🏃‍♂️ Are Move-To-Earn apps the real deal?

Regular exercise apps are a staple on our devices, will MTE apps become so as well?

August 28, 2022

Contents (4 min read):

  • 🎙️ Vitalik Buterin on the importance of The Merge

  • 💰 FTX is making it rain

  • 📈 Top 5 performers of the week

  • 👨‍👩‍👧‍👧 Startupy - Community-curated search engine

  • 🏃‍♂️ Are Move-To-Earn apps the real deal?

  • 🏖️ IRAs, tax-sheltered accounts

  • 📰 Top Reads

  • 🙏🏻 Grateful for…

🎙️ Vitalik Buterin on the importance of The Merge

"If you want to actually have a world where we can have blockchain activity happening without needing to trust centralized exchanges for everything, then we just have to learn how to make blockchains cheaper."

-Vitalik Buterin-

The Ethereum co-founder believes that once the shift to proof-of-stake is complete, transaction fees could fall to just $0.002 to $0.05 through the use of rollups — with the technical upgrades achieved through the merge allowing greater amounts of data to be packed into every transaction.

During bullish markets, transaction fees on the Ethereum blockchain can be higher than certain countries’ daily wage, making it impossible for certain locations to transact. The merge will lay the foundation for other technologies to make the chain scale, improve its speed, and more affordability.

💰 FTX is making it rain

FTX saw revenue surge 1,000% to more than $1 billion throughout last year’s bull run, according to leaked financial documents reported by CNBC.

FTX’s overall revenue reportedly jumped from $89 million to $1.02 billion in 2021, with the company adding $321 million in profits.

Roughly $272 million in operating income for 2021 was contributed to the firm’s balance sheet, up from $14 million for the year prior, according to the report. The firm is also on an aggressive campaign to buy as many crypto and blockchain companies during the bear market to cement their position in the space.

Additionally, Bankman, founder and CEO of FTX, has reportedly absorbed the venture capital operations of Alameda Research in response to the ongoing crypto bear market.

📈 Top 5 performers of the week

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🏃‍♂️ Are Move-To-Earn apps the real deal?

The move-to-earn space has been warming up lately as it promises something that most of us would love to do. Get Paid To Exercise. Something that sounds too good to be true, but there are a group of developers working on these apps and promising to provide rewards in cryptocurrency.

  • STEPN is a GPS-based game where the app tracks your movements and steps, similar to what your Fitbit does. To start running, you need to purchase a pair of virtual sneakers. Yes, on top of your real sneakers. These are minted NFTs so you can resell them on the market, and possibly make some profit to buy a better pair. Every time you exercise, the app will keep track of your movement and reward you accordingly.There are other players in the space that promise to motivate individuals to exercise by paying in Crypto and NFTs. Some of these are:

  • STEP app (FITFI)Another popular move-to-earn app that is soaring right now is the Step app. Holders of the in-game governance token FITFI can stake the currency and participate in a raffle to win Sneaks while perpetual staking is still going on.

  • SweatcoinThe rising move-to-earn game Sweatcoin seeks to improve people’s health with its platform. The company’s partnership with health organizations, most notably the NHS in the UK, is evidence that its project focuses on people’s needs initially rather than just making money. 

  • WirtualDepending on how many Wirtual coins a user has in their account, they are given a tier or level. A user’s tier ranking and the amount of Wirtual they can earn from taking part in fitness challenges increase in direct proportion to the number of coins they currently possess.

  • GenopetsThis is the most unique one in our list of move-to-earn apps. Through role-playing games (RPG), Genopets combines the Move-to-Earn and Play-to-Earn models by rewarding users for playing games, exercising, and taking care of their NFT “pets”.

Conclusion: Move-To-Earn protocols are fairly new to the space and we will see more competition come into the arena. We will also see big changes in the rewards paid to users once more people start participating and the rewards dilute. But overall, this space has an immense market and therefore potential.

Regular centralized apps like Fitbit, Map My Run, Fitso, and many others have captured a decent market share and profitability due to market differentiation and market size, something that can help Move-to-earn crypto apps grow.

Cryptocurrency is one of those things that everyone is talking about these days. There are all kinds of different exchanges to trade crypto on, but many people don’t realize how much they’re losing in taxes and fees.

iTrustCapital allows its clients to invest in crypto through an individual retirement account or an IRA without having to worry about taxes or fees.

IRAs are tax-sheltered accounts, meaning all your crypto trading is tax-free and can grow tax-free over time.

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