What Is Move-to-Earn?
Move-to-earn (M2E) is a concept within the Web 3.0 ecosystem that incentivizes users to lead a healthier lifestyle in the real world by rewarding them with cryptocurrencies, NFTs (non-fungible tokens), and other digital assets. It is an emerging sector within blockchain technology, similar to play-to-earn (P2E) and learn-to-earn (L2E) models.
While move-to-earn is often considered a novel concept, similar models already exist in the centralized realm of Web 2.0. Some applications connected to fitness trackers and wearables incorporate gamification elements to help users monetize their fitness data. Move-to-earn takes this concept into the metaverse and integrates it with blockchain technology.
In the move-to-earn model, users engage in regular physical activities such as walking, running, dancing, or exercising. The more time they spend moving, the more they can earn. Many move-to-earn projects offer apps with gamification features similar to play-to-earn models. Users own the in-app assets they earn as rewards, which can be exchanged for cryptocurrencies or fiat money based on the app’s terms and conditions.
Several notable projects contribute to the mainstream adoption of the move-to-earn model:
- StepN: StepN is built on the Solana and BNB Chain blockchains.
- Genopets: Genopets is part of the BNB Chain ecosystem.
- Step App: Step App is built on the Avalanche blockchain.
- Sweat Economy: Sweat Economy is powered by the NEAR blockchain technology.
- The Dustland in OliveX: The Dustland is part of the Polygon blockchain ecosystem.
If you are interested in M2E project, check our curated list of the best move-to-earn projects for 2024.
How Does It Work?
Currently, only a few projects are built around the move-to-earn model, each offering its own dedicated app compatible with various devices. These apps track and record users’ movements using GPS, motion sensors, and health sensors, which are accessible and controllable through users’ phones.
Each move-to-earn app has its mechanics. For example, StepN is a popular Web3 lifestyle app with elements of SocialFi and GameFi. It rewards users for their physical activity. Users must purchase or rent a pair of Solana-powered STEPN NFT Sneakers to get started. Once the sneakers are obtained, the app tracks users’ movements and converts them into in-game tokens.