What is Move to Earn? DeFi new trend details
- 1. What is Move to Earn?
- 2. History of Move to Earn
- 3. Potential of Move to Earn
- 3.1 Crypto Runner
- 3.2 The perfect combination of Move to Earn and GameFi
- 4. Features of Move to Earn products in the market
- 5. What is the difference between Move to Earn in Crypto and the traditional market?
- 5.1 NFT Leverage
- 5.2 Opportunity to profit and return capital
- 5.3 More care and detail for Move to Earn
- 5.4 True Ownership
- 6. Will Move to Earn become one of the links to the traditional market?
- 6.1 Potential Market
- 6.2 Applicability with high practicality
- 6.3 Interoperable NFT
- 7. Challenges of Move to Earn
- 7.1 User drop issue
- 7.2 The necessary conditions to join
- 7.3 Gameplay
- 8. Move to Earn products on NFT
- 8.1 STEPN
- 8.2 Genopets
- 8.3 DEFY
- 8.4 OliveX
- 8.5. Metz
- 9. Should you invest in the Move to Earn trend?
What is Move to Earn? Many investors are entering the DeFi market to learn about this new type of Blockchain. What potential and difficulties will the Move to Earn trend bring in the future? Let's find out with BHO Network in the most detail through the article below!
1. What is Move to Earn?
Move to Earn is a type that allows users to earn money through daily physical activities such as football, jogging, walking,... using sensor technology to measure the player's movements.
The Move to Earn project uses software to recognize and track steps with mobile devices such as Smart Watch and Smart Phone to collect data about your body's activities. The application will then convert the data and data into assets in the user's application.
Move to Earn is a type of helping users earn money through physical activities
2. History of Move to Earn
With the Play to Earn trend storming the Crypto market in 2021 with games like: Axie Infinity, Crypto Blade... making the GameFi market hotter than ever.
But by 2022, Move to Earn as a new wave with two shots named Genopets and stepn, is attracting a lot of attention from the community at the moment. Why draws us back a bit to mid-2021.
Axie Infinity is one of the stormy games in 2021
In the context of the world living with the epidemic, staying at home is like a torture and gamers are no exception. Finding for yourself the hand-tied games Move to Earn is like a tonic to hit the psychology of current users.
The Move to Earn project started with Genopets and was developed on the Solana ecosystem. Genopets chooses to approach the majority of users in the market by allowing gamers to customize with Dual-Earning mechanics.
Users can choose to play for free with the free NFT pet at the beginning of the game (or buy eggs) in the Marketplace as they please. But the new Genopets is in the testing phase and the game system has not been completed, so it has not created much buzz for the community.
As for stepn in the victory in Solana Ignition Hackathon in the Gaming Track array in 2021 and was a beta, that time was not paid much attention. But until Binance Launchpad announced their 28th project, stepn (GMT), the Move to Earn keyword was really much more interested.
3. Potential of Move to Earn
The outstanding advantage of Move to Earn is that players do not use phones and computers 24/24. Instead, the player must be physically active for a short period to receive the reward. Therefore, the potential of Move to Earn is the bridge to promote Non - Crypto access to Blockchain.
3.1 Crypto Runner
Currently, many people are starting to be interested in running for a few reasons such as:
- After the Covid pandemic, many people have become more conscious of their health and are active. Participate in outdoor activities.
- The rising inflation rate and the tense war between Russia and Ukraine have pushed gasoline prices higher.
- The concepts of emissions and environmental pollution are increasingly being mentioned. Encourage people to use clean energy and save energy by walking to work.
Trend Move to Earn will promote people's adaptation to Blockchain. Just converting a small fraction of running software users through Move to Earn apps is huge for the NFT market community.
Trend Move to Earn has huge potential when it comes to getting the most out of the runner file
3.2 The perfect combination of Move to Earn and GameFi
The concept of Move to Earn has been around for a long time. Many apps try to create an ecosystem where players will be rewarded after a run. That reward is then used to redeem for life use coupons. However, cites almost all fail due to rapid depreciation and system collapse.
Currently, Move to Earn seems to have found the missing piece when GameFi appeared. With the benefits of crypto and NFT, GameFi allows users to own the rewards the game offers. Move to Earn results can be used in-game or for displaying and trading NFT rewards.
