You're stepping into a world where fitness meets finance in the most innovative way possible—through Move-to-Earn (M2E) games. This fresh take on gaming doesn't just entertain; it pays. Picture this: every step you take, every jog you go on, translates into cryptocurrency earnings. Whether it's walking your dog or hitting the treadmill, M2E games reward your physical activity with digital currency. By integrating blockchain technology, these games ensure that your movements are not only recorded but also rewarded.
What Is Move-to-Earn (M2E)?
Move-to-Earn (M2E) is an innovative niche within the GameFi sector of the blockchain industry that rewards you for physical activities such as walking, jogging, or other exercises. By participating in these activities, you can earn cryptocurrency and NFTs. This model encourages not only physical fitness but also provides financial incentives through digital rewards. In addition, M2E projects gamify fitness, making physical activity more engaging and rewarding while also introducing users to the basics of blockchain and cryptocurrencies in a practical, interactive way.
According to data on CoinGecko, the combined market cap of M2E tokens is just under $700 million as of late April 2024. Coinmarketcap has listed over 30 move-to-earn projects on its platform at the time of writing. These figures indicate significant interest and room for growth in this sector of the GameFi market.
How Do Move-to-Earn Games Work?
The mechanism behind M2E involves using the sensors in your smartphone or a fitness wearable to track your physical movements. Once these movements are verified, they are recorded on a blockchain, ensuring the integrity and security of the data regarding your activities. Depending on the specific app's structure, you can earn cryptocurrencies or tokens directly proportional to the intensity and duration of your physical activities. Often, these tokens can be used within the game's ecosystem for purchases or traded on various cryptocurrency exchanges.
For example, popular M2E platforms like STEPN and Sweatcoin utilize GPS and other tracking technologies to monitor your activities. In STEPN, you need to initially purchase or rent a virtual sneaker NFT to start earning, which can then be upgraded or traded. On the other hand, Sweatcoin offers a more accessible entry point, allowing you to begin earning rewards without any upfront investment by simply downloading their app and walking.
Emerging projects like "Fight Out" and "MetaGym" are exploring innovative ways to integrate physical fitness with blockchain rewards, offering features like heart rate-based earnings and fitness challenges that can be completed with both outdoor and indoor activities. Additionally, these games are looking to expand their offerings to include more social and competitive features, which could help improve user engagement and retention.
Top Move-to-Earn Gaming Projects of 2024
Here’s a look at some of the best M2E games in the cryptoverse you could play or invest in, depending on your preferences. This list we’ve compiled takes a look at the Move-to-Earn projects based on their popularity, on-chain activity, user base, and overall features:
1. STEPN (GMT)
STEPN operates on a move-to-earn model where you engage in physical activities such as walking, jogging, or running to earn crypto rewards. By using the app, which tracks your movements through GPS, you need to purchase and equip NFT sneakers to start earning. The game offers different modes like Solo, where your physical movement earns you Green Satoshi Tokens (GST), and Marathon, where you can participate in virtual races. The innovative Background mode also lets you accumulate steps and earn tokens even when the app is not actively open, making every step count. This seamless integration of physical activity with rewarding mechanisms underlines STEPN's commitment to promoting health and fitness through gamification. In April 2024, STEPN announced an airdrop of 100 million GMT tokens to its community following the launch of its FSL ID.
Built on the Solana blockchain, known for its high throughput and low transaction costs, STEPN ensures a smooth and efficient user experience essential for real-time activity tracking and micro-transactions in the game. The dual-token system comprising GST for in-game transactions and Green Metaverse Token (GMT) for governance and premium content access facilitates a robust economic model. Players can use GST to upgrade and mint new NFT sneakers or swap for other currencies, adding a layer of utility and liquidity to their earnings. The burning mechanism in place for GST helps counter inflationary pressures, potentially stabilizing the token's value over time. STEPN's market presence has grown significantly, highlighted by its rapid user adoption and engagement, indicating a promising horizon for expansion in the intertwining worlds of fitness and decentralized finance.
From a peak of over 700,000 monthly active users (MAU), STEPN’s MAU has dipped to under 35,000 users as of April 2024. Despite this steep drop, STEPN remains the largest M2E gaming project by market capitalization, with the GMT market cap at over $513 million at the time of writing.
