Explore the Move-to-Earn Concept

Even though move-to-earn (M2E) is often touted as a “new” concept, do you really understand it? Come on, learn here!

What is Move-to-Earn?

Move-to-earn is a concept that encourages users to stay physically active by incentivizing them with crypto-based rewards.

Move-to-earn is Web 3.0's first step in encouraging users in the metaverse to live healthier lifestyles in the real world.

M2E app users can earn cryptocurrency, NFTs , and other digital assets just by maintaining a healthy lifestyle.

The blockchain space continues to expand, opening up endless possibilities for service providers and consumers.

Move-to-earn (M2E) is the latest addition to the extensive list of blockchain-powered initiatives such as play-to-earn (P2E) and learn-to-earn (L2E).

Move-to-earn is a fast-moving and growing sector in the Web 3.0 ecosystem.

An offshoot of the play-to-earn model, move-to-earn is a blockchain-native model that focuses on health and fitness while incentivizing users to engage in regular physical activity (walking, running, dancing, exercising, etc).

Therefore, the more time you spend moving, the more income you can earn.

The majority of move-to-earn projects offer apps with built-in gamification that work similarly to the play-to-earn model.

As a user, you own in-app assets earned as rewards, which can be exchanged for cryptocurrency or fiat money (depending on the app's terms and conditions).

Most M2E apps offer several interesting features, including microtransactions, staking, and in-app tournaments and competitions, which allow users to earn more rewards.

Polygon-based Dotmoovs and OliveX, Solana-based Genopet and StepN, and Binance Chain-based Wirtual are just a few of the notable projects accelerating mainstream acceptance of the move-to-earn model.

How does Move-to-Earn work?

Currently, there are only a few projects built on the move-to-earn model.

It offers its own applications, which are usually compatible with a wide range of devices. 

The reason is, this application rewards users for moving, this application is designed to track and record user movements via GPS as well as through motion and health sensors, all of which can be easily accessed and controlled by users from their cellphones.

Each game also has its own mechanics. For example, StepN, a popular Web3 lifestyle app with SocialFi and GameFi elements, rewards users for moving around. Users will need to purchase (or rent) a pair of Solana-powered STEPN NFT Shoes to get started.

Once done, the app starts tracking the user's movements and converts them into in-game tokens .

Also read:

ELI5: Meaning, Origins, and Role in the Blockchain World

Understanding the Use of Electrum Wallet and Its Relation to Bitcoin

Blockchain Consensus: What Needs to Understand?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.