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How Move-to-Earn Fosters a More Inclusive and Democratized Financial Landscape


How Move-to-Earn Fosters a More Inclusive and Democratized Financial Landscape
Jul, 24, 2023
9 min read
by CryptoPolitan
How Move-to-Earn Fosters a More Inclusive and Democratized Financial Landscape

In recent years, the world has witnessed a seismic shift in the digital landscape, driven by the rapid evolution of blockchain technology and cryptocurrencies. Among the many innovative concepts born out of this revolution, “Move-to-Earn” (M2E) has emerged as a groundbreaking phenomenon that is reshaping the way we perceive and interact with digital assets. 

At its core, Move-to-Earn is a novel approach that empowers users to earn cryptocurrency by engaging in physical activities or contributing to online ecosystems. This revolutionary concept not only promotes physical well-being but also fosters a more inclusive and democratized financial landscape. 

In this article, we explore the exciting potential applications of Move-to-Earn and explore how this transformative model is poised to reshape the future of work, gaming, and beyond.

What are Move-to-Earn dApps?

Move-to-earn (M2E) dApps have emerged as a derivative of the popular play-to-earn (P2E) model seen in gaming. While P2E rewards players with financial incentives for their in-game achievements, M2E takes a unique approach by offering users rewards for engaging in physical activity.

The idea of incentivizing people to lead healthier lives through physical exercise is not entirely novel. Companies and health insurance providers have long provided rewards such as vouchers, discounts, and other incentives to encourage individuals to participate regularly in sports and fitness activities.

However, M2E dApps bring a fresh perspective to this concept, incorporating blockchain and cryptocurrency technologies to gamify the process and introduce new functionalities. By merging the benefits of physical activity with the exciting world of blockchain, these innovative dApps have the potential to transform the way people approach exercise and wellness.

How do Move-to-Earn dApps work?

Move-to-earn (M2E) is a revolutionary concept that involves users earning rewards for engaging in physical movement, such as walking, jogging, running, dancing, or playing sports.

At the heart of M2E lies a mobile dApp acting as a fitness tracker, accurately monitoring and recording the user’s activity. As users partake in physical exercises, they receive rewards in the form of cryptocurrencies or unique in-app digital assets. These rewards can be utilized to purchase or upgrade non-fungible tokens (NFTs), which serve to advance users to higher membership tiers within the dApp.

The convergence of blockchain, cryptocurrency, NFTs, decentralized finance (DeFi), Global Positioning System (GPS), and gaming technologies drives the development of these innovative applications. To power their ecosystems, M2E dApps often create their own cryptocurrency tokens on prominent blockchains like Avalanche, Ethereum, or Solana. In some instances, dApps, like STEPN, adopt dual-token economic models, with one token facilitating in-app activities and the other enabling participation in governance processes.

One fascinating aspect of M2E is the potential to convert earned crypto rewards into real money by exchanging them for other cryptocurrencies or withdrawing fiat currency through various exchanges. Additionally, users have opportunities to earn more crypto and NFT assets through staking, trading, and minting activities. 

Many M2E dApps, especially those integrating gaming finance (GameFi), offer staking features where users can lock their cryptocurrencies or NFTs into the blockchain to receive additional rewards. Moreover, some dApps permit users to mint unique NFTs, which can be utilized or traded within in-app or secondary marketplaces, adding yet another dimension of value and excitement to the M2E experience.

How Move-to-Earn are different from Play-to-Earn

While Move-to-Earn (M2E) dApps may have originated from the Play-to-Earn (P2E) model, they exhibit both distinct characteristics and shared features in their operations.

In P2E gaming, players earn rewards by accomplishing tasks like progressing through levels, winning battles, competitions, and contests, and exploring virtual worlds within online games. Conversely, M2E users are rewarded for their physical movements and activities.

Similar to the P2E model, certain M2E dApps offer free sign-ups and usage, while others necessitate new users to acquire one or more Non-Fungible Tokens (NFTs) – such as virtual sneakers – to participate actively.

To infuse a captivating blend of both models, certain platforms integrate move-to-earn games. In these scenarios, a player’s real-world movement directly influences their performance and progress within the virtual realm. For instance, users might traverse physical distances to level up their NFT-based character avatars, imbuing the experience with a unique fusion of the digital and physical worlds. Additionally, some dApps enable users to engage in friendly competitions with friends or other global users, either for amusement or to earn enticing contest rewards.

While M2E dApps share their roots with the P2E model, their focus on physical activity and innovative integration of NFTs and real-world movement sets them apart, offering users a diverse and rewarding experience in the ever-evolving landscape of blockchain-powered applications.

