Blockchain 101: What is Move-to-Earn (M2E)?
This article explains the definition of M2E and the rise of this trend.
The emerging Web3 segment
Gamification is the heart of Web3. We’re given the power to not only control our personal data, but also monetise them, i.e. earn profit for our daily activities such as collecting points, participating in competitions, etc. One representative of gamification that we are all familiar with is the gaming finance trend and the name Axie Infinity.
The allure of gamification lies in the distribution of financial incentives; users are more motivated to further engage in activities for more rewards and as a result customer adoption and retention rate is significantly increased.
As the name implies, Move-to-Earn (M2E), which is also known as FitnessFi, is the gamification of physical activities. Some examples of traditional health gamifications include Nitendo’s WiiSports way back in 2006 and the GPS-enabled PokemonGO in 2016. However, M2E incorporates the digital economy created by Web3, adding the real financial element to the process.
Profitability of Move-to-Earn (M2E)
If 2021 was the year of P2E, 2022 can very well be the year of M2E. Powered by blockchain technology, M2E encourages participants to stay active and receive financial rewards in the form of project tokens or NFTs, which can be conveniently traded for other digital assets.
P2E transactions have made up more than 55% of all crypto transactions in Q4 2021, and we might see the same happening with M2E due to the following reasons:
(i) It is beneficial to employees who have to move around a lot: P2E requires more time and concentration, which is not really suitable for people with a job. Besides, some jobs involve a lot of moving, for example tour guides or fitness trainers. People working in these industries now have the chance to generate a passive income while continuing to do what they love.
(ii) People are more health-conscious these days: The younger generations are sometimes called “the wellness generation” as they have become increasingly aware of health issues, diets and exercises. They are more than willing to pay for health services to look and feel good. What’s even better than that? Receiving money to look good, feel good and simultaneously keep up with the trend.
(iii) Businesses profiting from a physically active society will be happy to endorse the trend: Take the insurance industry for example. The more healthy their customers become, the lower the possibility that they will make a claim. In general, encouraging employees to stay fit could mean less sick days for companies as well as a better Corporate Social Responsibility image. Consequently, more adoption and endorsement can be achieved, leading to a more sustainable economy than P2E.
AIA Vitality Program. Source: AIA Australia
Popular Move-to-Earn (M2E) projects
Some M2E projects have already kicked off in late 2021, paving the way for this trend. In this article, we will delve more deeply into the top two of M2E: STEPN and Genopets, which are available for Spot Trading on Bitget.
The STEPN team participated in the Solana Ignation Hackathon in August 2021 and beta launched their lifestyle app in November-December 2021. To earn rewards for their physical movements, users must own a NFT sneaker. Rewards will be distributed based on the sneaker’s Type, Level, Quality, Energy and Attributes.
STEPN’s utility and governance token are $GST and $GMT, respectively. The team is building the in-app wallet and swap so that users can convert their $GST/$GMT rewards into stablecoins or other cryptocurrencies.
STEPN users have completed a total of over 8 million kilometres in walking, jogging and running - a strong community to begin with. Big names in the venture capital sectors, for example Sequoia Capital, Solana Capital and Folius Ventures are also bullish on this project; STEPN’s seed round funding was completed in January 2022 with $5 million raised.
STEPN’s live adoption metrics. Source: STEPN
Genopets is a Solana-based MMORPG inspired by Tamagotchi. The NFT pets here can be customised and upgraded using $KI, the token generated based on a player’s step count. Players can use these NFT pets to participate in the battles or sell them to other players as a rare in-game collectible.
A Genopet. Source: Genopets
The game is still in its beta stage, but the team has released the governance token $GENE and the plan for their in-game marketplace. At the moment, player steps are recorded and converted into XP to use for pet upgrades.
$GENE is trading at $15.808 at the time of trading on Bitget Spot Trading.
Even if you are a crypto sceptic, you can’t deny the positive impact of Move-to-Earn projects. Regular exercising is the key to good health; more M2E will definitely come in the near future, proving that crypto is indeed improving the quality of life, financially and physically!
We advise you to do your own research before making any investment, along with using a trading platform that is secure and has high liquidity. Launched in 2018, Bitget now has a huge customer base of 2 million users from 48 countries worldwide and secures our place in the top 10 Exchanges by Cybersecurity Rating from Crypto Exchange Ranks (CER). If you have any other questions, our customer service team is available 24/7 to help!
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