Move-to-Earn Apps: Are They the Next Big Thing?

Play-To-Earn (P2E) applications took the cryptocurrency world by storm in the past years. Applications such as Axie Infinity were the main drivers of some coins in the Philippine market. As the hype over P2E slows down, it is only a matter of time before a new crypto-related trend arises. Lo and behold, Move-To-Earn apps have arrived.

What are Move-To-Earn applications?

Move-To-Earn (M2E) applications allow users to earn in-game assets by doing physical tasks such as exercising, walking, running, and biking. This model is very similar to P2E, where users are allowed to trade the earned tokens into fiat, providing supplemental income to its users. Cryptocurrency analysts from the Fundstrat, an independent investment research firm, mention that M2E has value in the long run.

Why is M2E gaining traction so quickly?

It is natural to be drawn to the concept of earning rewards for completing tasks and activities. In the case of M2E, it is easier for people to embrace the idea since it promotes a healthier lifestyle. M2E also has the support of environment enthusiasts as it pushes for a greener earth by rewarding physical movement in place of carbon-emitting transportation. As a result, M2E has already captured a large audience.

M2E is enticing to those who are already working out because they will get rewarded for something they do as part of their routine. On the other hand, those who do not work out regularly may be encouraged to start the habit so they can benefit from the rewards offered on the apps. With the increased popularity of fitness trackers, M2E apps are another tool used to encourage people to exercise.

How does M2E work?

Different M2E apps have different ways to earn in-app tokens which are convertible into fiat. Popular M2E apps such as StepN require users to buy NFT sneakers in order to earn Green Satoshi Token (GST) daily by walking, running, or jogging. Another option exists for bike enthusiasts such as Biken which requires users to buy an NFT bike to start earning BIKEN coins. There are other games such as Genopets that do not require an initial investment to start earning. Since movement is not limited to only a single physical activity, there are a lot of options in the market to suit the users’ preferences.

So is M2E the next big thing?

Let’s use StepN as an example. Weeks after its launch, the application already experienced thousands of downloads per day, forcing the creators, Jerry Huang and Yawn Rong, to limit daily registrations at one point. Huang and Rong pitched this to more than a hundred investors until they closed a 5-million dollar deal with Sequoia Capital. This demonstrates M2E’s potential to become a lucrative space in the market. Addressing a wide range of audiences and promoting healthy habits, it has the necessary elements for long-term growth. Overall, the future of M2E is something to look forward to.

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