Move-To-Earn: Get rewarded for activity
Move-To-Earn: Get rewarded for activity
The concept of monetizing movements, or "move-to-earn," involves using wearable technology to track and reward physical activity. As individuals engage in exercise and other forms of movement, they can earn tokens or other digital assets that have a monetary value. This can be in the form of cash, cryptocurrency, or other rewards.
The use of wearable devices to track movements is becoming increasingly popular and advanced, with a wide range of devices available that can track a variety of parameters and provide more accurate data.
By adding a reward or incentive for engaging in physical activity, people are more motivated to maintain a healthy lifestyle. Not only does this have positive effects on an individual's health, but it also allows them to earn monetized rewards for their efforts. This can be a win-win situation, as it encourages people to prioritize their health while also providing them with tangible benefits.
What is an NFT?
A non-fungible token, or NFT, is a digital asset that is unique and cannot be replaced or exchanged for other tokens or assets. This is in contrast to traditional cryptocurrency tokens, which are interchangeable and can be exchanged for other tokens of the same type or for other assets. NFTs are often used in the world of digital collectibles, art, and other virtual goods, as they provide a way to prove ownership and authenticity of these items.
When an NFT is purchased, the transaction is recorded on a blockchain, which is a decentralized and secure digital ledger that stores data in a transparent and immutable way. This allows for the ownership of the NFT to be verifiable and transparent.
The scarcity of NFTs also adds to their value, as they are often available in limited quantities or have unique characteristics that make them one-of-a-kind. As a result, NFTs are becoming increasingly popular as a way to represent and monetize unique digital assets (which can be used to reward people for their active lifestyle).
Crypto and WeFitter
The WeFitter API can be easily integrated into any platform. It offers more than 300 wearable connections, all in one simple API. By integrating the REST API, valuable health and fitness data flows into your platform. This data is secured.
With the unique WeFitter dashboard, users can gamify experiences for their clients/employees/end-users to boost engagement, increase activity levels and add more retention to their platform. With the challenges, levels, badges, teams and many more options, people are engaged with your platform. These can be valued to a crypto token or NFT so end-users are motivated to keep moving.
WeFitter has partnered up with a Web3 health platform called HealthBlocks. HealthBlocks uses the API in their live2earn platform. It offers a unique solution to engage users into a healthier lifestyle. The platform serves as a connection between brands, individuals, NFT-creators and all people that want to support activation towards healthy behavior.
We created a WeFitter Partner Highlight with HealthBlocks to highlight the partnership.
The most famous move-to-earn application is sweatcoin with more than 76 million users. Through a step-counter, Sweatcoin rewards you with SWEAT tokens. By taking 1000 steps, you earn a little less than 1 Sweatcoin (SWC). You can exchange the SWEAT tokens for rewards, or donate them to charity.
Another well-known move-to-earn app is STEPN. By moving (for example, walking and running) you earn GMT tokens with STEPN. The more you move, the more you earn. You can use this game currency in-game, but it can also be paid out for cash. You start by buying a sneaker-NFT. You base the type of sneaker on your desired physical activity. Only then you can start earning. With your earned GMT tokens, you can upgrade your sneakers, allowing you to earn more.
In addition to STEPN, MetaGym also uses NFT's. Users start by choosing a MetaGym buddy, based on the training modalities that fit your favorite type of workout. By measuring your heart rate while doing a certain activity, you receive cryptocurrency tokens. These can be transferred to cash. When you earn MetaGym tokens, you can also use them to move up levels or buy NFT clothing for your MetaGym buddy.