Around March and April of 2022, Trend Move To Earn exploded, making the market exciting and the main highlight was the STEPN project Launchpad on Binance. Although 2022 is a very fierce and forgettable year, Move To Earn makes the market an exciting occasion.
So what is Move To Earn? Bringing Blockchain into Reality or Just a Cake. If you want to know exactly, let’s find out in this article!
To understand more about Move To Earn, you can read the following articles:
- What is STEPN (GMT)? Overview of Cryptocurrency STEPN
- What is Play To Earn? Trend Opens A New Era For Gaming
- What is Axie Infinity (AXS)? The Game That Started the Play To Earn Movement Exploding
- What is Open Campus (EDU)? Open Campus Cryptocurrency Overview
What is Move To Earn?
Move to Earn (M2E) is a concept in the field of cryptocurrency and blockchain, a model of moving to earn money such as jogging, playing football, dancing to music, cycling,… Usually Move To Earn associated with sports activities. This is a way to encourage users to improve their health and actively participate in sports activities. Income or tokens can be earned through a dApp on the Blockchain.
Move To Earn is a combination of Play To Earn and SocialFi, bringing dApp built on Blockchain to life and helping improve users’ health. But a big problem is that the Earn model still shows unsustainability, is only really useful and explosive in the early stages.
Normally, to participate in playing and make profits with this model, users must spend an initial amount of capital to lock Tokens or hold NFTs to participate. Then start playing and continue to upgrade your Level with the aim of earning more money in the future. But after reaching the peak of users, the Token will drop in price and no longer attract users.
The most prominent project and Lead trend Move To Earn is STEPN launched on Binance. STEPN’s management token is GMT, when the floor list was x10 compared to the Launchpad price, but since the floor list the price has continued to increase by more than 3000%. In addition, the Move To Earn trend also has a number of other projects such as dootmoovs, Step App,…
Mechanism of Action
The Move To Earn model will take place on a dApp to manage one or more activities related to health or more specifically, movement. To participate, users need a device such as a Smart Phone, Smart Watch, Wallet, Token or NFT. Depending on each project, there will be different activities or conditions.
Often users need to lock NFTs or Tokens to participate in activities to earn money. During the participation process, players need to upgrade their NFT or account as well as increase their Level to earn more profits.
When a large number of people start pouring in to play and buy a lot of Tokens to upgrade, the Tokens will increase in price or maintain their price. But when there are no more new people pouring in, the more minted bonus Tokens are issued, the Token price will decrease rapidly.
Advantages and Disadvantages of Move To Earn
Advantage
- Bringing Blockchain access and applications in life.
- Encourage users to improve their health.
- Help users earn more profits.
- Opens up an environment to organize tournaments or reach customers for big brands or buy and sell data.
Defect
- The model is not sustainable.
- There are many scams with the purpose of profiteering.
- Poor privacy.
Compare Move To Earn With Play To Earn
|
|
Move To Earn |
Play To Earn |
|
Model |
Move to earn money |
Play Games to earn money |
|
Benefit |
Improve health |
Entertainment |
|
Problems encountered |
Lack of sustainability |
Lack of sustainability |
|
Used over |
app on your phone or smart watch |
app or web |
Personal Projection About Move To Earn
Although Move To Earn is no longer attractive, what it has done is truly amazing. Bringing Blockchain applications to life, especially improving health as well as creating motivation for participants through rewards.
The problem is that this model is still not really sustainable, it is like the next person paying the previous person or a machine printing money without any reason to pay the user, so where is its value? Indeed, this problem has not yet been resolved because Earn is the initial key to reaching users but there is no real revenue source large enough to pay for this.
In the future, this model can still exist and develop and contribute to positively improving people’s health lives. It is possible to reduce profits from Earn and increase other revenue sources to create a sustainable model.
Summary
Anyway, Move To Earn is really helpful for social life. Promoting the application of technology in life will be through applications like this.
So I have clarified what Move To Earn is? Hope the article provides a lot of useful information!
