GeckoCon Recap: What’s Next for Move-to-Earn?
With the number of move-to-earn apps increasing, how can the industry sustain its growth and keep people interested in maintaining an active lifestyle while earning?
On Day 2 of CoinGecko’s event for the year, GeckoCon: the Future of Decentralized Future, a dedicated session was held with three move-to-earn (M2E) projects: STEPN, Genopets, and OliveX’s Dustland Runner and Rider. Represented by Shiti Rastogi Manghani (CMO at STEPN), Jay Chang (Co-founder at Genopets) and Keith Rumjahn (CEO at OliveX (HK) Limited). The talk was facilitated by Peter Ing, Founder of BlockchainSpace.
Each participant was given the time to talk about what their projects are. Some of the questions on what were their learning from the rise and fall of the play-to-earn (P2E) niche, talks about what their projects can do more than minting and burning tokens, what’s the logic behind free-to-play and play-to-earn, will their projects still promote physical activities if ever there will be another quarantine protocols in countries, if their projects would consider having scholarship programs and partnership with gaming guilds and what are the countries that shocked them for the huge adoption of the niche.
Some of the key points of the discussion were:
- Retention is a must for people to progress in fitness-related apps. Also, having to purchase the NFTs and social influences like coaches and friends gives people the motivation to continue using the app.
- Value creation is key to making sure the community is interested to keep playing the game. This could be through storylines or lore of the project or the content it creates.
- M2E is for everyone, whether for health concerns, earning crypto or establishing a healthier daily routine.
- M2E apps can be used simultaneously and this creates a healthier ecosystem for all M2E projects.
- Guilds can have an affirmative and negative effect in the tokenomics of any projects but OliveX and Genopets are looking forward to partnering with good gaming guilds.
Peter Ing shared his thoughts about gaming guilds after the participants expressed their thoughts on the topic of M2E projects partnering with guilds:
“They educated everyone and no one expected just how quick guilds could accelerate adoption. A lot of people do not realize that there are more than twenty-four thousand guilds in the world… These guilds are 100% helping people to understand just the fundamentals.”
The panelist also gave some alphas and insights on the future of move-to-earn and the industry in general:
“So industry-specific, I think it is a broader conversation where we are at the point we are exploring utilities now clearly with NFTs. What makes NFTs so nice is its transparency, immutability, and royalty… But now, we are on to the next phase, which is more broad, not just secular, more on authentication: IP, ticketing, voting, insurance, and music,” said Shiti Rastogi Manghani, Chief Marketing Officer of STEPN.
“Movement was always a start for us, atleast. There are a lot more coming to all our games. I think in the industry as a whole. What do you do with these earning points when you move? How do you make more depth and strategy and fun with all these games? Which makes people have something to do,” said Jay Chang, Co-founder of Genopets.
“The industry as a whole, from Web2 we have created a billion dollar fitness companies… There will be a new Web3 move-to-earn unicorn. Running and cycling are obviously like they are the fastest sector within fitness. Are we going to see boxing, [augmented reality] AR, [virtual reality] VR… all types of fitness move-to-earn companies, I think so,” said Keith Rumjahn, CEO of OliveX (HK) Limited.
M2E will definitely still evolve and grow in the coming days. Previously BitPinas has made an article on the Move-to-Earn Apps available out there. The list may go longer in the coming days and this can be an opportunity to create a healthier lifestyle and at the same time earn from doing so.
This article is published on BitPinas: GeckoCon Recap: What’s Next for Move-to-Earn?
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