The move-to-earn sector has become one to watch in 2023. These dapps combine the convenience of mobile fitness systems with blockchain assets to incentivize your health. It can be difficult finding the motivation to stay fit, especially after a long day’s work. Move-to-earn networks seek to provide that extra boost to help you stay healthy and happy.
What is Move to Earn
The term move to earn represents a new sector within the crypto industry. This market melds the fitness and blockchain sectors in many unique ways. Interestingly, the move-to-earn concept is still in its infantile stages with most platforms operating as advanced pedometers. However, there are now more advanced platforms entering service that provide rewards for all types of activities.
Notably, the move to the earn market has been predicted to increase by $100M in 2023. This growth will come from a combination of factors including more usability, market awareness, and improvements in technology. As move to earn gets more Dapps, it will secure more users and the public awareness of this cool technology will rise.
How Does Move to Earn Work?
There are a lot of different move to earn systems in operation today. The majority of these systems leverage your phone, smartwatch, or fitness tracker to monitor your movements. The best applications will also leverage GPS data to make sure you receive credit for all efforts.
This system registers your movements and provides you rewards in the form of tokens. Some networks use multiple tokens to separate tasks such as governance from the utility. The majority uses one token that can be traded or used to create new blockchain assets like NFTs.
Today’s move-to-earn networks have embraced NFT technology. NFTs are special tokens that can be set up to represent individual assets in the real or virtual worlds. These tokens are essential to the metaverse and move-to-earn apps because they provide trackability and individualize the offerings.
Most move-to-earn applications use some form of NFT to represent an avatar, shoes, or other fitness-related items. This structure is ideal because you can build up your items and trade them for other cryptocurrencies or other NFTs. The best networks even enable you to take your NFT sneakers and rock them in the metaverse to events and other happenings.
What are the Advantages of Move to Earn
There are a lot of reasons why the move-to-earn sector is on the rise. The main reason is that the fitness industry needs something new to provide more incentives to users. The fitness sector is a billion-dollar market that isn’t scared of innovation. There are tons of commercials for fitness-related services and items you see daily as proof.
The move-to-earn revolution rewards people for doing what they need to do to stay healthy. This little bit of extra incentivization may never reach the level where you can quit your daily job, but it could very easily provide an added cushion to active users. At the very least, it’s awesome to secure rewards for doing what you love and need to do to stay healthy.
Can Build Communication Skills
There are many move-to-earn networks in operation today that combine many social aspects into the game play. You can communicate with others via competitions, cooperative modes, and even quests. The skills learned during these actions can be directly used in your daily life to improve your communication and negotiating skills.
Additionally, many people in this world love to work out, but not alone. Working out with others can help to keep you to stay on the grind and ready to put in the extra effort for success. This concept can be seen in the move-to-earn communities. These users and coaches are here to help you focus and stay consistent in your efforts.
Raise Awareness
The move-to-earn sector has helped to shed light on fitness-related issues. Obesity is out of control in the US and other developed nations. The best way to fight obesity is through fitness and healthy eating. Move-to-earn dapps can combine these needs and other socially important issues to help drive awareness and raise funds.
Imagine competing in a virtual marathon to support your favorite charity or to raise funds to help support another user who needs major surgery. It’s in these ways that the move-to-earn industry could have a resounding effect on the results of your workouts. move-to-earn enables you to help yourself, others, and the community if done correctly.
The Future of Move to Earn
The future of the move-to-earn sector is exciting. There are so many cool applications already in the market with more entering service monthly. While the market is so new it’s impossible to say with certainty in which direction the technology will go, one can see some trends forming.
For example, there are many Dapps that are leveraging the metaverse to drive their usability and accessibility up. The metaverse is a 3D environment that enables users to create other 3D items within it. There are many metaverses in operations today. All operate as virtual islands but in the future, analysts predict these networks integrating into a massive digital universe.
The future of move-to-earn will most definitely include metaverse activities. Users can already make custom items like shoes and wear them in their fitness dapps. These NFTs could hold value in the metaverse where you could use them to spruce up your avatar. Firms such as Nike have already invested heavily in the metaverse.
More Trackability via IoT
The Internet of Things (IoT) is the term given to the billions of smart devices in the world. A smart device simply needs to have a sensor and the ability to communicate data online. As such, there are billions of these items in operation today. In the future, there will be even more IoT devices in use.
Advanced move-to-earn applications will leverage this tech to improve the trackability of their users. These networks need to provide accuracy so that users don’t get frustrated or feel cheated. In the same breath, the trackability will also prevent bad-intentioned users from scamming the networks to secure rewards without putting in the effort.
