The type of crypto project that is currently being discussed is the move to earn. Its fame is fueled by the STEPN project with its token GMT, which has increased by more than 520,000% since its launch.
What is Move to Earn, and what is everything to note about this crypto category? Get the answer here.
What is Move to Earn
Move to Earn is a new category in the crypto world, just as the name suggests moving to earn.
Previously, a phenomenon that was significantly popular in the crypto world was Play to Earn, where investors could play games to earn crypto. There is a new phenomenon where investors can move, which generally refers to exercise, to start earning crypto.
The sports are general sports such as using a bicycle, walking, jogging, jumping rope, to lifting weights.
This category was made famous by Stepn (GMT), a crypto project that wants to make crypto investors healthier.
The phenomenon of Move to Earn became famous in 2022 when Covid-19 began to subside in several countries, and people were able to move again, albeit in a limited way.
As a result, some businesses are taking advantage of this transition and creating a new category in the crypto world.
This phenomenon received positive support because it coincided with the fitness era where when Covid-19 struck, many were trapped in their respective homes and rarely exercised.
Many people are starting to regain consciousness and exercise again, so this phenomenon is very suitable and makes it famous.
Current data shows that this category has a market cap of around $2.27 Billion, which is still relatively low. But looking at its new lifetime, this category has impressed many crypto investors, making it attractive.
There are only 14 projects in that category for now. Seeing the potential, it is likely that more crypto projects will fall into this category.
Move to Earn Mechanism
The mechanism of Move to Earn is very easy; investors only need to download an application that is tied to the project.
Later, users will be tracked from their movements when using the application so that the rewards for getting crypto can be calculated.
Most of these projects require users to turn on GPS so that the distance travelled while using the app can be tracked.
As previously stated, this distance covered can be done by running, walking, jogging, to using a bicycle.
But there are other mechanisms, such as lifting weights or jumping rope, where the app can track via the camera or use a personal report by entering a number or number of reps performed.
This mechanism is the same as the current sports application, but the difference is that after completing the sport, the reward will be in crypto, not just points commonly used by sports applications.
Before starting, there will generally also be a fee where applications require you to pay before sports with project-bound tokens or purchase NFTs that represent an individual’s presence in the application.
This mechanism is the same as Play to Earn, but the difference is that Play to Earn requires buying NFT characters to play and Move to Earn requires buying NFT characters for sports.
How to Move to Earn
Currently, there are three projects with users experiencing a high increase: Stepn, Genopets, and Wirtual.
But in terms of token price capitalization, the leaders are Stepn (GMT), Genopets (GENE), and Dootmovs.
The way to participate in the Move to Earn category is still relatively the same, where users have to buy NFT and then they can get rewards.
An example is Stepn; when users want to use Stepn, users must buy Shoes in the form of NFT, which represents steps in the application.
These shoes can be purchased and rented to start using the Stepn app.
After renting or buying the shoes, users can start earning rewards in GMT through walking or jogging.
The reward will be much smaller than the purchase price, so it will take time to return the capital that has been spent.
Another way is seen from Wirtual, where for Wirtual, the sports carried out are varied and in challenges.
When users want to use Wirtual, users have to pay to compete with other users.
Examples of competition are cycling or running races, but all are done virtually, where the individual who reaches the targeted distance first will get a reward.
The last is Genopets which is almost similar to the Pokemon Go game but requires users to buy pets in the form of NFT and take them for walks. Everything is recorded in the form of steps using GPS on a mobile phone, so this application requires users to have a mobile phone with GPS.
Advantages of Move to Earn
Move to Earn benefits an individual who frequently travels, especially by walking.
If the individual walks to the office or to the place he wants to go every day, then every day, he can also get rewarded by turning on the application.
In addition to making profits, Move to Earn also invites crypto investors to become healthier.
Currently, the stigma that exists among crypto investors is that individuals are not healthy because they are always in front of a laptop, computer, or mobile phone.
Finally, the investor rarely moves, has excess weight, and is considered unhealthy because he always looks at the chart.
Move to Earn wants to change that stigma or view so that crypto investors can own crypto but have a healthy lifestyle.
This phenomenon has been supported by many companies in the sports sector, such as Nike, Adidas, and several other companies, although not officially. But most likely, in the future, this category will become one of the categories that continues to grow because of the benefits provided from the physical to the financial side.
More News About Crypto : NEWS
Follow our Twitter : https://twitter.com/DinoDapps