In addition, Move to Earn has great potential when it is possible to use AR or VR technology in running activities. At the same time, it helps promote Metaverse to develop more on the Blockchain platform.
Move to Earn and GameFi are the perfect combination for users in the market
Read more: What is NFT Marketplace? How to create NFT Marketplace
4. Features of Move to Earn products in the market
As above, you already know the potential of Move to Earn in the future will attract a lot of players to join. The characteristics of this new product on the market are also diverse, which is shown through:
- NFT mechanism, Marketplace: Keeping up with market trends, Move to Earn projects use the NFT mechanism and have their own Marketplace. For players to conveniently manage and purchase products.
- Gameplay: True to the name STEPN or GENOPET always focuses on transforming the player's daily physical activities into valuable in-game rewards.
- Sensors and GPS Apps: To pay players fairly, the games in Move to Earn use GPS and sensor technology. This application technology not only serves the game but also avoids player fraud.
Move to Earn overcomes the disadvantages that other games can't: no need to be in contact with a phone or computer 24/7. Because players must be physically active to convert valuable rewards in the game.
STEPN always focuses on converting energy into rewards for players
5. What is the difference between Move to Earn in Crypto and the traditional market?
Move to Earn is not new because you can effortlessly search with the keyword "walk to earn" on the App Store or CH Play. But at first, Move to Earn was not too popular because the reward was not highly applicable and not commensurate with the effort spent.
But with the development of DeFi and NFT, the games in Move to Earn are improved and more complete for the following reasons.
5.1 NFT Leverage
NFT (Non-Fungible Token) is a Token with unique properties and not easily replaced by other tokens. Therefore, NFT is suitable when combined with GameFi to create items owned and attached to each player's unique identifiers.
Using NFT in combination with Move to Earn helps bring value to each player's activity. When spending about 10 SOL for each NFT Sneaker, it will be a motivation for players to run at maximum speed in real life.
Some NFT in Move to Earn
5.2 Opportunity to profit and return capital
GameFi allows users to recover their investment in less than a month and then continue to increase profits. For some users, playing games brings in a daily income that can reach tens or hundreds of dollars if worked hard.
5.3 More care and detail for Move to Earn
To attract users and increase market share in the GameFi, game developers pay close attention to Gameplay, sensor systems or GPS. The game will be played smoothly and healthily in the meticulously designed Gameplay interface.
The rich gameplay, the optimal cheat control and management system keep players loyal to Gameplay. Especially the enthusiasm and enthusiasm of the development team for the project. Because according to the mentality of a player who invests a large amount of money and always maintains it regularly, the benefits the player receives must be commensurate.
The interface in Gameplay is meticulously designed to give customers a great experience
5.4 True Ownership
The inherent feature of NFT combined with GameFi has brought real value to players in the current Move to Earn model. Now, motivated by valuable rewards, players, not NFTs, with characteristics such as:
- Eternity: NFTs last forever with the information. The information contained within the token yields on Blockchain networks.
- Uniqueness: Each NFT has its own fixed properties and contains its own information. Even if the generated NFT is identical, the token will still have different characteristics from the previous Token.
- Ownership: The player will be the owner of the in-game items in the form of NFTs. As such, players have full rights to use NFT in various ways.
Players can exchange NFT in different forms
6. Will Move to Earn become one of the links to the traditional market?
According to the above information, Move to Earn has a lot of potential on its own in the GameFi market or can go further in the Metaverse market.
6.1 Potential Market
The future potential of the Move to Earn project does not stop in the De but will develop widely with Non-Crypto when health issues are of great interest to everyone.
6.2 Applicability with high practicality
Move to Earn is a bridge to push users closer to Blockchain technology to help expand the market and connect with real physical activities. In the future, Move to Earn can expand to other activities such as cycling and fitness... through smartwatches to increase the convenience of activities.
In addition, Move to Earn is also applied in events such as running short distances, running Marathon... to reach more customers and affirm its reliability in the market.
Move to Earn combines with actual physical activity to generate profits for players
6.3 Interoperable NFT
Interoperable NFTs are NFTs that can be used on many different platforms. NFT rewards and items are created and stored on Blockchain technology, all tradable on the same network when the same game title.
7. Challenges of Move to Earn
Along with the potential in the future, the challenge of Move to Earn is also an issue you should pay attention to. The decrease in users, the conditions for players to participate, or the restriction on gameplay are also disadvantages of Move to Earn games in Blockchain.
