Move to earn combines physical exercise and earning of cryptocurrency, creating an innovative and exciting opportunity. This is a sort of wider play-to-earn and move-to-earn game that users are incentivized to remain active and are paid for the same. Digital assets, which have value in the real world, can be earned through walking, running, cycling, or any other sort of exercise. So basically, the world is moving fast with the emergence of more M2E platforms providing varied means of gathering rewards through physical actions.
A Move-to-Earn application is a dApp built on blockchain technology, where users can earn cryptocurrency rewards for physical movement. These rewards are typically issued as tokens or NFTs, which the user can then trade, sell, or stake for increased gain. The charm of M2E lies in it fostering healthy lifestyles while also riding the wave of digital asset and blockchain gaming worlds.
It is based on similar incentive structures to those of Play-to-Earn and Learn-to-Earn, where participants are provided with some form of reward for their input. Movement-to-Earn systems take it a step further by integrating health with economic activities in the digital world. This implies users keep track of the physical activity on their devices via fitness applications or wearable devices, and such data is verified onto the blockchain, ensuring the authenticity of the activity.
Making cryptocurrency through M2E is relatively simple and needs to be practiced regularly. The basic outline of how it functions is as follows:
The user will perform some activity, such as walking, jogging, biking, or running. One can be doing this at home, outdoors, or at the gym. Most M2E companies use GPS, some sort of fitness tracking device, or a smartwatch to make sure that their exercise is accurately recorded.
The activity is verified through blockchain technologies. Since blockchain is immutable, the details of the activity (number of steps taken, distance traveled, calories burnt etc.) is true and cannot be tampered with. It may go through a process of verification using sensors or oracles to ensure correctness of results.
Following verification of an activity, the user is promptly rewarded with tokens. Usually, these tokens belong to the platform or project itself and appreciate or depreciate with time according to the demand and market conditions. In some rare cases, the users might also be awarded NFTs as part of the reward.
Move-To-Earn is the most flexible concept with several interpretations based on the platform's structural choice. Hereunder are some of the major M2E models manifested in the market.
The NFT-based M2E model combines blockchain and the uniqueness of Non-Fungible Tokens. These models generally pay rewards in terms of NFTs which stand for assets, or sometimes characters, within the M2E ecosystem.
This lowers the barrier to entry, where a user can participate without having to buy NFTs or tokens beforehand. Free-to-move platforms offer some sort of incentive for physical activity without demanding an upfront investment. A user would typically track their activity and get rewarded immediately with tokens. Thereafter, it may be a matter of upgrading or earning more by doing more vigorous or frequent exercises.
Some M2E models request a certain subscription fee from users to get the reward access. These platforms generally offer a highly structured experience to the users-with perks such as premium rewards, personalized fitness plans, and front-row access to features.
Several platforms have managed to build fame in the M2E space, each one with its own features and reward mechanisms.
Considered one of the earliest platforms to observe the NFT-based move-to-earn model, StepN allows users to buy NFT sneakers and earn rewards through walking, running, or jogging. It offers a gamified experience of sorts, where experienced users can engage in challenges to upgrade their sneakers for higher earnings. There is also a dynamic reward mechanism where users get more tokens when they level up their sneakers.
Another popular M2E platform,Sweatcoin, rewards its users for their daily steps. Unlike with StepN, users do not need to invest in an NFT or token upfront. The app tracks steps and converts the steps to Sweatcoins, which can then be redeemed for various rewards, such as fitness gear, memberships, or even cryptocurrency.
EMove allows activity to be linked with smart technology. The platform tracks steps as well as cycling or swimming activities. Rewards come in EMove tokens, and users can compete in challenges to realize better ones.
Move-to-Earn merges fitness and cryptocurrency in a whole new way. Thanks to blockchain, these platforms now provide a unique opportunity for fitness activities, fun, and rewarding exercises that pay certain digital assets. M2E is fast becoming an established way to motivate and reward people to develop healthy habits, be it by purchasing NFTs to increase rewards or participating in a free-to-move ecosystem.
As more and more forays venture into the M2E arena, we will see tons of creative models and platforms that offer superior rewards with highly enhanced technology, along with immersive experiences. Most intriguing is the prospect of earning crypto for something that builds your health, and such blockchain-based platforms will likely witness the next wave of fitness innovations.