Did you know that you can earn cryptocurrencies by simply working out? As cryptocurrencies are slowly gaining popularity across the globe, several services have started offering crypto-based rewards to incentivise more and more users in completing various tasks. Play-to-earn games are a prime example. Here, users can earn cryptocurrencies or NFTs by playing and completing in-game tasks. Move-to-earn is an up-and-coming technology that follows a similar funda, incentivising users to earn crypto by completing fitness-oriented tasks.
Move-to-earn appears to work similar to Pokémon Go, the augmented reality (AR) game that became a sensation upon launch back in 2016, making users venture out of their homes to catch elusive Pokémons in real-life locations. Just like Pokémon Go, move-to-earn apps also incentivises users to take up fitness with a renewed gusto, thanks to the promise of crypto rewards.
Let’s take a closer look at move-to-earn apps and understand how they function.
Who coined the term ‘Move-to-earn’?
The earlier reference to move-to-earn can be traced back to STEPN, a Web3-based lifestyle app that was launched in September 2021. STEPN rewarded users with crypto and NFTs for completing fitness tasks, which can range from finishing a workout or even completing your morning run.
How do move-to-earn apps work?
To understand how move-to-earn works, let’s take up the example of Fitmint, India’s first Web3 fitness app.
Once you download and start using Fitmint, the app will use your phone’s exercise-related data, recorded by your device’s accelerometer and GPS while you are working out to convert calories burnt into data that can be further converted into the Ethereum blockchain-based native crypto token of the app, called $FITT.
Most move-to-earn apps have their own native tokens similar to $FITT.
So, how can you earn real-life money via Fitmint?
When you use Fitmint, after you register, you will have to pay a certain amount to mint a virtual sneaker NFT. The sneaker will have several attributes, such as sneaker level, energy, and sneaker health. You can use your $FITT tokens to improve your NFT’s value by boosting its different attributes and selling it later on.
Now, you can either choose to continue improving your sneaker NFTs value by using the $FITT tokens that you earn, or you can sell these tokens via marketplaces or third-party exchanges to convert your cryptocurrency into real-world fiat currency. While Fitmint doesn’t have a native marketplace yet, it plans to introduce one soon.
Apart from minting NFTs and trading tokens, some move-to-earn apps also allow users to stake their tokens, letting them earn passive income when they aren’t active.
Apart from STEPN and Fitmint, there are several more move-to-earn apps that you can explore including the likes of MetaGym, SweatCoin, Step App, OliveX, Galvan, GenoPets, and Calo Run.
It’s advisable to read the terms and conditions of any app carefully and get a thorough understanding of the reward structure and encashment procedure (along with all incurring taxes) before deciding to start using one.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.