Is Move2Earn viable in the crypto market?
(Last Updated On: 12. January 2023)
The crypto scene was opening new markets in 2022 and using GameFi to attract more people to Web 3.0. Move2Earn and other models offer users the opportunity to earn money with blockchain applications. With this approach, crypto companies would like to bring as many new users as possible to Web 3.0. But is Move2Earn viable and can it survive?
The pioneer: Play2earn
One of the first concepts that enabled the acquisition of crypto assets on Web 3.0 was Play2earn, also known as GameFi. With GameFi, participants can earn crypto assets in certain online video games. Axie Infinity has established itself as one of the first games in this system. Blockchain games combine video games with financial solutions from the area of decentralized finance (DeFi), thus enabling a new type of gaming.
Hence, gaming is in this case not just a pastime, but also as a source of income. The GameFi sector is now enjoying similar popularity to DeFi. But to be fair: GameFi suffered a lot of its popularity in the bear market of 2022, and several people say that GameFi is dead and won’t survive. But let’s wait and see what will happen in 2023…
The key difference between blockchain games like Axie and a traditional video game is that the blockchain system offers the opportunity to operate a complex player-controlled “economy”: gamers are rewarded when advanced skills are achieved. As players achieve these advances, such as winning battles, they also earn crypto assets that have real monetary value.
In order to receive a bounty in the form of Smooth Love Potions (SLP), the game’s token, players can breed or participate in battles with their “Axies”. The connection between play and reward helps to keep players engaged and motivated over a long period of time. Now, let’s continue with Move2Earn.
Rewarding Sports Activities
Motivation and discipline are the major hurdles for people who want to exercise regularly. It just takes some time before seeing the progress, and most of the time you hardly notice the changes of your body. This is exactly where the Move2Earn model comes in: incentives in the form of crypto assets or upgrades are continuously offered.
An example of this is StepN. In this “game”, which started the test phase in 2022, users buy a digital sneaker as an NFT. Thanks to a sophisticated GPS system, you can use the app and the purchased shoe like a running app.
The special feature: you receive a reward in the form of the cryptocurrency “Green Satoshi Token” (GST) for the time you move.
The longer you’re at it, the more upgrades and better shoes you can earn, and thus get bigger rewards. The StepN company expects great success with their premium model, as they recognize a gargantuan market potential. Therefore, the company is considering sports a low-threshold opportunity to get these people into the Web 3.0 and let them earn money.
But there is a catch: In order to be able to start the game, a considerable amount of the cryptocurrency Solana (SOL) is required in order to be able to buy an NFT sneaker.
Hence, people must first invest before they can start. The cost of a shoe varies due to the volatility of the crypto market. For instance, a beginner’s shoe usually costs between $60 and $300. Is that maybe the reason why Move2Earn could not establish itself yet? Let’s delve a bit deeper into this question.
Why Could Move2Earn Not Establish Itself Yet?
To date, the Move2Earn trend hasn’t had a breakthrough yet. After an initial hype in spring 2022, the native M2E coin fell out of the top 100 again. For there are certain problems that make mass adoption difficult in the first version of Move2Earn.
Who would buy an expensive sneaker NFT if you haven’t invested in cryptocurrencies yet? Do the people want to track the steps or maybe monitor more sporting activities? Also, with minimal rewards, the added value compared to conventional fitness apps remains limited. Besides that, the rewards must be financed at the same time. If the income can be constantly generated only through NFT sales, the concept is more reminiscent of a snowball system.
But such problems are not unusual for new technologies and concepts. Move2Earn version 1 struggled with challenges. As these became apparent, crypto experts worked on to develop the concept.
What Could Change For Move2Earn In 2023?
Move2Earn-Kryptos must inevitably make an entry into the mass market for long-term success. Therefore, the responsible ones need to pay more attention to the conception that the projects are actively positioned for mass adoption.
So in 2023 the focus could (or should?) shift to fundamental development. At the same time, M2E coins must develop profitable business models that are not solely based on the sale of virtual NFT sneaker.
With Web3 adoption promising potential for a high-growth market around fitness, apps and the Metaverse, Move2Earn could once again become a crypto trend of 2023.
FightOut Connects Real Gyms To Web3 & Metaverse – The Best New Crypto In 2023?
The basic potential of Move2Earn should become visible at a time of the year when gyms can hardly save meet the demand. One step in this direction is made by FightOut which combines a real gym franchise they want to build in 2023 with the opportunities of the Metaverse.
After the start of the presale, the creators of FightOut were able to collect almost three million dollars in a very short time. Hence, the concept seems to be popular (but maybe it’s just another short-term hype like Luck Block?).
At the same time, well-known professional athletes from the martial arts scene have already been won for FightOut. With them, the founders want to increase awareness as brand ambassadors and also get involved in the everyday training at FightOut.
In addition to the real gym, there will be a Web3 application at the heart of FightOut that will provide access to the Metaverse. In the Metaverse you act with a virtual avatar that you can shape. Corresponding to the real training progress, the virtual avatar changes also in the Metaverse. There are fitness competitions, social interaction, customized training plans and much more.
Not only the concept seems to be attractive, but also the structure of the pres-ales. Until March 2023, you can buy the FGHT tokens and benefit from a bonus offer of up to 50%, depending on the blocking period and the investment amount. With them, you can later get a discount in the gym.
In total, the concept of Move2Earn doesn’t make a really progress but maybe it will get better with the FightOut. So we will have to wait and see.
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