What is Move to Earn in Crypto?
Move-to-earn in the context of web3 refers to decentralised apps (DApps) that combine the elements of gaming and financial incentives. The idea is similar to play-to-earn apps where players earn cryptocurrency by playing web3-based video games.
The move-to-earn idea has been around for many years but it only started gaining popularity in 2022. While some of these apps failed to deliver on the promise, apps like Fitmint have come up as shining examples of the concept and continue to deliver on the original promise of move-to-earn.
Move-to-earn introduces the elements of gaming to keep you fit while also giving you ways to earn free crypto. These apps work similarly to a daily step and activity tracker but also reward you for staying active. You need to complete your daily activity goal, participate in challenges and maintain consistency to earn the crypto using these apps.
How Different Platforms Use Move-to-Earn
Since its inception, different platforms have emerged in this space using different ways to incorporate move-to-earn crypto in their ecosystem.
Some apps work like a pedometer and passively count your steps and reward you with crypto tokens. While others create a game including a personalised avatar or a virtual pet. The progress of these virtual personas in the game depends upon your daily movement.
These apps rely on social elements too. You can participate in community events, and challenges or do 1v1 battles with other players of the game. These activities involve parameters for distance, consistency or even optimal heart rate. You can win the game if you have performed well in different areas.
Ways to Earn Crypto Using Move-to-Earn
If you’re wondering if there is any way to earn free crypto. The short answer is yes. Let’s understand the different ways move-to-earn crypto apps monetise your physical movement. Let’s discuss them here:
You can walk, run, work out or play sports to earn money using these apps. As you meet your daily movement goals, these apps reward you with the in-game crypto token. You can use this token to buy items from the in-app marketplace or convert them into Fiat currency. In apps like StepN, you first need to buy or rent a sneaker NFT to reward your movement while in Fitmint, you can just download the app and start getting rewards by walking or running.
Players can mint different NFTs such as Sneaker NFT in StepN or StepApp or Habitat NFT in Genopets. These NFTs can be used in the game or traded in the marketplace.
Trading or Renting NFTs
In some ecosystems, you can trade or rent out your NFTs that other players need to participate in move-to-earn events or challenges. It helps the beginners and advanced players of the game since beginners can play the game with only a small investment and advanced players can earn money on their NFTs.
Apps like Fitmint allow you to stake some money in challenges. If you complete the challenge, you get your staked money back and you also earn a part of the money from players who didn’t finish the challenge.
The Best Move-to-Earn Crypto App
Fitmint is a community-led platform and one of the best move-to-earn crypto apps. While many apps have come and gone, Fitmint has stood the test of time and continues to revolutionize the move-to-earn space by keeping its users as a priority. By seamlessly integrating blockchain technology and fitness tracking, Fitmint motivates users to stay active while finding a way to earn free crypto in the process.
Let’s understand how Fitmint works and how you can earn money by walking or running daily using this app:
How Fitmint Works
Fitmint connects with Google Fit (for Android users) or Apple Health (for iOS users) and uses the pedometer of your mobile device to track your movement in real-time accurately. The app provides detailed insights into your daily steps, distance covered, and active minutes, empowering you to set and achieve your fitness. Fitmint has a gameplay that is built to keep you fit while making it fun and rewarding.
Your journey on Fitmint starts with your personalised 3D avatar with 4 attributes: Level, Style, Strength and Charm. And each attribute is linked to a specific in-game behaviour of the user. As you walk daily, the attributes of your avatar improve leading to better earnings. Let’s understand what each of these attributes are for:
Your avatar starts from level 0 with the title of Rookie. Every day you are given a daily goal of active minutes for which you either have to walk or run. When you complete your daily goal, you increase your level by 1. As you keep leveling up, you also get upgraded from Rookie to Challenger at level 3, Athlete at level 7, Pro-athlete at level 14, Champion at level 28, Olympian at level 56, and finally G.O.A.T at level 100. Even after you become GOAT, you can keep leveling up.