2. Sweat Economy (SWEAT)
Sweat Economy leverages the NEAR blockchain, renowned for its scalability and efficiency, to ensure a seamless user experience while maintaining low transaction costs. The platform employs advanced algorithms to ensure the authenticity of the recorded movements, reducing the risk of fraudulent activities. Additionally, Sweat Economy has introduced a sustainable tokenomics model, where the rate of minting SWEAT tokens is controlled to prevent inflation. This model adjusts the difficulty of minting new tokens over time, ensuring the long-term viability of the token by gradually reducing its minting rate.
Economically, Sweat Economy offers substantial benefits to its users by allowing them to earn crypto through everyday activities like walking. This model not only promotes a healthy lifestyle but also democratizes access to the cryptocurrency market. The app has a broad appeal due to its simplicity and tangible rewards, potentially leading to significant market growth as it taps into a large user base that includes crypto enthusiasts and health-conscious individuals.
Sweat Economy boasts a user base of over 150 million across web2 and web3 worlds. It was also rated as the most downloaded health and fitness app in 2022. At the time of writing, Sweatcoin has a market cap of over $65 million.
Learn more about Sweatcoin and how it works.
3. Step App (FITFI)
In the realm of fitness and cryptocurrency, Step App stands out by intertwining physical activity with economic incentives through a blockchain-driven game. You engage with the Step App by walking, running, or exercising, which earns you KCAL tokens. These tokens are integral to the game's economy, allowing you to purchase and enhance digital assets like Sneaker NFTs (SNEAKs). These assets are not only tradable but also key to unlocking further rewards and benefits within the app. The Step App operates on the Avalanche blockchain and leverages its native FITFI token for governance, staking, and participation in the app’s deflationary strategies, thus enhancing your potential financial gains.
The economic framework of Step App is designed to foster user engagement and growth. It incorporates a dual-token system that manages both governance and utility functions, promoting balanced and sustained participation. For players, the financial benefits include earning from staking their tokens, trading NFTs, and engaging in gamified fitness activities. This setup not only incentivizes regular physical activity but also offers a platform for significant economic engagement, potentially leading to substantial returns as the network and its usage expand.
Step App has over 300,000 users across over 100 countries worldwide. Its vast user base has walked over 1.4 billion steps till April 2024 and earned more than 2.3 billion KCAL tokens as rewards. Step App (FITFI) has a market cap of over $20 million at the time of writing.
4. Genopets (GENE)
In the innovative world of Genopets, you embark on a journey where your physical activity directly enhances your gameplay, thanks to the game's move-to-earn mechanics. As you walk, run, or engage in other physical activities, you collect steps that convert into Energy. This Energy can be used to evolve and strengthen your digital companion, the Genopet, within the game. The game thrives on a dual-token system comprising GENE and KI tokens. GENE is utilized for major transactions and governance within the game's ecosystem. At the same time, KI tokens are earned through gameplay activities like battling and evolving your Genopet, as well as managing virtual habitats.
Technologically, Genopets is a leading NFT collection on the Solana blockchain, ensuring fast transactions and low fees, which is crucial for a game with frequent user interactions and exchanges. The game is distinguished by its integration of NFTs, representing your Genopets and habitats and having real economic value within and outside the game. Players can earn by leveling up their Genopets and participating in the game's economy by trading NFTs or engaging with the community through battles and other challenges. The potential for economic benefit extends as you invest in the game, for instance, by acquiring habitats that unlock additional gameplay features and revenue streams.
The Genesis Genopets NFT collection has an all-time trading volume of over 146,000 SOL as of April 2024. Genopets (GENE) has a market cap of over $11 million.
5. dotmoovs (MOOV)
Dotmoovs is a distinctive move-to-earn platform that marries the worlds of sports, blockchain technology, and artificial intelligence to create a competitive and engaging environment for sports enthusiasts. As you step into Dotmoovs, you participate in peer-to-peer competitions, where your sports skills are quantified by an AI-driven system that assesses various factors like creativity, rhythm, and technique. You earn rewards in MOOV tokens based on your performance in these contests. The platform's unique features include sport-specific NFTs, which not only enhance your gaming experience but also serve as keys to enter special tournaments and purchase in-app items that facilitate your progress in the game.
From a technological perspective, Dotmoovs leverages the ERC-20 and BEP-20 token standards and operates on the Polygon network to ensure swift and cost-effective transactions. This setup supports a vibrant in-game economy where players can trade, stake, and even rent their NFTs to others, further monetizing their gaming experience. Economically, the low barrier to entry and the absence of upfront costs make Dotmoovs accessible to a broad audience, potentially driving significant market growth as it attracts more participants from the global sports community. The platform's innovative integration of AI for performance analysis and its robust user engagement strategies position it for expanding influence within the move-to-earn space.
