Move To Earn (M2E) is a new trend that is gaining traction in the crypto-verse at the moment. Simply put, it is a new niche within which a range of products and services providers reward users for engagement on their platforms.
Move To Earn apps basically reward users with their native tokens and other incentives for participating in activities or using their platforms. It can include activities like keeping fit when they engage in routine exercise activities like walking, jogging, running, swimming or any other fitness-related activity.
Popular M2E apps include STEPN, Step App, Genopets, Wirtual, Sweatcoin and others. If you’re thinking of how to get started with this exciting opportunity, then we are here to help you.
The mechanism through which Move To Earn apps reward users vary but almost all reward their users using their native utility tokens for performing fitness-related activities.
In some cases, users need to buy some in-game items to begin earning, but there are other platforms where you can get started with no cost. This guide will be based on the uniqueness of each platform. We start from the first, Stepn.
STEPN
This is the most popular Move To Earn project.
To earn money using the Stepn app, users must purchase or rent from another user one of four kinds of NFT sneakers: Walker, Jogger, Runner, or Trainer. The sneakers cost at least 10 SOL which is around $550 at the current market price.
Users also get rewarded for exercising with the Green Satoshi Tokens ($GST). This may be sold on exchanges or used to mint, repair, and level up sneakers in the Stepn App. GST earnings are stored in the in-app Wallet, which has a built-in Swap function.
Stepn has a second token, the Green Metaverse Token (GMT). It is used to manage the platform and it is acquired on external exchanges or earned by those with sneaker NFTs at level 30 or above.
Sweatcoin
Sweatcoin is a smartphone application that also rewards users for fitness-related activities using its newly launched $SWEAT token on the near blockchain. Sweatcoin is one of the most popular among Nigerians.
It requires no initial investment, users can start earning immediately after downloading the app and registering an account.
You may upgrade to premium membership, which enables them to earn more sweatcoins each day, have access to a premium marketplace, and raise their sweatcoin earning rate. This service costs $4.99 per month.
Step App
In the Step App, users must purchase and stake upgradeable sneaker NFTs called Sneaks to start earning rewards. $KCAL is the utility and reward token. It can be used to buy Sneak NFTs and it is gained by staking a SNEAK in the app.
The Step App allows users to make microtransactions apart from its primary move-to-earn feature – players can use their credit cards or cryptocurrency to make micropayments for non-Sneak purchases such as map styles, character skins and Sneak skins.
On the Step App platform, players can challenge their friends by staking funds in a winner takes all race. It also has regional and global tournaments with a prize pool for the people who end up on top of the leaderboard.
Within the app, players can also unlock certain Sneak and avatar skins by staking FITFI. You can also earn royalty fee discounts while you are doing it.
Important: Up to 50% of NFT trading fees are available as staking rewards.
Wirtual
To get started, you must download the Wirtual app and create an account. After that, you may engage in challenges and submit activity data to earn Wirtual coins. Certain challenges are free to enter, while the others require payment.
Users are assigned to one of seven tiers of holders when you hold Wirtual coins in the Wirtual application wallet. The more Wirtual you have, the higher the tier and the more Wirtual you can earn. The daily earning for Default users (those with less than 100 Wirtual) is up to 0.1 Wirtual while it is up to 3 Wirtual for Emerald users (those with at least 10,000 Wirtual).
The platform includes a store where users can purchase a variety of NFTs that boost the number of WIRTUAL you can earn each day. This equates to around 6.5 cents per day for default users and $1.95 per day for Emerald users — excluding any boosts offered by holding NFTs.
Genopets
Genopets allows users to earn without making an initial investment via its free-to-play model, which enables users to mint and sells Genopet NFTs.
Genopets encourages users to take better care of their minds and body by immersing them in a gamified experience where they nurture, combat, and grow digital animals called Genopets. These Genopets may be purchased, sold, and traded, and more powerful pets generate more money.
Genopets has two tokens. The first token, $GENE, serves as the game’s governance token and is used to steer the game’s development and underlying processes. The second token, $KI, is the in-game cash that players get as a reward and can be used to refine crystals and buy habitats for their Genopets in order to boost their stats.
The concept enables additional income sources, such as in-game revenues in the form of $KI and the opportunity to sell a variety of in-game NFTs, such as habitats and crystals.
Conclusion
Move To Earn will continue to be a big trend where people can make money actively and passively.
Another way to earn money in the Move-to-earn space is to invest early in the tokens of these projects. Stepn’s $GMT spiked by a whopping 3,500% between March and April 2022 alone.
Other M2E tokens like $FITFI, $MOOV and $CALO have increased in market price this year as well. Interest holders and potential traders just have to do proper research and analysis to recognize these gems at an early stage.
Please share your remarks and questions in the comment section.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
Check your inbox or spam folder to confirm your subscription.
