The cryptocurrency market price rise has accelerated the uptake of the previous play-to-earn and move-to-earn Web3 applications. With prices moving upward, rewards from these platforms are starting to increase, causing a flood of users back into these Web3 GameFi projects.
With Bitcoin pushing past $23,000 this week, popular move-to-earn platforms are seeing significant gains. For example, Sweatcoin (SWEAT), a relatively new competitor in the space, is up by a strong 20% this month. However, the market leader in the M2E space is undoubtedly STEPN, which saw an enormous 125% price explosion over the past 30 days.
The new market surge is helping the move-to-earn sector to make a strong comeback. Despite this, there are still some inherent problems with today’s move-to-earn heavyweights, and one solid upcoming project has the potential to revolutionize the sector. The new project is changing the dynamic of move-to-earn, and investors are quickly rushing to get involved as they believe it could outperform its competitors in 2023.
To find out more, keep reading.
Move-to-Earn Making a Comeback
The move-to-earn sector is an area of Web3 that correlates with GameFi. In a nutshell, the sector rewards users for completing specific tasks by gamifying the platform. In the move-to-earn sector, users of these Web3 platforms earn rewards for keeping active and “moving” – specifically, walking, jogging, or running.
In the case of STEPN, users have to purchase NFT Sneakers from the platform, and then they have credits to start making “steps” to earn rewards. Each NFT Sneaker comes with a specific amount of “STEPN time,” allowing them to earn during this activity window.
STEPN launched in late September 2021 and quickly caused a buzz within the market. Users quickly rushed to the platform, hoping to earn a secondary income by maintaining a healthy lifestyle. As a result of the hype, STEPN soared during the crypto bull run in 2021, reaching a peak market cap of $2.2 billion in April 2022. During this time, STEPN was by far one of the largest Web3 ecosystems in the industry, boasting over 700,000 monthly active users.
Unfortunately, the cryptocurrency market collapse caused a mass exodus from all Web3 platforms as the rewards started to dry up. Today, the number of monthly active users dropped from above 700,000 to the current 45,000 level.
The market cap for STEPN started to capitulate, hitting a low of just $138 million at the start of January 2023. The combination of falling prices caused rewards from the move-to-earn platform to drop, leading many users of the platform to leave as their income from steps tumbled.
However, the recent market recovery is starting to bring some attention back to these Web3 platforms as users begin making money again. It seems that the daily active users are starting to undergo a reversal;
We can also see a notable increase in the daily transactions per user, indicating that the current player base is starting to engage with the platform more consistently as they begin to earn more rewards;
If the price of the rewards token can continue to increase, we can expect more users to flood back into these move-to-earn ecosystems.
SWEAT and STEPN See Incredible Gains and Outperform Bitcoin
With Bitcoin climbing by a substantial 35% over the past 30 days, it is no surprise to see the altcoin market surging alongside it. Likewise, notable projects in the Web3 sector have seen remarkable growth in January 2023, with projects such as Axie Infinity surging by an impressive 75%. The play-to-earn sector is relatively similar to the move-to-earn industry in the sense that they see user growth during times when their rewards increase.
The difference between play-to-earn and move-to-earn lies in that move-to-earn is pretty much monopolized by STEPN. Although there are other projects in the space, they have yet to come close to challenging the market leader, which currently sits on a $400 million market cap making it the 104th largest cryptocurrency in the industry.
The closest competitor to STEPN in the move-to-earn sector is Sweatcoin – the Sweat Economy. Unfortunately, relative to the overall market, SWEAT has seen a somewhat muted price surge over the past month – only being able to climb by around 20%;
Nevertheless, Sweatcoin is still clinging onto an impressive $50 million market cap with the current price of $0.0125 per SWEAT.
