The lack of unique business models may be the end of move to earn - industry comments suggest.
The once buzz-making move to earn apps has been widely expressed to be dead given their lack of impactful developments over the crypto winter. While some believe that every crypto asset on the market is simply following the market trend of the top caps like Bitcoin and Ethereum, on the development side of things, a lot of crypto-powered applications have not had much going on through the bear markets which has shown its effects on the increasing number of exit users.
What Is Move To Earn?
Move to earn is one of the blockchain and crypto-powered economic technologies meant to incentivize individuals to exercise and live a healthy life. Most move-to-earn apps pay users by measuring the activities completed and rewarding them with spendable digital assets and currencies. These assets can be used to buy fitness products, generally listed products like casual wear and even to pay for services like Netflix subscriptions. They also can be donated to organisations that look to improve the world in one way or the other, mostly charities and non-profit organisations.
Move-to-earn apps, which originated but went unseen on blockchain networks like Hive, and Steem with Actifit, the two pace setters in the history of blockchain-based social networks, have however watched activities decline massively.
STEPN, a Solana-based move to earn cryptocurrency and fitness applications was reportedly seeing as huge as a 90% decline in users activities, this was reported to be a drop from 105,257 on June 26, to 6,000 in September and 11,877 on October 5 2022.
2023 Usage Statistics On Popular Move To Earn Apps
STEPN, as of 2023 Dappradar reports has only 4 unique wallet activities with the platform's smart contract totaling a volume of only $39.85 at the time of writing. Due to STEPN's pay-to-move-to-earn model which involves buying NFT sneakers in order to earn, they have had fewer users compared to other move-to-earn crypto apps.
Actifit has recorded a total of 595 UAW(unique active wallets) and over 24k transactions in the last 30 days, however, this is a huge decline compared to historically higher numbers such as hitting over 600 unique daily active wallets in 2019 according to Dappradar.
The sweat economy(sweatcoin) has however had a pretty decent number of users and activities over the last 30 days. According to Dappradar, over 440k unique active wallets interacted with the sweat smart contracts with over 674k transactions processed. Just as previous stats, these numbers, despite the ray of hope it shines on the move to earn economy still signify a massive decline as historical reports by Dappradar note that it had easily surpassed these numbers in September 2022 steadily hitting over 100k in unique active wallets on a daily basis.
Are Move To Earn Cryptocurrencies and Apps Dead?
Although sweatcoin happens to have a much stronger user base, the business models of move-to-earn crypto and apps are not sustainable long-term. Without restructuring of move-to-earn business models, the sector might be onto its doom.
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