Potential Risks of Move to Earn
The move-to-earn market is like any new technology in that it has some inherent risks you should be aware of before trading these tokens. The main thing to consider is that many of these networks use NFTs as part of their incentivization methods. NFTs are very popular but have recently seen some significant losses in value. As such, you should consider these rewards as bonuses and not as a way to replace your regular income.
Tracking
Another concern that moves to earn brings to mind is trackability. You are going to want to review your move-to-earn applications privacy policy. You don’t want to join a network where they track all of your movements and sell the data to third parties without your knowledge.
Additionally, you should review what other users can see regarding your location and personal information. This data could be used in nefarious ways if it’s not protected. Lastly, there is always the risk of the platform failing or being hacked.
Hackers haven’t targeted any move-to-earn platform yet but as their values rise, the probability of someone attacking these network rises. As such, it’s best to stick to networks that are both reputable and don’t require your data.
Interesting Move to Earn Apps Available Today
Now that you understand what the move-to-earn market is and some of its ups and downsides, you’re ready to learn about some pioneering protocols in the market. These platforms are at the forefront of the move to earn revolution. They provide reliable service and fun features that will keep you healthy and rewarded.
CycGo
The CycGo dapp is different from most of the competition in that it focuses more on bicyclists than joggers. The platform enables users to create and upgrade custom bikes to improve their results. Change your tires and finish your laps faster to secure more rewards.
The customizable bikes are NFTs that can be traded with others or on exchanges for cryptocurrencies. The network is the first to use bikes rather than shoes which makes it a refreshing break from the competition. Additionally, the system can register your walking, jogging, and running activities as well, making it an ideal all-around move-to-earn solution.
Genopets
The Genopets title is another interesting move-to-earn option worth checking out. The protocol immerses you into a mobile role-playing game (RPG) where you build up your digital avatar. Interestingly, your avatar reflects your fitness growth as you progress. The platform rewards you for your efforts.
Notably, it also includes some cool mental and spiritual aspects to help you stay Zen. The Genopets title also has a gameplay mode where you can compete against other avatars for rewards. The battle arena rewards you in KI tokens when you defeat your opponents. The network’s RPG approach and fun features make it stand out against the competition.
StepN
StepN is another pioneering force in the market. The platform was built on the fast Solana blockchain which makes it very smooth and scalable. The system combines move-to-earn elements with GameFi in a way that makes it fun and interactive. Each player begins by minting some NFT sneakers.
The system uses your smart device’s pedometer to track your efforts and reward you. Your rewards come in the form of a STEPN token. These tokens can be used to upgrade our sneakers to even more exclusive pairs. The goal is to get better shoes that enable your avatar to secure higher rewards.
The system also introduces another token for rewards called GST. These tokens are earned when you compete in challenges and races. The token is essential when minting, repairing or altering your NFTs. There are also GMT tokens that can be earned at special events. These tokens can be traded directly for USDC stablecoins.
DeFit
The DeFit platform leverages the Ethereum and Polygon networks to provide scalability and reliability. This Dapp differs from the competition in its approach. DeFit is like having a personal coach in your pocket. The network uses this player-coach experience to drive your results to the next level.
Also, you can communicate with other players via chats. You can follow your favorites and build up a large workout group. One of the best aspects of DeFit is its easy onboarding. You simply connect your metamask wallet and your wearables to begin. From there you gain access to training classes, coaches, and real-time data to fuel your results.
Defy
Defy is another move to earn applications that raised eyebrows during its fundraising campaign. Defy managed to secure $3.5M to take its concept to the masses. Defy leverages AR adventure gameplay to improve its fun factor. The platform makes you into a hero who must battle against a treacherous corporation in the future.
You will need to explore the virtual world in search of an attack vector to exploit. These vectors enable you to steal FCOIN from the evil corp and build up your rewards. The more FCOINs you hold and the more types of gameplay become available.
Users secure DEFY tokens for their efforts which can be traded with others on DEXs. Notably, Defy leverages the layer 2 Polygon network to remain scalable. Polygon is a layer 2 solution that was designed for Ethereum development. It’s currently the most popular layer 2 option for Ethereum coders due to its reliability and performance.
Move to Earn – A cool Concept with a Bright Future
The move-to-earn market will continue to expand for the foreseeable future. You may even see a day when every gym rewards you in some form of token for your efforts as part of the evolution of this technology. For now, it’s cool to see the concept expand as more developers put forth innovative efforts. Use their creativity to secure rewards and stay healthy in 2023.