Move-to-Earn is here, and what do you need to know about it?
The world of today is far more advanced than it was during the Web 2.0 era, when much was said. Web3.0 technology has proliferated since the introduction of blockchain. Other new technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), have also been extremely beneficial. Virtual reality (VR) and augmented reality (AR) are also being added. Web3.0 is expanded upon. This environment has resulted in the creation of a new revenue mechanism from the ground up. The mechanism of play-to-earn (P2E) is well-known, but move-to-earn (M2E) is a relatively new concept. However, this concept is already well developed and should be approached with caution.
What is the Transition to Revenue (M2E) mechanism?
The Move-to-Earn (M2E) mechanism rewards users for physical movement with crypto tokens. These platforms monitor user behavior using various directional sensors found in smartphones. GPS, proximity sensors, accelerometers, magnetometers, and gyroscopes are among the devices. Firms based on the mechanism have already coined the term FitnessFi, which is similar to GamiFi. Move-to-Earn is regarded as the metaverse’s next evolutionary step, capable of bridging both worlds. Here, one must walk, jog, run, exercise, or dance in order to earn crypto rewards based on how much time they spent engaged in the respective activities.
Why is Move-to-Earn even a thing?
The lack of physical activity caused by the P2E revolution is one of the primary drivers of the M2E movement. Gamers have spent countless hours playing P2E games and earning money without engaging in any physical activity. Although the primary mission has been accomplished, it has come at the expense of one’s health, prompting fitness business firms to enter the Web 3.0 world. Physical fitness does not appear to play a significant role in the virtual world, but M2E may change this perception. An M2E platform is a fitness application with a crypto-rewarding component. This way, more people will use the platform on a regular basis and earn rewards while staying physically active.
Some well-known M2E platforms
StepN
If you are a crypto enthusiast, you may have recently heard this name. Yes, this is the same StepN that has seen its market value skyrocket since its inception in March 2022. StepN is a blockchain-based Move-to-Earn platform based on the Solana blockchain. The platform bills itself as a SocialFi and GameFi app. It also requires users to purchase and wear virtual sneakers in order to earn rewards for walking. Because of their immense popularity, virtual sneakers have become prohibitively expensive for newbie enthusiasts to afford. Green Satoshi Token (GST) and Green Metaverse Token (GMT) are the platform’s native tokens (GMT).
Step App
Step App is an M2E application built on the Avalanche blockchain that offers immersive experiences through blockchain, augmented reality, and the metaverse. This platform’s mission statement, as stated on its website, is to “transform fitness aspirations into income, social joy, and friendly competition.” FITFI and KCAL are Step App’s native tokens. The latter is the in-game cryptocurrency, and the former acts as a governance token. KCAL tokens can be used to purchase SNEAK, and SNEAK stakes return KCAL tokens. DeFi features like staking, locking, rewarding liquidity providers, buybacks, and token burns are also present on the platform. Step App is still under development, like many other M2E platforms, but the value it has been offering has made a lot of promises.
How Can a Move-to-Earn Platform Help End Users?
An M2E platform can motivate end-users to engage in physical activity by implementing a rewarding system. Additionally, because the basis for incentives is straightforward — one completes the physical activity suggested by the platform and receives cryptocurrency — these programs assist non-gamers seeking to adopt passive cryptocurrency income. M2E platforms can ease the transition by connecting both worlds as the world moves toward building more realistic metaverses, which can help the world.
What Are the Benefits of an M2E Platform for a Business?
Move-to-Earn further supports the position by embracing sports as yet another profit-generating domain. M2E, however, can be a terrific way for a Web 3.0 company to build a following, make money, and encourage customers to move about. Such a firm would be more logical given the shifting online culture’s emphasis on empowering the user. Businesses have already begun to financially support professional athletes. Engagement levels on the M2E platforms used by these companies only increase their return on investment.
What Support Can Corum8 Offer You in Creating an M2E Platform?
The evolution of the Web 3.0 world has been witnessed by experts at Corum8 from the very beginning, therefore we are always learning about new technologies. We put everything we’ve learned into practice so that our clients can benefit from the work we’ve put into creating these newer platforms. As the movement has gained traction, we have become one of the most sought-after companies for creating Move-to-Earn systems. M2E and other noble goals aren’t going anywhere, and Corum8 can proudly claim to be a member of a significant movement centered on physical activity. Our professionals can advise you on how to proceed if you want to encourage people to engage in fitness routines in order to make the globe healthier.