7.1 User drop issue
The users in the market are in a downtrend phase. Players will focus on accumulating and withdrawing profits within a certain period when a new game comes out. For Move to Earn, the player file for health has also been determined, but declining player numbers is still an inevitable problem.
When new games appear, users tend to focus on investing and recovering profits
7.2 The necessary conditions to join
NFT is an exclusive property, so the value to own is not tiny. Therefore, file user potential will be limited without changes and learning from the traditional game model.
Limitations in terms of gameplay need to be cared for and improved. Instead of following the Move to Earn instant noodle game, you should follow the collectable gameplay to maximize the profit from the item.
However, the change is not easy when the GameFi is going with the flow, and the type of Move to Earn will be more complicated because the activities in the game require the design to suit current technology.
Move to Earn according to the gameplay that maximizes profits from items
Read more: What is IPFS? Details about the potential of IPFS in Blockchain
8. Move to Earn products on NFT
The Move to Earn model has not been popular and widely developed. Only a few typical products by type include STEPN, GENOPETS, DEFY, OLIVEX, METZ.
- STEPN is a health project combined with GameFi elements built on the Solana platform and is also the most explosive project at the moment.
- To start participating, players use NFT shoes for real-life jogging with GPS monitoring to earn tokens for the exchange of profits on the exchange.
Highlights of STEPN: The STEPN health project has two salient features:
- Stepn is an App on the phone, users can download it easily via the App Store or CH Play.
- The interface integrates Marketplace and wallet stored on the same App, so users can easily use it.
Sensor features of STEPN
Genopets is a project to nurture Genopets designed through the form of Move to Earn. The form of operation of Genopets is through the data from the touch application to convert into experience to upgrade the pet to participate in the battle in the next stage.
The Move to Earn elements of Genopets
Genopets invest a lot in GameFi , so it has its mark. Since then, Genopets has created many valuable rewards and promoted physical training habits for players. Currently, the project is in the Beat test phase and will release the Mainnet in the future. Therefore, Gene may enter a period of strong growth shortly.
Potential of Genopets
Genopets has released GENE - Gorvenance token of the project. To compare with Stepn's GMT, ' Gene is quite Genopets modest, it can be said that this is a reasonable investment choice if users miss the opportunity to invest in Stepn.
In addition, Genopets has 2 main NFTs:
- Genopets: the current selling price is about 20 SOL (2000USD) with a quantity of 3000 fish, the price is quite high with the quantity relatively small.
- Habitat: is another NFT concatenated from Genopets cryptocurrencies.
Genopets interface in the game
Brief about the DEFY project
DEFY is a project combining Move to Earn and Metaverse, which is more memorable when adding more AR, GameFi,...The project is gradually being completed and preparing to launch the Alpha Launch project. In the future, there will be investment cooperation with projects such as the sale of Genesis Mask NFT, Land and IDO.
DEFY project development roadmap
Roadmap Detailed development roadmap of the DEFY
Overview of the OliveX project
OliveX is a special project with the desire to create a fitness and sports experience based on Blockchain technology through cooperation with brands in this field. With the vision of creating Mateverse for physical activities, OliveX is currently collaborating and investing with projects such as Sandbox, Genopets and DEFY.
OliveX also develops its own products, such as Dustland Runner (for running), and Dusland Rider (for cycling) that measure player performance using Bluetooth and sensor technology.
OliveX is a project to create a fitness and sports experience
The Metz project is in the early stages of construction, expected to launch in 2023. Metz is following Stepn's development in monetization and product building.
The Metz project is about to explode after the Stepn
9. Should you invest in the Move to Earn trend?
The Move to Earn trend is still new because currently only two projects have been built, but it has attracted the attention of large funds such as FTX, Binance Labs,... It can be seen that Move to Earn has a lot of elements. New developments for DeFi in the future.
Because the trend is still relatively new, the opportunity to participate in the game is many. You can hunt for NFT tickets or get free NFTs by completing some simple tasks in project channels like Discord, Telegram, etc. However, the opportunity will be less when this trend. widely disseminated.
Move to Earn is trending in DeFi in the future
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Through the above shares of BHO Network, you have understood what is Move to Earn and the information surrounding this project. Hope this article answers your questions. Follow us to find out more articles about other projects in the DeFi market!
Published on May 19, 2022
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