With the continuance of a crypto-winter, many industries in Web3 and blockchain technology remain in complete turmoil. We have seen countless projects fall off the map, reduced investments, and less active users on platforms. One of the industries that have been affected by this bear market is the Move-to-Earn industry. With companies that were once taking crypto enthusiasts by storm, such as STEPN, laying off over 100 staff as per a tweet by Wu Blockchain, and GMT price crashes leaving investors concerned, there is room for new competitors in the space to fill the gaps that are being left open.
With that being said, the emergence of competition in the Move-to-Earn industry is still multiplying, with more STEPN comparable apps launching and more opportunities for breakthrough business models that can bring the industry back to life.
Here is a breakdown of the top 5 apps that have the potential to save Move-to-Earn and reignite the excitement towards the industry.
- Sweat Economy
Sweat Economy ($SWEAT) is a Move-to-Earn app that allows users to earn tokens by getting their bodies moving, similar to other apps in this area. This project is significant because it is labelled as the “next evolution” of the Web2 Sweatcoin ecosystem, which was the most downloaded health and fitness app in 2022. Both apps coexist and are run by the Sweat Foundation.
The Sweat Economy website claims to have 120,000,000 million users, whilst the Sweatcoin website has 100,000,000. As the apps run side by side, it can be assumed that most of the users from the Sweatcoin Economy are from the original Sweatcoin. This project has potential purely because of its long history and popularity before it became Web3. This means it has strong backing and credibility, with many previous users already familiar with the project.
- DotMooves
DotMooves has the potential to be a breakthrough, as it is one of the first projects to use AI technology in the Move-to-Earn industry. It is an AI, blockchain, and NFT hybrid where you can challenge other players on the network through its peer-to-peer system. This project differentiates from STEPN, as you must walk or run to earn $MOOV tokens which is tracked through a GPS system. Also, when you upload a video, an AI referee acts as an anti-cheating checker. This means you cannot cheat when performing manoeuvres you would be rewarded for. The tokens earned can be used to purchase and upgrade avatars and other in-game purchases.
As it is a P2P system, players can have competitions in which the AI reads and detects movements, comparing the players to each other and assessing their talents.
- PUML Better Health
PUML Better Health is the 2022 award-winning rising star of the Move-to-Earn industry. After launching their native PUMLx token recently at the beginning of October on ByBit, Kucoin, and Gate.io, they quickly made it into the top 10 Move-to-Earn apps, according to CoinMarketCap, with a high trading volume. The Australian-based platform allows users to earn the token by completing daily healthy habits such as steps, meditation, and exercise. The token has many unique utilities, such as staking, asset swapping, and purchasing NFTs from their upcoming WearX genesis collection, unlocking further gameplay.
Unlike the existing Move-To-Earn projects that focus on the Web3 community and token speculation, PUML focuses on onboarding Web2 companies into Web3 by creating a rare ecosystem built for sustainable growth on a global scale and a user-friendly interface and business model. The company has successfully partnered with corporate companies such as LVMH, Deloitte, and Western Union as well as the Worlds #1 Olympian BMX rider, Logan Martin.
- Step App
Step App is another app that is taking off now, with their in-game governance token $FITFI, which is used to stake $KCAL. Similarly to the STEPN app, users must stake upgradeable NFT sneakers before they are able to make money using the platform. However, the KCAL token has a real-life use case as it can be used to participate in competitions where users can win sneakers.
Step App, in contrast to other M2E platforms, is entirely community funded; it recently held a strong holder offering (SHO) with DAO Maker and debuted with a market cap of $348,000. Last month, Step App also announced Olympic legend Usain Bolt as their ambassador for the new private Web3 gamified metaverse testnet launch.
- Wirtual
Wirtual works similarly to the other Move-To-Earn apps where you earn cryptocurrency for walking, running, or any other exercise. However, Wirtual has a slightly different business setup. When users acquire Wirtual coins in their Wirtual wallets, users are assigned to one of the seven tiers of holders. The higher the tier, the more earning potential you unlock.
The platform also offers an NFT store where users can buy different NFTs to increase their daily earning potential. Without any bonuses provided by holding NFTs, this works out to about 6.5 cents per day for default users and $1.95 per day for Emerald users. The more coins they have in their wallet, the higher the tier. This is earned by completing the fitness challenges to earn more coins.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
