There are many opportunities in the world of cryptocurrency and blockchain technology. For example, this week, moving to earn currencies is a hot trend, even though they remain other niche projects. Getting people to move around and earn coins can be a viable business model.
The Concept Of Move To Earn
Unlike play-to-earn, the move to earn projects do not require any upfront investments. Instead, users receive monetary rewards for moving around by foot, bike, or other ways. The more time one spends moving around; the more one can earn. It is a simple concept that may not necessarily be sustainable in the long run. However, there are more projects in this space than one may think.
While move to earn is a niche market, the concept holds merit. People need to move around more and improve their health, instead of sitting on a chair or lying in bed all day. One way to get more people to move about is y paying them for doing so. With current technologies – including step counters, augmented reality, GPS, etc. – it is relatively easy to keep track of activities and associate rewards for certain milestones.
StepN, as a Web3 lifestyle app with SocialFi and GameFi elements, is an intriguing example. Users can equip NFT sneakers and spend outdoor time earning tokens and NFTs. Unfortunately, it is one of the few concepts that require an upfront investment, but there are ways to get in a bit cheaper. For example, the NFT sneakers can be rented at no cost, introducing profit-sharing potential between multiple players.
The NFT aspect of projects like StepN makes it popular today. Whether that popularity will remain in place is impossible to predict. FindSatoshi Lab, the creators of this project, seems to have long-term ambitions. The in-game token structure hinges on $GST and $GMT, which serve different purposes. Creating sustainability is essential where rewards are concerned, which may be a tall order for the move to earn projects.
Where Is The Money Coming From?
Everyone would like to be paid for something they already do every day. For the move to earn projects, it is about getting people to walk or run more often. Those who already do so can – in theory – earn lucrative rewards without extra effort. Moreover, these ventures will often receive initial backing and funding from investors. However, it is essential to create long-term sustainability for monetary incentives, which means there needs to be an income by the developers.
That is one downside of using move to earn projects today. There is no indication of any sustainability for income, either for the developers or the users. Moreover, many projects limit the number of people who can join, creating artificial and unnecessary barriers. The concept of being paid to walk, jog, and run is appealing, but there is much work to do in this industry today.