Move to earn use cases

Move-to-earn technology boasts a diverse range of applications, catering to various user preferences and interests. 

Role-playing games

Some platforms seamlessly integrate this concept into role-playing games (RPGs), enabling users to advance in their virtual adventures by exercising in the real world. In certain games, physical movement directly impacts the leveling up of one’s battle avatar, forging a captivating connection between the digital and physical realms.

Personal competition

Personal competition takes center stage in certain move-to-earn games, allowing players to engage in 1-1 challenges with friends or global gamers. Participants place their stakes into a winner’s pot, and an AI tracking tool impartially determines the victor, granting the prized reward to the triumphant contender.

Promoting physical exercise

On the other hand, some move-to-earn platforms focus solely on promoting physical exercise. The premise here is simple: engage in real-world activities such as running, walking, or movement in general, and earn valuable in-game tokens as a result. While the gameplay may evolve into more complex mechanics, the core concept remains accessible and rewarding.

As move-to-earn technology evolves further, we can anticipate virtual worlds becoming even more seamlessly woven into these platforms. A prime example is OliveX, the fitness company that ventured into The Sandbox by acquiring land in 2021, exemplifying the growing convergence of fitness and gaming industries within move-to-earn applications.

As the move-to-earn landscape expands and diversifies, users can look forward to an exciting array of immersive experiences that not only reward physical activity but also redefine the boundaries of digital interaction and personal achievement. With this promising future ahead, the move-to-earn revolution continues to inspire individuals worldwide to embrace healthier lifestyles while earning tangible rewards in the realm of virtual possibility.

Different ways of earning from Move-to-Earn dApps

Earning cryptocurrency offers diverse avenues, and not all require leaving the comfort of your couch. Nevertheless, the primary method to accumulate rewards and grow your earnings in the move-to-earn ecosystem involves getting active in the real world.

Below are the various ways through which you can earn crypto on Move-to-Earn dApps:

Exercising

The focal point of move-to-earn revolves around exercise, as engaging in activities like running through parks, streets, and forests can directly translate into monetary gains. Move-to-earn platforms typically reward players with their unique in-game currencies. 

For instance, StepN offers GST, Step App utilizes FITFI, Genopets employs GENE, and The Dustland features DOSE. Accumulating these in-game currencies empowers users to leverage them within the platform or convert them into fiat, transforming virtual assets into real money.

Minting

Minting plays a significant role in the move-to-earn landscape, enabling players to create crucial in-game NFTs on platforms like StepN and Step App. These NFTs can then be utilized or traded on secondary marketplaces, fostering a vibrant and dynamic exchange ecosystem.

Trading in-game items

Trading forms an essential aspect of move-to-earn games due to the prevalence of in-game items and NFTs. Secondary marketplaces thrive on trading these digital assets, exemplified by the demand for running shoe NFTs in StepN and Step App. 

Genopets offer users trading capabilities in seeds, eggs, and crystals, which possess utility within their ecosystem. The Dustland plans to introduce a player-to-player marketplace, and a highly anticipated Dustland PFP (Profile Picture) NFT sale is on the horizon.

Staking

Staking is a prominent feature across these GameFi-based platforms, enabling users to lock their assets and earn rewards continually. Step App, for instance, introduced perpetual staking, allowing users to stake once and reap ongoing benefits.

Popular Move-to-Earn dApps

A diverse array of move-to-earn games has emerged, with some of their native cryptocurrencies reaching impressive market capitalizations in the tens of millions of dollars.

Here are several popular examples of M2E games:

STEPN: As one of the pioneering M2E games that gained widespread popularity in 2022, STEPN originally operated on the Solana blockchain before migrating to the Binance BNB Chain. To get started, users purchase NFT sneakers from the in-dApp marketplace, enabling them to earn Green Metaverse Token (GMT) and Green Satoshi Token (GST) rewards for their physical activity.

Walken: This cat-themed walking and running dApp offers users NFT avatars known as CAThletes. By earning in-dApp GEM tokens, users can upgrade their NFTs and participate in competitions to win WLKN tokens. The more users walk, the better they can perform in battle games with their CAThletes.

Sweat Economy: Introduced in 2016 as a non-crypto virtual token, Sweatcoin rewarded users for engaging in physical activities. Over time, the platform evolved, allowing users to convert their Sweatcoin into the SWEAT crypto token. Users now mint SWEAT tokens based on their step count, measured within the dApp.