Dotmoovs has over 80,000 players located across 190 countries worldwide. Its app has analyzed over 41,000 videos spanning more than 340 hours. At the time of writing, MOOV has a market cap of over $7.3 million.
6. Walken (WLKN)
Walken, a notable entrant in the move-to-earn genre, stands out by seamlessly integrating real-life physical activities with the dynamics of a digital game, leveraging blockchain technology to reward users. This game operates on the Solana platform, ensuring quick transactions and low fees, essential for its real-time reward system. In Walken, you engage in activities that convert your steps into in-game currency used to boost your character, known as a CAThlete. These characters compete in various challenges, earning more tokens and unlocking new levels and capabilities. The game cleverly uses CAThlete battles across different athletic disciplines—sprint, urban, and marathon—to keep the gameplay varied and engaging.
Economically, Walken employs a dual-token system where WLKN tokens serve as the governance token, and GEMs are earned based on your activity level, such as the number of steps walked. These tokens can be used to purchase upgrades or enter high-stake competitions, which provides a clear path to earning real-world value through gameplay. Players also have the opportunity to participate in leagues, which are competitive events that can yield substantial token rewards based on performance. The innovative use of NFTs for character and accessory customization further ties into the broader crypto economy, enabling trading and staking capabilities within the game. With a robust user base and continuous development highlighted in its ambitious roadmap, Walken shows potential for significant growth within the move-to-earn space.
As of April 2024, the Walken app has over 1 million downloads in the Google Play Store alone. WLKN token has a market cap of over $3.3 million at the time of writing.
7. Rebase GG (IRL)
Rebase GG, operating under the token IRL, dives into the move-to-earn genre with a distinctive approach that integrates real-world navigation and task completion with cryptocurrency incentives. As you participate, you're engaged through geo-located challenges that encourage not only physical activity but also interaction with various real-world locations, enhancing the blend of physical and digital realities. The game stands out by using this unique geo-based engagement method, offering a varied experience compared to typical fitness-based move-to-earn games. Players earn IRL tokens by completing these activities, which can then be used within the game’s ecosystem or traded.
The Rebase GG platform is poised for potential growth within the move-to-earn market due to its engaging and innovative gameplay that promotes exercise, exploration, and interaction with the environment. This can attract a diverse user base beyond typical fitness enthusiasts to those interested in exploring new locales while earning rewards. The IRL token serves a dual purpose within this ecosystem, acting as both a reward mechanism and a medium for transactions within the game. It could increase its utility and demand as the user base grows and the game adds new features and locations.
Rebase GG (IRL) has a market cap of nearly $4 million as of April 2024. The Rebase GG game has a user base of over 20,000 players at the time of writing.
Play-to-Earn (P2E) vs. Move-to-Earn (M2E)
Play-to-Earn (P2E) and Move-to-Earn (M2E) are two popular models in the blockchain gaming and fitness sectors, each capitalizing on the expanding use of NFTs and cryptocurrency rewards but targeting different user activities and motivations.
Play-to-earn (P2E) focuses on traditional gaming activities where players earn digital assets or tokens through in-game achievements. These games, such as Axie Infinity and The Sandbox, often require players to engage in virtual worlds where they can fight, build, and complete tasks to earn rewards. The rewards, including tokens or NFTs, can often be traded on various platforms, potentially for real-world value. P2E games are lauded for creating an immersive gaming experience and offering financial incentives.
Move-to-Earn (M2E), on the other hand, is more about integrating physical activity with digital rewards, encouraging health and wellness through financial incentives. In M2E games like STEPN and Sweatcoin, players earn tokens or digital currencies based on their real-world physical movements, such as walking or running. These tokens can sometimes be used within the game's ecosystem or exchanged for other types of currency. M2E games have gained traction as they promote physical activity, aligning monetary rewards with health benefits.
