpassed 1 million downloads in total, has more than 200,000 daily active users, has made $26 million in profit in the first quarter and has been promoted to a new unicorn business.
In this article, we will be discussing what move-to-earn is and five move-to-earn platforms like StepN where you can make money.
What is Move-to-earn?
Move to earn is the latest trend in crypto, where you get paid to walk, jog or run. Not only do you get fit, but you can get paid for it as well. This is why the trend is growing, and the valuation of blockchain projects is increasing by leaps and bounds.
Five (5) Move-to-earn Platforms Like StepN Where You Can Make Money
Sweatcoin started as a Web2 sport and health application in 2015. According to the official website, its registered users have reached 64 million, distributed in 20 countries worldwide. In the second quarter of this year, the project released the SWEAT cryptocurrency on Near. Users can obtain according to their daily steps and purchase related products and services on the official market or donate to charities, etc.
Each SWEAT user will get a wallet where they can buy NFTs. A set of DeFi features will be enabled, including staking SWEAT or providing liquidity, and users can convert SWEAT into other cryptocurrencies or fiat currencies.
Team CEO and co-founder Anton previously founded a venture capital firm focused on HR and fitness technology and held senior positions at AT-Kearney, Reebok and PepsiCo. Its CPO, Oleg, has held strategic roles at institutions including Pepsi, Coca-Cola, Visa, BT and BCG.
In addition, Sweatcoin has received investments from institutions such as Spartan Capital, OKX Blockdream Ventures, Electric Capital, Jump Crypto, GSR, and the Near Foundation, as well as individuals such as Terra founder Do Kwon, Polygon founder Sandeep Nailwal, and Parity co-founder Bjorn Wagner Participate in the vote.
Step is the development protocol of FitFi (Fitness Finance) and Step.App is the first Dapp built on the Step protocol, built by the core team. The project aims to develop a series of location-based “X to Earn” products through NFT and geolocation technology and create a gamified Metaverse for the fitness economy. Users can walk, jog and run to socialise, entertain and make money.
Team CEO Kirill Volgin is the former CFO of Zerion.io and has launched several projects in the crypto space, such as the Tokenary wallet, which is the first NFT wallet and supports the Safari extension. CTO Dmitry Gordeychuk was the head of the blockchain at Symbiosis.finance and has five years of experience in blockchain development. In addition, well-known Kol Dovey Wan served as one of the project consultants.
The Step App token economy includes staking, locking, liquidity incentives, buybacks and burns, driven by the demands brought about by game benefits and game economic value.
FITFI is its governance token, which benefits from ecosystem fees, with 5 billion pieces. KCAL is an in-game Token, which can be used to buy Sneak sneakers, and only KCAL can be used to mint Sneak. In addition, KCAL can be obtained by running when staking Sneak, but all Sneak must be pledged to obtain KCAL, and the earned KCAL is issued in a cycle of 10 days, but if the pledge is cancelled in advance, the unclaimed KCAL will be destroyed.
Genopets is Solana’s RPG based on the Move to Earn mode, where players turn their physical movement and cognitive exercise into game progression to level up and develop their in-game Genopet NFT and customise it to their liking.
In terms of financing, Pantera Capital and Konvoy Ventures jointly led Genopets’ $8.3 million financings. Other participating institutions include Eniac Ventures, Alameda Research, Solana Capital, Spartan Group, etc.
After STEPN explodes, there are still 12 similar Move to Earn projects to follow
GENE is the governance token of the game, which holders can use to vote on the game’s future and get rewards through staking. KI is an in-game revenue token, which can be used to purchase Habitat for pet life and evolution, as well as to evolve Genopet, refine crystals, and fight other players.
Dotmoovs is a peer-to-peer competition platform powered by a blockchain and artificial intelligence system that analyses videos of users performing sports challenges and helps the winners earn rewards.
If two people are playing in different parts of the world, how can they compete? Dotmoovs first developed a proprietary artificial intelligence system, some advanced computer vision algorithms and an arbitration engine that detects the position of the human body and its various limbs, followed by a scoring algorithm to measure player skill. At the same time, these unique technologies are combined with blockchain technology, cryptocurrencies and NFTs to monitor the practice process and supervise peer-to-peer sports challenges between users.
Movey is a Move-to-Earn application that combines automatic staking and automatic compounding protocols. It integrates blockchain and cryptocurrencies. Movey users can not only track their health status but also earn MOVEY Tokens through mobile.
According to its official website, Movey offers the best-fixed APY in cryptocurrencies, up to 100,335%, and automatic compounding rewards will be sent to users’ wallets every 12 minutes, 120 times a day. MOVEY is a BEP20 Token that can be used to buy NFT boxes, repair shoes, create NFTs, trade/rent/rent NFTs on the market, participate in special events, etc.
Move To Earn will continue to be a big trend where people can make money actively and passively. A way to earn money in the Move-to-earn space is to invest early in the tokens of these projects.
However, the apps of some of these projects are still under development, but Tokens have been launched on various exchanges to start trading, and players still need to be cautious when entering the market.