As the crypto industry expands, new phenomena continue to rise up and stand out. Among the growth of the industry, a new sub-market has emerged, move to earn. This is a similar concept to the play-to-earn industry, where users are able to play blockchain games and get rewarded tokens in return for their time and investment within the game or metaverse. With the move to earn leaders, players are rewarded by sticking to a health & fitness routine. One of the first standouts in this “movement” is Stepn. Stepn is a social fitness app that through the purchase of one of their NFTs allows you to earn crypto tokens through your workouts.
How does it work?
Like many other play-to-earn applications, these new concepts typically require you to cover an upfront cost to join the ecosystem if you want the hope of making profits in the future. Once you own one of their NFTs you are now able to build up daily energy and expend that through workouts. Depending on the stats of your NFT, you are rewarded their native currency which can be exchanged for a USD stable coin equivalent, or the main blockchain token they run on. Stepn for example runs on the Solana blockchain. This means as you progress through app, continue to work out, and even upgrade your NFT’s for larger token gains you can then exchange your newly earned tokens for the popular coin Solana, or USDC.
However, the move to earn ecosystem is in its’ infancy entirely. This means that prices could very easily fluctuate as markets turn from bullish to bear, and investors need to stay certain they are only investing what they can afford to lose.
What’s Next?
6 months ago, the widespread adoption of the move to earn industry was still in the idealization phase. Just recently, one of the leaders in the move to earn space, Genopets, raised 8.3 million dollars in a seed funding round to start their first game. As these new frontrunners begin to emerge in the industry, it is clear to see that cryptocurrency and Web 3.0 continue to expand at a rapid rate. It seems each day a new project or even an entirely new category of the industry begins to take form and re-shape where we see the industry going.
Regardless of your interests, hobbies, or lifestyle, it is becoming clear that web 3.0 will be shaping the technology within your life in a drastic way. And now with the emergence of Move to earn, it can even help you stay fit along your trading journey as well.
Crypto Taxes
With all that being said, If you do decide to jump into this world of crypto and even pick yourself up some tokens, you need to make sure that you have the proper tools on hand to help you manage your financial accounting needs. One of the best solutions for you will be Ledgible.
With Ledgible, you can report and keep track of your crypto transactions with the supported integrations as you dive into the crypto space with this new information. If you want to learn more about Ledgible and get started for free, click here.
Disclaimer: The author and Ledgible do not provide investment advice and nothing in this article is meant to be taken as such. This website is presented solely for informational and entertainment purposes and is not to be construed as a recommendation, solicitation, or an offer to buy or sell / long or short any securities, commodities, cryptocurrencies, or any related financial instruments.
