Hi there! I'm Sumi, the Voxel Artist. Have you heard about the popular “move-to-earn” trend this year? MTE is a brand new type of service that has come to fruition following the latest developments in NFT technology. See Introduction to NFTs – Beginner Series for more on NFTs and the blockchain.
I personally use an app called STEPN that allows you to earn cryptocurrency by walking, jogging, or running. When I first found out about STEPN, I was surprised by this new service that lets you earn while maintaining your health through daily exercise habits.
For those also interested in move-to-earn, I will explain how move-to-earn works, the advantages and disadvantages, 8 popular services, and how to start using a move-to-earn app. I hope that this article will help you follow your interest and journey in the new world of move-to-earn.
How a Move-to-Earn Service Works
A simple explanation of the move-to-earn game system and the flow of earnings is as follows:
Purchase, rent, or claim NFTs (i.e. shoes) that give you access to the game and the ability to earn rewards
Earn cryptocurrency or NFTs by walking, jogging, running, etc.
Trade your cryptocurrency regards or the NFTs you earned on an exchange platform/marketplace or level up your existing NFT assets (i.e. shoe upgrades) to elevate your future earnings
The basic rule of move-to-earn is that you can earn cryptocurrency rewards or NFTs that can be used within the game when you exercise using the app.
It is also possible to exchange the cryptocurrency rewards you earn for other cryptocurrencies (i.e. Bitcoin or stablecoins) or Japanese Yen on a cryptocurrency exchange. Alternatively, you can trade NFTs from the game on an internal or secondary marketplace (i.e. OpenSea and Magic Eden) of buyers and sellers.
In addition to exercising, you can also earn potential profits by buying and selling NFT sneakers and other accessories you need to play the game or renting out those assets to others. STEPN, the pioneer service in this space, has announced that users will be able to lend and borrow sneakers by the end of this year. This means lenders can earn cryptocurrency without moving and borrowers can earn cryptocurrency without an initial cost. For those who find it difficult to start a move-to-earn service due to the initial cost, the ability to start for free is an attractive value proposition.
Advantages and Disadvantages of Move-to-Earn
When you hear that you can earn money just by moving, it feels like there are many positive aspects, but I will introduce the advantages and disadvantages below.
Advantages
The biggest advantage of move-to-earn is that you can earn while forming or maintaining a habit of regularly exercising for your health. Cryptocurrencies and NFTs fluctuate greatly in value, so even if the market value drops, continuing an exercise habit will help maintain your health, a point mentioned by many users of move-to-earn during this year’s bear market. (But, of course, it's sad that the value is going down...)
In my case, I work a desk job, which keeps me sitting down all day. However, since I started using STEPN, the distance I walk each week has increased significantly. On days when I’m too lazy to move, it can also be an opportunity to recognize my lack of exercise. On such days, I find myself saying, "Oh, I didn't even walk 30 minutes today."
Running is more efficient than walking to earn, so I tried running every morning, but I was unable to keep it up. Consistency is the most important aspect when it comes to exercise, so I recommend doing exercise every day in a way that suits you. Lately, I've been walking slowly but it still gets the job done!
Disadvantages
There are mainly four disadvantages of move-to-earn:
Some of the games have an initial cost to get started
The future of move-to-earn services is unclear because they are a new type of service offering
The tokenomics, in the form of supply and demand for native game tokens, can be highly volatile and susceptible to macroeconomic trends and cryptocurrency crashes, which affect the price of these assets.
While most of the current apps have processes in place to minimize cheating, it is still possible for users to find ways to circumvent the system for profit (i.e. carrying multiple phones when they exercise, creating minting farms to mint new NFTs in massive numbers that destroy the market price of NFT assets)
Getting started with some of the games can come with an initial cost that isn't cheap.
In the case of the popular move-to-earn service STEPN, it costs about 1.1 SOL (US $36 as of September 2022) to buy the sneakers that you need to start the game.
Also, the move-to-earn service is all new, so the future is still unclear. Depending on the service, it may suddenly disappear, or the value of cryptocurrency and NFTs in a game may crash overnight.
It is recommended that you understand the disadvantages and use a service while enjoying it as part of your healthy exercise habit.
8 Popular Move-to-Earn Services
These are 8 move-to-earn services that are currently gathering attention in this space.
STEPN: Allows you to earn a cryptocurrency called GST (Green Satoshi Tokens) by walking or running with your NFT sneakers. It is a popular game that is said to be the pioneer game of the move-to-earn movement.
Genopets: A game for raising digital pets called “Genopets” through daily actions such as walking and standing up to earn tokens called GENE.
Fitmint: Lets you earn a cryptocurrency called FITT by walking or running with your NFT sneakers. Unlike STEPN, you can get started with no initial cost.
STEP: A game for earning a cryptocurrency called BNB, which is issued by Binance, by taking more than 4,000 to 30,000 steps per day.
Step.app: Lets you earn a cryptocurrency called KCAL by walking or running with your NFT sneakers. Additional features such as battles between players (that STEPN doesn’t have) will be added to the game.
THE SNKRS (The Sneakers): A game for earning a cryptocurrency called SKZ through not only walking and running but also hiking and cycling. It is a service from South Korea.
Dustland: A game for earning NFT tickets by walking and exchanging NFT tickets for a cryptocurrency called DOSE. Dustland has a feature that lets you exercise while listening to stories.
SweatCoin: Another game where you can earn a cryptocurrency called SWEAT by walking and exchanging products or donating. Since it was listed as a cryptocurrency in September 2022, it is now possible to convert it to other cryptocurrencies or to Japanese Yen.
How to Start Using a Move-to-Earn Service
I will briefly introduce how to get started with "STEPN", one of the most popular services in the space.
The onboarding process is similar to other services, so even if you have no plans to start right away or haven’t decided which move-to-earn game to try first, I hope you can pick up on the general user flow.
Getting Started
Additional Steps
Purchase SOL (Solana), BNB (Binance Coin), or ETH (Ethereum) on a cryptocurrency exchange
Transfer SOL/BNB/ETH to the wallet in the STEPN app
Buy NFT sneakers within the app or on a secondary marketplace such as Magic Eden
Set up NFT sneakers and walk or run to earn cryptocurrency
I hope that this article will help you get started with move-to-earn. As always, we welcome comments and questions in the discussion section below.
Thank you!
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