Step App: Rewarding users for walking, running, competing, chatting, and exploring both the dApp’s metaverse and the real world, Step App utilizes the FITFI token for governance, while the KCAL in-dApp token enables users to purchase SNEAK NFTs, mine, and earn additional rewards through staking.

Genopets: This game amalgamates battle arena gameplay with pet NFT avatars and M2E functionality. Users can level up their NFTs by exercising in the real world. The GENE token plays a pivotal role, facilitating the creation of in-game NFTs and serving as a governance and staking mechanism.

Dotmoovs: Leveraging AI technology, the Dotmoovs dApp incentivizes users for engaging in sports activities by recording their movements using their phone’s camera. Athletes can collect MOOVs tokens and NFTs by participating in challenges, improving their rankings, and achieving milestones. The platform includes an AI referee to score players’ performance and an AI coach to provide valuable tips for enhancement.

These M2E games exemplify the captivating possibilities that arise when blockchain, cryptocurrency, and real-world movement converge, revolutionizing the way users interact with digital assets and gaming experiences.

Conclusion

The rise of Move-to-Earn (M2E) represents a profound shift in how we perceive the intersection of physical activity, blockchain, and cryptocurrency. As M2E dApps continue to gain traction and evolve, their potential applications extend far beyond the realm of fitness and gaming. By incentivizing users to lead healthier lifestyles while offering enticing rewards in the form of cryptocurrencies and NFTs, M2E opens the doors to an inclusive and democratized financial landscape.

Additionally, the fusion of blockchain technology with real-world movement has the potential to revolutionize industries beyond gaming, including health and wellness, advertising, and even education. As M2E applications mature and diversify, the possibilities are limitless, attracting not only fitness enthusiasts and gamers but also a broader audience seeking novel ways to engage with digital assets and financial systems.

However, amidst the excitement, challenges such as scalability, environmental impact, and user privacy must be addressed to ensure sustainable and responsible growth. As the technology and regulatory landscape continue to evolve, it is essential to strike a balance between innovation and accountability.

The potential applications of Move-to-Earn are boundless, and as this groundbreaking concept reshapes the future of work, play, and beyond, it heralds an era of digital empowerment, financial inclusivity, and a healthier, more active world for all. As we embark on this transformative journey, we eagerly anticipate witnessing the full spectrum of possibilities that M2E brings to the forefront of the digital revolution.

Read the article at CryptoPolitan

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How Move-to-Earn Fosters a More Inclusive and Democratized Financial Landscape


How Move-to-Earn Fosters a More Inclusive and Democratized Financial Landscape
Jul, 24, 2023
9 min read
by CryptoPolitan
How Move-to-Earn Fosters a More Inclusive and Democratized Financial Landscape

In recent years, the world has witnessed a seismic shift in the digital landscape, driven by the rapid evolution of blockchain technology and cryptocurrencies. Among the many innovative concepts born out of this revolution, “Move-to-Earn” (M2E) has emerged as a groundbreaking phenomenon that is reshaping the way we perceive and interact with digital assets. 

At its core, Move-to-Earn is a novel approach that empowers users to earn cryptocurrency by engaging in physical activities or contributing to online ecosystems. This revolutionary concept not only promotes physical well-being but also fosters a more inclusive and democratized financial landscape. 

In this article, we explore the exciting potential applications of Move-to-Earn and explore how this transformative model is poised to reshape the future of work, gaming, and beyond.

What are Move-to-Earn dApps?

Move-to-earn (M2E) dApps have emerged as a derivative of the popular play-to-earn (P2E) model seen in gaming. While P2E rewards players with financial incentives for their in-game achievements, M2E takes a unique approach by offering users rewards for engaging in physical activity.

The idea of incentivizing people to lead healthier lives through physical exercise is not entirely novel. Companies and health insurance providers have long provided rewards such as vouchers, discounts, and other incentives to encourage individuals to participate regularly in sports and fitness activities.

However, M2E dApps bring a fresh perspective to this concept, incorporating blockchain and cryptocurrency technologies to gamify the process and introduce new functionalities. By merging the benefits of physical activity with the exciting world of blockchain, these innovative dApps have the potential to transform the way people approach exercise and wellness.

How do Move-to-Earn dApps work?

Move-to-earn (M2E) is a revolutionary concept that involves users earning rewards for engaging in physical movement, such as walking, jogging, running, dancing, or playing sports.

At the heart of M2E lies a mobile dApp acting as a fitness tracker, accurately monitoring and recording the user’s activity. As users partake in physical exercises, they receive rewards in the form of cryptocurrencies or unique in-app digital assets. These rewards can be utilized to purchase or upgrade non-fungible tokens (NFTs), which serve to advance users to higher membership tiers within the dApp.

