Play-to-earn NFT games went ablaze in 2021. Gamers all over the world were ecstatic about the potential of earning from playing online games. Now, 2022 got even better with the new move-to-earn (M2E) apps that will allow you to get incentivized from your daily physical activities like jogging.
Suggested Reading | Afghans Aim To Protect Their Wealth Using Stablecoins – Bitcoin Not An Option?
Gamifying Fitness
This is a cryptocurrency trend that allows you to earn as you move. It boosts your fitness and health goals plus rewards you for it. That’s like a double whammy for these earn-to-move apps.
The Web3 project is coined STEPN. This is an innovative project that gamifies fitness apps. In fact, GMT tokens skyrocketed to around 3,600% in just a month. The move-to-earn tokens are now the top gainers in the crypto market.
STEPN's concept revolves around the idea of rewarding or tokenizing physical movements. (Image from Coin Culture)What Makes M2E Exciting?
Move-to-Earn (M2E) apps allow users to earn passive income while engaged in routine physical activities.
The move-to-earn gamification works similarly to play-to-earn wherein players completely own their in-game assets which can be exchanged to crypto or fiat money following their own terms.
STEPN (GMT) has pioneered the move-to-earn concept which is now followed by other games like Dotmoovs (MOOV) and Genopets (GENE) that all revolve around the idea of rewarding or tokenizing physical movements. Some are still in beta version but it’s definitely something to watch out for.
The Move-To-Earn Concept
For STEPN, the players will have to purchase NFT sneakers. These NFT collectibles are mintable and come in a variety of designs, rarity levels, and quality. These virtual assets can be purchased and sold in NFT open markets.
STEPN runs on the SOLANA blockchain and each NFT sneaker is worth 10 SOL at the minimum or roughly around $1,100.
Crypto total market cap at $1.81 trillion on the daily chart | Source: TradingView.com
You need to buy NFT sneakers to be tokenized in these move-to-earn apps. So, whenever the player would move like a simple walking, running, or jogging activity, the app would start tracking their movements and then converts them to in-game tokens.
Suggested Reading | Abu Dhabi Grants Kraken License To Operate Crypto Exchange
Should You Invest In M2E?
Move-to-Earn (M2E) gamification isn’t another shiny object to obsess about. It’s not there for hype alone because it’s an investment. If you want to go for higher quality gameplay then you have to buy a more expensive NFT sneaker, to begin with.
The NFT sneakers also have set limitations. For instance, the basic pair of NFT sneakers will allow you to earn tokens for only 10 minutes daily. This is converted to around 8 GST which is at an estimate of $37 daily following the current price of GST.
More so, NFT sneakers also need maintenance and repairs just like your real-life sneakers. Decreased efficiency levels due to wear and tear will also result in low earnings. Nevertheless, it’s all tax-free.
It’s amazing that you get to generate passive income from the physical fitness activities that you do every day. Additionally, M2E players can also trade or stake their in-game tokens to increase their profits.
Featured image from Cointelegraph, chart from TradingView.com
Source: https://bitcoinist.com/nft-move-to-earn/