The stand-out project in the move-to-earn sector is undoubtedly STEPN. The growth of the GMT Token, the native token behind the platform, has been genuinely remarkable this past month. Over the past 30 days, STEPN managed to surge by a very impressive 125%, pushing the coin as high as $0.65;
This makes STEPN the 7th highest-performing cryptocurrency in the industry this month, according to CoinMarketCap;
The problem with Move-to-Earn
Although users are starting to return to these move-to-earn fitness applications, there are still some issues with the current economic model surrounding these projects. Although keeping an active lifestyle and earning from it is very attractive, the economic model doesn’t seem to add up.
For example, in the case of STEPN, users are first required to mint an NFT Sneaker before they can participate in the ecosystem. Then, users have to choose the type of sneaker they want through the kind of activity they intend to do; walking, jogging, or running.
The problem is that many of these NFT Sneakers have a specific amount of time that allows the owner to earn in. For example, a common sneaker comes with two energy points, meaning the user can only earn for a period of ten minutes. Obviously, ten minutes isn’t enough to maintain a healthy lifestyle, so users either have to upgrade their sneakers or purchase expensive NFT Sneakers with more energy.
As a result, users often have to make a hefty investment in these NFTs and then complete a certain number of steps before breaking even on their investments.
Adding further to the problem is that users can only ever earn from taking steps through walking, jogging, or running. This is apparent across all the move-to-earn fitness applications. They position themselves as lifestyle fitness applications but only provide rewards for a minimal subset of exercises.
The fallout from this is a flimsy user base that comes and goes according to the rewards, which is reflected in the price of the token.
Although the model behind these move-to-earn applications is questionable, one upcoming project seeks to totally revolutionize the entire move-to-earn sector by rewarding users for a wide range of exercises – forming a complete fitness and lifestyle ecosystem.
Meet FightOut – a project that puts a personalized fitness trainer right in your pocket.
FightOut – The True Lifestyle Fitness Application
FightOut is a move-to-earn platform that rewards users for completing workouts in the gym or their own homes. It is a M2E fitness application and gym chain that gamifies the fitness lifestyle industry by rewarding users for a wide range of workouts.
Gamification of the fitness industry has motivated hundreds of thousands of users to take the first steps into leading a healthier lifestyle. Still, FightOut wants to push the boundaries of the sector and become the bridge between Web2 and Web3 by creating a string of Web3-integrated FightOut gyms in prominent locations.
The thing that sets FightOut apart from competitors in the move-to-earn sector is that all the workouts are personalized to a user’s goals and ability. Furthermore, there are no expensive NFTs to purchase before earning, and you get rewarded for more than just taking steps.
Overall, FightOut is on a mission to create a complete ecosystem that provides rewards for actually living an active lifestyle in its truest sense.
Meet the FightOut App, Putting a Personal Trainer in Your Pocket
At the heart of the FightOut ecosystem lies the FightOut Companion application, designed to provide everything a user would need to get into Fighting Fit shape.
The application will feature personal exercise routines and on-demand workout classes for users to start getting active and earning. Furthermore, the application also features live sessions, which can be attended in-app or at a local FightOut gym.
The workout routine is tailored for the user when they sign up, and the application tracks workouts and measures the progress and achievements of the user.
Users are requested to fill out personal information to tailor an exercise routine when signing up. Some of the information required includes the following;
- Goals for exercising – i.e., losing weight, maintaining weight, or increasing muscle mass.
- Fitness background – i.e., how long a user has been exercising.
- Available equipment – i.e., exercise bikes, dumbbells, resistance bands, etc.
- Location – i.e., the user’s location.
- Desired workout types – i.e., what type of exercises the user is willing to perform.
- Time availability – i.e., how many days a week can a user exercise and how long.
After filling out this information, the FightOut Companion application will generate an expertly crafted and personalized exercise routine for the user to follow. Each exercise is explained in the application through a high-quality instructional video led by the head coaches and personal trainers at FightOut.
The great thing about FightOut is that it rewards users for a wide variety of exercises, which include the following;
- Strength and Conditioning training
- High-Intensity Interval Training
- Mobility
- Cardio
- Boxing Training
Furthermore, as mental fortitude is a strong factor in getting into “Fighting Fit Shape,” FightOut rewards users for mental health exercises, including meditation and yoga. Taking the utility further, nutrition, sleep, and other healthy metrics can also be tracked in the application, putting a user’s progress and health stats in one location.