|
Aspect |
Play-to-Earn (P2E) |
Move-to-Earn (M2E) |
|
Core Activity |
Engaging in virtual game tasks and challenges |
Performing physical activities like walking, running, or exercising |
|
User Engagement |
High engagement in virtual environments, often requiring strategic gameplay |
Engagement through daily physical activities easier for casual participation |
|
Reward System |
Rewards based on gaming progression within a virtual ecosystem |
Rewards based on physical movement tracked via apps or devices |
|
Primary Audience |
Gamers interested in complex and interactive digital worlds |
Individuals looking to integrate fitness with earning potential |
|
Technological Focus |
Heavy reliance on gaming technology, virtual worlds, and sometimes VR/AR |
Uses health-tracking technologies like GPS and fitness tracking |
|
Economic Model |
Potential for high earning based on skill, in-game resources, and market dynamics |
Earnings are typically more stable and predictable, based on physical activity levels |
|
Market Challenges |
Risk of market saturation, dependency on continuous user engagement, and new content |
Challenges in maintaining user interest long-term without significant gamification |
|
Tokenomics |
Often complex with multiple tokens and NFTs for different game aspects, susceptible to volatility |
Simpler tokenomics focused on one or a few types of rewards tied directly to physical activities |
|
Examples |
Axie Infinity, The Sandbox, Aavegotchi |
STEPN, Sweatcoin, Walken |
Key Differences
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Reward Basis: P2E games reward players based on virtual in-game achievements and the complexity of tasks they can complete. M2E games reward players based on their physical activities tracked through mobile devices or wearables.
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User Engagement: P2E requires engaging in complex virtual environments, often demanding strategic thinking and long-term commitment to the game’s ecosystem. M2E focuses on everyday activities, turning routine physical movements into opportunities to earn, which can attract users not traditionally interested in gaming.
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Market Appeal: P2E appeals strongly to traditional gamers seeking a monetized gaming experience. At the same time, M2E targets a broader demographic, including those interested in fitness and casual gamers who can earn from simple activities like walking.
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Economic Model: Both models face challenges in sustainability and depend heavily on continuous user growth and retention. P2E games risk saturation and decreased token value without fresh engagement, whereas M2E must consistently burn the inflationary rewarded tokens to support their value.
Challenges and Risks in the Move-to-Earn (M2E) Gaming Sector
During the 2021 cryptocurrency bull run, the Move-to-Earn (M2E) sector thrived as innovative blockchain applications like STEPN leveraged the era's enthusiasm for combining fitness with financial incentives, attracting large user bases into the Solana ecosystem. However, it hasn't maintained the same momentum in the present bull run, partly due to the novelty wearing off and a lack of continuous innovation, which has led to decreased user engagement. Here’s a look at some of the challenges and risks plaguing the M2E sector:
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Native Tokens with Unlimited Supply: Many M2E projects feature native tokens with unlimited supply, such as GST in the STEPN game, which can pose significant inflationary risks. Unlimited token supplies can lead to devaluation if the issuance of new tokens outpaces demand. This inflation can dilute the value of the tokens, reducing the real-world value of the rewards that players earn, thus potentially leading to decreased player retention and engagement.
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High Entry Costs: Entry into M2E games can be prohibitively expensive as players often need to purchase NFTs or other in-game assets to start earning rewards. For example, STEPN requires players to buy NFT sneakers to participate, which can represent a significant initial investment. This high entry barrier can limit access to the game to those who are willing or able to invest upfront, potentially excluding a large segment of interested users.
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Scalability: As these games grow in popularity, they must be able to handle increasing numbers of users and transactions without compromising performance. This can be particularly taxing on blockchain networks where these games typically operate, which may struggle to manage high transaction volumes efficiently.
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Economic Sustainability: The profitability of M2E games can be highly dependent on the inflow of new players, as initial gains are often funded by the purchases of newcomers. This can create a dynamic where the system feels like a pyramid scheme, with early adopters benefiting disproportionately compared to those who join later.
Future of Move-to-Earn Gaming
The future of M2E gaming seems promising, with several trends and developments on the horizon. The integration of augmented reality (AR) and virtual reality (VR) could enhance the gaming experience by making physical activities more engaging and interactive. Moreover, there's potential for more sophisticated health-tracking features that could provide users with more detailed insights into their fitness progress and health.
The integration of multiple blockchains and the creation of more sustainable tokenomics models are also anticipated, which could help stabilize the economic aspects of M2E games and make them more appealing to a broader audience. As these technologies develop, we can expect M2E games to become an even more integral part of the fitness and gaming landscapes.
In conclusion, while the M2E gaming sector faces significant challenges, particularly in terms of scalability and economic sustainability, the ongoing technological advancements and the broadening scope of activities that can be monetized offer a hopeful outlook. Players and investors should remain aware of the inherent risks, particularly those associated with market volatility and the sustainability of player rewards.
Further Reading
- What Is Sweatcoin (SWEAT): The Trending Move-to-Earn Game in 2024?
-
Exploring NFT Mystery Boxes: From Digital Art to Virtual Real Estate