Understanding The Recent Growth of Move-To-Earn
August 17 2022 - 12:51PM
NEWSBTC
Encouraging people to exercise is one of the most difficult
challenges in the fitness industry. While everybody knows that
working out is good for them, doing so can be daunting and
frustrating. One of the fascinating methods of trying to entice
people to get fit is through move-to-earn programs. These projects
incentivize people to work out by paying them to do so.
Move-to-earn projects have existed for some time, but recently,
they have seen tremendous growth. One of the catalysts for this is
the enormous success that StepN has seen, which is a Web3-focused
move-to-earn service that has been building hype across the tech
and fitness sectors. This has triggered many new companies to start
looking to offer financial returns to people working out. Let’s
look at two reasons why these types of fitness services are doing
so well. Building Trust Between Parties In the past, many companies
designed a myriad of products to incentivize people to exercise,
but ultimately none of them caught on. This was mainly because
there was a chasm of trust between participants and companies. In
addition, people were skeptical about whether they would receive
their funds in exchange for working out, so it became tough for
many move-to-earn programs to take off and build traction. However,
this trust issue has been solved recently through blockchain
technology. Projects like StepN operate transparently and
trustlessly– users can be confident they will receive money for
exercising because their funds are managed and released in a
decentralized manner. Instead of worrying about whether a
centralized organization will pay up, they can rest assured that a
decentralized project using smart contracts will, as they will be
cryptographically programmed to do so. Another project utilizing
this technology is FitBurn, a blockchain-based move-to-earn project
that not only financially encourages people to work out but also
pays people for losing calories. This is an innovative new strategy
in the fitness industry, referred to as burn-to-earn. Fitburn is
using this, along with NFTs and gameplay mechanics, to create a
rich ecosystem to keep users financially incentivized to exercise
in an immersive way. “Hustle Culture” Has Stunted People’s Health
In an age where people are shamed by the media and their peers for
doing any activity that does not earn them money, it is no surprise
that exercise has been neglected. Nowadays, people need to focus
almost exclusively on cash, to the point where working out and
leisure are not always considered productive. However, with
companies like StepN and Fitburn, working out can be lucrative and
profitable, acting as the perfect incentive to improve health while
improving people’s financial standings. It is not that people do
not want to exercise; instead, they do not feel like they have the
time to because one could better spend that time trying to increase
their finances. These web3 projects collapse this problem entirely
by having exercise double up as a money-making venture, making it
perfect for the current era. Financial Incentives and the Future of
Fitness The current trustless and decentralized technologies of
this day and age, coupled with the highly money-oriented culture we
are living through, have created the perfect conditions for
move-to-earn projects to flourish. People are eager to get paid
while they get fit, and blockchain tech ensures users receive the
funds they have been promised. StepN may have popularized these
services, but they only scratch the surface of what is possible
within this area of the fitness industry. Other contenders like
FitBurn are leading the way with innovative new tactics and
solutions such as burn-to-earn. With their recent and explosive
rise in popularity, it will be fascinating to see how these
projects develop and evolve alongside other web3 sectors.
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