Once the workout schedule is crafted, users are rewarded for completing workouts and challenges, earning badges, and growing the community
Users can earn REPS tokens in the game as they work out and complete the fitness challenges. The amount of REPS earned is based on the specific activity undertaken, difficulty level, and duration. In addition, the REPS can be redeemed for special rewards in the application, such as discounts on memberships, remote consultations with FightOut coaches, and purchases in the FightOut stores.
Soulbound Avatar Changes NFT Dynamics in Move-to-Earn
Another reason to get excited about FightOut is its Soulbound Avatars, representing a user in the FightOut metaverse. The avatar will allow users to enter competitive leagues, tournaments, and unique fight modes to win additional prizes. Additionally, users can mint their own digital NFT avatar when creating an account.
The best thing about this avatar is that it is non-transferable, meaning you can’t sell it to others. In addition, they won’t cost you hundreds of dollars to mint. Instead, the Soulbound Avatar is directly personal to the user, hence the name – soul bound.
Data collected from a user’s workouts go directly into the stat points for the avatar. As a result, users will see their Soulbound Avatar NFT developing directly in line with their efforts and progress through exercises.
FightOut Gyms & Famous Fighting Ambassadors
The last key to the FightOut ecosystem is the string of FightOut Gyms, designed to bridge the real world to Web3. The FightOut Gyms are designed to maximize move-to-earn opportunities for users, show off their avatars, and create a community of people on a journey to maintain a healthy lifestyle.
The Web3 integrated gyms will be fully kitted out with capture stations and smart equipment, allowing users to easily connect with their FightOut Companion application to increase their stats and progress in their workouts.
According to the whitepaper, the team has plans to open around 20 FightOut gyms globally across key locations in popular cities. The gyms will also be lifestyle zones that feature health bars, content creation studios, and co-working spaces.
In addition to the string of FightOut Gyms, the platform also can boast an ambassadors program, which already has four prominent ambassadors. The program aims to sign up pro combat athletes to promote the platform and interact with users via the FightOut metaverse. These ambassadors will attend live sessions and record instructional videos for users.
Two current ambassadors are UFC fighters – Amanda Ribas and Taila Santos. Another is a famous female boxer – Savannah Marshall. The final ambassador is Tremayne Dortch, a fitness influencer with a large social media following.
FightOut Unique Presale Rising in Price Every 12 Hours
The FightOut presale is very close to crossing the $3.5 million milestone. The current stage of the presale is selling the token for a price of $0.01727 USDT. Interestingly, the price of the FGHT token will now increase every 12 hours until the final price of $0.0333 on March 31, 2023.
Following the end of the presale, investors will be able to claim their tokens ahead of the central exchange listing of FGHT on April 5. The team has already announced listing on LBank, a significant exchange that facilitates over $1 billion in daily trading volume, and BitForex, which facilitates over $900 million.
Great news, #FightOutCrew! 🚀
Another CEX listing secured! 🔒#crypto #cryptocurrency #listing https://t.co/pNf9yC217i
— Fight Out (@FightOut_) January 17, 2023
The FGHT token will have a max supply of 10 billion and will be the utility token that powers the FightOut Web3 ecosystem. FightOut is a subscription-based service, and users that pay in FGHT tokens will get a 25% discount. Furthermore, users can use the FGHT token to pay to enter leagues and competitions, with winnings being paid out in FGHT.
Furthermore, users that invest in the presale now are entitled to a 50% purchase bonus, depending on how long they choose to lock their coins up for;
Overall, FightOut is undoubtedly changing the complete dynamics behind move-to-earn, bringing it into an era where it is closer to its namesake. By allowing users to earn from a wide variety of exercises and removing the requirement to purchase expensive NFTs before earning, FightOut is revolutionizing the space and creating a true lifestyle fitness application with sustainable rewards.