The convergence of blockchain, cryptocurrency, NFTs, decentralized finance (DeFi), Global Positioning System (GPS), and gaming technologies drives the development of these innovative applications. To power their ecosystems, M2E dApps often create their own cryptocurrency tokens on prominent blockchains like Avalanche, Ethereum, or Solana. In some instances, dApps, like STEPN, adopt dual-token economic models, with one token facilitating in-app activities and the other enabling participation in governance processes.

One fascinating aspect of M2E is the potential to convert earned crypto rewards into real money by exchanging them for other cryptocurrencies or withdrawing fiat currency through various exchanges. Additionally, users have opportunities to earn more crypto and NFT assets through staking, trading, and minting activities. 

Many M2E dApps, especially those integrating gaming finance (GameFi), offer staking features where users can lock their cryptocurrencies or NFTs into the blockchain to receive additional rewards. Moreover, some dApps permit users to mint unique NFTs, which can be utilized or traded within in-app or secondary marketplaces, adding yet another dimension of value and excitement to the M2E experience.

How Move-to-Earn are different from Play-to-Earn

While Move-to-Earn (M2E) dApps may have originated from the Play-to-Earn (P2E) model, they exhibit both distinct characteristics and shared features in their operations.

In P2E gaming, players earn rewards by accomplishing tasks like progressing through levels, winning battles, competitions, and contests, and exploring virtual worlds within online games. Conversely, M2E users are rewarded for their physical movements and activities.

Similar to the P2E model, certain M2E dApps offer free sign-ups and usage, while others necessitate new users to acquire one or more Non-Fungible Tokens (NFTs) – such as virtual sneakers – to participate actively.

To infuse a captivating blend of both models, certain platforms integrate move-to-earn games. In these scenarios, a player’s real-world movement directly influences their performance and progress within the virtual realm. For instance, users might traverse physical distances to level up their NFT-based character avatars, imbuing the experience with a unique fusion of the digital and physical worlds. Additionally, some dApps enable users to engage in friendly competitions with friends or other global users, either for amusement or to earn enticing contest rewards.

While M2E dApps share their roots with the P2E model, their focus on physical activity and innovative integration of NFTs and real-world movement sets them apart, offering users a diverse and rewarding experience in the ever-evolving landscape of blockchain-powered applications.

Move to earn use cases

Move-to-earn technology boasts a diverse range of applications, catering to various user preferences and interests. 

Role-playing games

Some platforms seamlessly integrate this concept into role-playing games (RPGs), enabling users to advance in their virtual adventures by exercising in the real world. In certain games, physical movement directly impacts the leveling up of one’s battle avatar, forging a captivating connection between the digital and physical realms.

Personal competition

Personal competition takes center stage in certain move-to-earn games, allowing players to engage in 1-1 challenges with friends or global gamers. Participants place their stakes into a winner’s pot, and an AI tracking tool impartially determines the victor, granting the prized reward to the triumphant contender.

Promoting physical exercise

On the other hand, some move-to-earn platforms focus solely on promoting physical exercise. The premise here is simple: engage in real-world activities such as running, walking, or movement in general, and earn valuable in-game tokens as a result. While the gameplay may evolve into more complex mechanics, the core concept remains accessible and rewarding.

As move-to-earn technology evolves further, we can anticipate virtual worlds becoming even more seamlessly woven into these platforms. A prime example is OliveX, the fitness company that ventured into The Sandbox by acquiring land in 2021, exemplifying the growing convergence of fitness and gaming industries within move-to-earn applications.

As the move-to-earn landscape expands and diversifies, users can look forward to an exciting array of immersive experiences that not only reward physical activity but also redefine the boundaries of digital interaction and personal achievement. With this promising future ahead, the move-to-earn revolution continues to inspire individuals worldwide to embrace healthier lifestyles while earning tangible rewards in the realm of virtual possibility.

Different ways of earning from Move-to-Earn dApps

Earning cryptocurrency offers diverse avenues, and not all require leaving the comfort of your couch. Nevertheless, the primary method to accumulate rewards and grow your earnings in the move-to-earn ecosystem involves getting active in the real world.

Below are the various ways through which you can earn crypto on Move-to-Earn dApps:

Exercising

The focal point of move-to-earn revolves around exercise, as engaging in activities like running through parks, streets, and forests can directly translate into monetary gains. Move-to-earn platforms typically reward players with their unique in-game currencies. 

