In 2021, play-to-earn NFT games had their breakthrough year. However, for a unique, highly active type of tokenized game: move-to-earn, the year 2022 appears to be as great as it gets.
The term is a fresh Bitcoin jargon that has only just entered the market, along with the revolutionary Web3 fitness project STEPN.
“STEPN is a web 3 lifestyle app with social-fi and game-fi elements. Players can make handsome earnings by walking, jogging, or running outdoors.”
-STEPN
The GMT token, which is attempting to gamify exercise and reward individuals for their efforts, has taken off in popularity. In a single month, the currency rose about 3,600%.
Let’s dig into this earn-while-you-play gaming model, is it worth playing?
What is a move-to-earn program?
To begin, move-to-earn (M2E) is a proactive technique for generating passive income. It’s the name of a new class of non-fungible token games that pays users in cryptocurrency for exercising their muscles and real-world physical capabilities.
The move-to-earn game model is based on the trending play-to-earn idea, in which players retain full control of their game assets and have the option to exchange them for real money.
Players can trade them on their own terms, for Bitcoin or regular currency. Although the NFT gaming market is still in its early stages, several notable players have already established themselves as industry leaders.
Gamified methods for converting physical activities into tokenized earnings are also accessible through move-to-earn games such as Genopets (GENE) and Dotmoovs (MOOV), in addition to the flagship STEPN (GMT). Several of them are still in beta or closed testing.
How does M2E work?
The idea is simple. Users, for example, acquire a pair of virtual collector objects known as NFT sneakers in the case of STEPN. These can be produced in great numbers and of a wide variety of quality and scarcity, as with any other non-fungible token. To acquire tokens, NFT sports shoes are required. The player must begin walking, jogging, or running the moment they start.
The players in STEPN will need to purchase NFT sneakers. These NFT collectibles are mintable and come in a variety of designs, quality levels, and rarity levels. These digital assets may be acquired and sold on NFT open marketplaces. The SOLANA blockchain is used by STEPN, and each NFT sneaker has a minimum value of 10 SOL at the least or around US$1,100.
To be tokenized in these move-to-earn apps, you’ll need NFT sneakers. As a result, whenever the player performs any sort of walking, running, or jogging activity, the app begins tracking their movements and subsequently converts them to in-game currency.
The GPS-enabled program records their motions and strides, which are later translated to in-game utility tokens.
This is the primary approach to develop passive income while participating in real-world activities. To expand their earnings, players in move-to-earn games may stake or sell their bodily earned tokens on a secondary market.
Did you know that, lately attackers exploit code to mint hundreds of NBA: The Association NFTs. The hype for NFTs doesn’t seem to end but also the first tweet NFT is struggling to attract bidders.
The STEPN hype is due to its governance token Green Metaverse Token (GMT) parabolic rise of 24,500 percent since its Binance token sale on March 9. Sequoia Capital and other Web3 investors have invested in STEPN, buying $5 million worth of GMT in a seed funding round back in January. GMT’s rise can be attributed to the fact that it has experienced rapid user growth owing to the growing number of cryptocurrency users. When STEPN was just under 50,000 followers on Twitter, for example, its follower count had reached 250,000.