On days you don’t complete your goal, you get de-leveled by 1. But, you can use the freeze function up to 3 times per week to freeze your level in case you’re taking a rest day.
The style attribute is linked to the assets you wear on your avatar. After every level up, you earn a mystery box which will either contain FITT tokens or assets. The asset can be anything ranging from T-shirts, shorts, shoes, caps and so on.
Each asset has 3 properties attached to it:
Category: Same as your avatar, your assets also have categories like Rookie, Challenger, Athlete and so on
Type: There are 2 types of assets in each category - Common and Rare
Style: Depending on the category and type, each asset has a style score attached to it. The asset belonging to the higher category and rare type will have a better style score compared to the assets of the lower category and common type.
You can wear these assets on your avatar. The style attribute of your avatar will be equal to the sum of style points of the assets your avatar is wearing
The strength attribute is linked to the challenges. Every time you join a public or private challenge, you earn 1 strength point. The strength score of your avatar is equal to the number of challenges you joined in the last 30 days. Joining your private challenge will not contribute to your strength score.
The Charm attribute is linked to the friends you have on Fitmint. You can invite your friends to the app and compete with them on the distance and consistency leaderboard. You can also create a private club with your friends and family in it. You can cheer your friends on their achievements and get cheered back by them. The Charm score will be equal to the number of your friend referrals who did at least one level-up in the last 7 days. The more friends you bring, the more charm score you will have.
A combination of these 4 attributes decides how much FITT you would be earning every day.
There are multiple ways on Fitmint using which you can earn FITT by walking.
Challenges are one of the primary ways users earn FITT tokens. There are two types of challenges: Public and Private.
Here is how public challenges work
There are daily, weekly and monthly fitness challenges created by Fitmint where you are required to walk or run to complete the challenge goals.
Each challenge has an entry fee in terms of FITT tokens and a fixed no. of spots. You can join any challenge by paying the entry fee. Each time you make progress on your challenge goal, you get a percentage of your entry fee credited back to your wallet. By the end of the challenge, If you complete 100% of your challenge goal, you get 100% of your entry fee back.
Once the challenge has ended for everyone, the FITT coming from the players not completing the challenge forms a prize pool which gets distributed evenly back to the players who complete the challenge goal. That’s an additional FITT earnings for the player on top of the entry fee.
Fitmint takes 10% commission on this additional earning if the player is Origin pass holder and 20% commission if not an origin pass holder.
Private challenges work in the exact same manner as public challenges, except that you can create your own challenge with a custom goal and custom entry fee and you can invite your friends to join these challenges.
The prize pool here also gets distributed evenly back to the players who complete the challenge but there’s additional earnings for the challenge creator. As a challenge creator, you also earn creator earnings which will be 75% of fitmint commission for an origin pass holder and 50% of fitmint commission for others.
Every day when you complete your daily goal and level up, you earn a mystery box that contains either FITT tokens or Avatar assets. How much FITT you earn daily depends on your avatar’s attributes compared to others.
There’s an in-app marketplace that you can use to buy and sell your avatar assets.
Fitmint will be partnering with real-world health/fitness brands to launch the co-branded avatar assets. These assets will be distributed to our power users for free.
The holders of these assets will be able to get discounts on the respective brands and other brand-specific perks. These assets will also be tradable in the marketplace where you will buy/sell them at your desired price.
How you can take out money
Here are all the functions you can do inside this wallet:
Deposit crypto tokens (FITT, Matic, USDC)
Withdraw crypto tokens (FITT, Matic, USDC)
Trade FITT into Matic/USDC and vice-versa.
Fitmint represents an innovative approach to fitness and financial incentives, offering a win-win solution for users looking to stay active and earn money at the same time.
By leveraging the power of Web3 technology, Fitmint is poised to revolutionize the way we think about fitness apps, making it easier than ever to get paid for walking while improving your health and keeping the process fun for you.
Feb 2, 2024