For instance, StepN offers GST, Step App utilizes FITFI, Genopets employs GENE, and The Dustland features DOSE. Accumulating these in-game currencies empowers users to leverage them within the platform or convert them into fiat, transforming virtual assets into real money.

Minting

Minting plays a significant role in the move-to-earn landscape, enabling players to create crucial in-game NFTs on platforms like StepN and Step App. These NFTs can then be utilized or traded on secondary marketplaces, fostering a vibrant and dynamic exchange ecosystem.

Trading in-game items

Trading forms an essential aspect of move-to-earn games due to the prevalence of in-game items and NFTs. Secondary marketplaces thrive on trading these digital assets, exemplified by the demand for running shoe NFTs in StepN and Step App. 

Genopets offer users trading capabilities in seeds, eggs, and crystals, which possess utility within their ecosystem. The Dustland plans to introduce a player-to-player marketplace, and a highly anticipated Dustland PFP (Profile Picture) NFT sale is on the horizon.

Staking

Staking is a prominent feature across these GameFi-based platforms, enabling users to lock their assets and earn rewards continually. Step App, for instance, introduced perpetual staking, allowing users to stake once and reap ongoing benefits.

Popular Move-to-Earn dApps

A diverse array of move-to-earn games has emerged, with some of their native cryptocurrencies reaching impressive market capitalizations in the tens of millions of dollars.

Here are several popular examples of M2E games:

STEPN: As one of the pioneering M2E games that gained widespread popularity in 2022, STEPN originally operated on the Solana blockchain before migrating to the Binance BNB Chain. To get started, users purchase NFT sneakers from the in-dApp marketplace, enabling them to earn Green Metaverse Token (GMT) and Green Satoshi Token (GST) rewards for their physical activity.

Walken: This cat-themed walking and running dApp offers users NFT avatars known as CAThletes. By earning in-dApp GEM tokens, users can upgrade their NFTs and participate in competitions to win WLKN tokens. The more users walk, the better they can perform in battle games with their CAThletes.

Sweat Economy: Introduced in 2016 as a non-crypto virtual token, Sweatcoin rewarded users for engaging in physical activities. Over time, the platform evolved, allowing users to convert their Sweatcoin into the SWEAT crypto token. Users now mint SWEAT tokens based on their step count, measured within the dApp.

Step App: Rewarding users for walking, running, competing, chatting, and exploring both the dApp’s metaverse and the real world, Step App utilizes the FITFI token for governance, while the KCAL in-dApp token enables users to purchase SNEAK NFTs, mine, and earn additional rewards through staking.

Genopets: This game amalgamates battle arena gameplay with pet NFT avatars and M2E functionality. Users can level up their NFTs by exercising in the real world. The GENE token plays a pivotal role, facilitating the creation of in-game NFTs and serving as a governance and staking mechanism.

Dotmoovs: Leveraging AI technology, the Dotmoovs dApp incentivizes users for engaging in sports activities by recording their movements using their phone’s camera. Athletes can collect MOOVs tokens and NFTs by participating in challenges, improving their rankings, and achieving milestones. The platform includes an AI referee to score players’ performance and an AI coach to provide valuable tips for enhancement.

These M2E games exemplify the captivating possibilities that arise when blockchain, cryptocurrency, and real-world movement converge, revolutionizing the way users interact with digital assets and gaming experiences.

Conclusion

The rise of Move-to-Earn (M2E) represents a profound shift in how we perceive the intersection of physical activity, blockchain, and cryptocurrency. As M2E dApps continue to gain traction and evolve, their potential applications extend far beyond the realm of fitness and gaming. By incentivizing users to lead healthier lifestyles while offering enticing rewards in the form of cryptocurrencies and NFTs, M2E opens the doors to an inclusive and democratized financial landscape.

Additionally, the fusion of blockchain technology with real-world movement has the potential to revolutionize industries beyond gaming, including health and wellness, advertising, and even education. As M2E applications mature and diversify, the possibilities are limitless, attracting not only fitness enthusiasts and gamers but also a broader audience seeking novel ways to engage with digital assets and financial systems.

However, amidst the excitement, challenges such as scalability, environmental impact, and user privacy must be addressed to ensure sustainable and responsible growth. As the technology and regulatory landscape continue to evolve, it is essential to strike a balance between innovation and accountability.

The potential applications of Move-to-Earn are boundless, and as this groundbreaking concept reshapes the future of work, play, and beyond, it heralds an era of digital empowerment, financial inclusivity, and a healthier, more active world for all. As we embark on this transformative journey, we eagerly anticipate witnessing the full spectrum of possibilities that M2E brings to the forefront of the digital revolution.

Read the article at CryptoPolitan

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