Move-to-Earn is a category of cryptocurrency projects where users earn tokens for running or walking.
The opening of 2022 was the StepN project. The absence of direct competitors and well-developed game mechanics allowed the native GMT token to reach a maximum of $3.8, and the market capitalization at the moment reached $2 billion. A wave of hype created a high threshold for entering the game: an NFT sneaker cost more than $1000, which did not allow everyone to join the process.
But the crypto market has made its own adjustments. Over time, obvious problems of the Move-to-Earn sphere were revealed, the main one being the difficulty of building a deflationary structure of the economy. Simply put, it is extremely difficult to ensure the demand for NFTs and native tokens so that the value is constantly growing.
The new projects were designed to address the shortcomings of StepN and try to take a leadership position in the industry. Here are the TOP 5 Move-to-Earn ecosystems that are most actively developing at the moment:
Sweet Economy
The Sweetcoin project went public on major exchanges on September 13th. The listing immediately took place on KuCoin, OKX, FTX, Huobi and some other platforms. Right before the release of the token, a public coin sale was held by the largest IDO accelerator Dao Maker.
Interestingly, the preparatory stage and the marketing campaign lasted for 4 months. Users tested the mobile app, earning SWEET coins for steps. Many have created auto-clickers and entire farms from accounts in order to receive impressive rewards after listing. Others believed that Sweetcoin would never enter the market. From the first unlock, the project distributed 10% of the coins to users. The rest will be distributed over the next 2 years.
To start the gameplay, you need to download the application itself and a separate step tracker. You can increase your income with the help of in-game purchases of tokens.
SWEET is trading at $0.018 with a market capitalization of $60 million (according to Coingecko).
Sweet token price dynamics (Coinmarketcap)
Step App
One of the leaders in the segment of developing a mechanism for paying out tokens for activities. The native FITFI token is deployed on the Avalanche blockchain and has also been launched on Dao Maker. On the token sale, the project raised $2.75 million, allowing investors to earn more than 100X, given the historical maximum of the token.
Interestingly, the project still does not have a public application. Immediately after the listing of the token, its development began, which is currently at the stage of closed testing. FITFI stakers on the site get the opportunity to win Lootbox with NFT to avoid buying it from the market in the future. Also, during the operation, Step App managed to release its own DEX platform, another KCAL token, create a cross-chain bridge and a separate launchpad.
FITFI is priced at $0.05 and has a capitalization of $45 million. Step App has suspended the payout of coins to early investors with Dao Maker to reduce selling pressure on the price and encourage value appreciation.
FITFI Token Staking Page
Walken
Move to Earn project on the Solana blockchain. The WLKN token has been trading on the Huobi, Bybit, Gate exchanges since August 2nd. Access to the game gives ownership of the in-game NFT, which is called the CATthlet. Early in the development of Walken, CATthlet was available for free and upgraded with steps. But users quickly provoked a situation where the transition of NFT to a new level required financial investments.
WLKN is trading at $0.05, having reached a high on August 12th at $0.095. The market capitalization of Walken is $13 million. It is noteworthy that the WLKN token is one of the few that demonstrates good price dynamics in this segment. The fall from the point of the historical maximum is not too large, and the minimum has not been updated for 2 months.
NFT CAThlet in the Walken application
Genopets
The project is building an entire metaverse in the Move-to-Earn format called Genoverse. The GENE token deployed on Solana has been trading on exchanges since November 2021, which means it is one of the “oldies” and founders of its niche. In the game, ordinary NFT Genopet are available, which are given to each user for free. The Genopet Genesis is an improved version of the pet, limited to 3218 pieces. Characters must be developed in a separate environment called Habitat and Habitat Genesis. The result of developing a pet is to receive an in-game KI token. There are also additional attributes in the form of building crystals and special seeds that allow you to improve the environment inhabited by game characters.
Despite the long history, the project still does not have a ready-made application for tracking steps. Access to the closed beta is given, for example, by a role in Discord, ownership of NFTs, or completing quests available on the site. You can earn money by pumping and selling upgraded Genopet by growing crystals on rare Habitats and reselling them.
Capitalization of GENE – $8 million.
Genopets Leaderboard
Dose
Not the most popular project in the sphere, but interesting nonetheless. Instead of the traditional running or walking, users have to ride around the virtual planet on a real bike, which is designed as an exercise bike. For overcoming kilometers, riders receive rewards in the DOSE token, which works on the Ethereum and BSC networks. Team levels, missions and various challenges are also available.
Later, with the development of Move-to-Earn, Dose began to integrate the “traditional” branches for the industry with NFT, step tracking, metaverses and other functions. The DOSE token itself is an abbreviation for the chemicals that the player receives during the process - Dopamine, Oxytocin, Serotonin, Endorphin.
The native token has been trading on exchanges since November 2021. The current cost of DOSE is $0.008, the capitalization of the project is $3 million.
DOSE gameplay illustration
What are the top 5 move-to-earn projects like StepN?
Move-to-earn projects are gaining popularity as they incentivize physical activity. Here are the top 5 move-to-earn projects like StepN: 1. **Sweatcoin**: Sweatcoin rewards users for walking and running with its Sweatcoins, which can be redeemed for various goods and services. 2. **Runtopia**: Runtopia provides rewards in the form of virtual coins for every step you take, which can be exchanged for fitness accessories and other products. 3. **Lympo**: Lympo uses blockchain technology to track users' physical activity and rewards them with LYM tokens, which can be spent on fitness-related items. 4. **Fitcoin**: Fitcoin is another project that rewards users for their physical activities. It uses a combination of GPS and health data to track performance. 5. **Charity Miles**: While not a typical move-to-earn project, Charity Miles allows users to accumulate miles during their workouts, which translates into donations to selected charities.
