The Rise and Rise of Play-to-Earn Games
Play-to-earn (P2E) games have taken the crypto world by storm. In just the first quarter of 2022, more than half of the active wallets connected to blockchain-based games, according to data from Dappradar. Titles like Axie Infinity, Pegaxy, and Alien Worlds are flaunting impressive trading volumes, even in the wake of alarming incidents like the Ronin Bridge hack that rocked the crypto community.
Token Troubles: The Dark Side of P2E
But while the P2E model is still basking in gamer glory, there are growing concerns about the sustainability of these games. Take Axie Infinity as a case in point; its token, Smooth Love Potion (SLP), has been on a downward spiral, mirroring the waning interest from players. For three months straight, unique wallet addresses engaging with the game have been dwindling.
The Move-to-Earn Phenomenon
As we watch P2E games soar, a new trend is emerging in the crypto gaming universe: move-to-earn (M2E). This model has fitness enthusiasts buzzing, rewarding them for their physical activity. Projects like Genopets and Dustland Runner are making strides, but STEPN seems to be stealing the spotlight.
Getting Moving with STEPN
STEPN is a unique twist on gaming that leverages blockchain technology to inspire fitness. Users don NFT sneakers to unlock the fun, and the app taps into GPS capabilities to track users’ movements. For every step taken, players earn Green Satoshi Tokens (GSTs), which can be exchanged for stablecoins like USDC or crypto tokens such as SOL. Who knew exercising could pay off so well?
Why the Hype?
So, what’s all the excitement about? Much of it can be traced back to the rapid growth of STEPN’s governance token, Green Metaverse Token (GMT). Since its launch on Binance on March 9, GMT has skyrocketed by an astonishing 24,500%. Heavy-hitters like Sequoia Capital have jumped on board, backing STEPN with significant investments. Just a month ago, STEPN boasted around 50,000 Twitter followers, but that number has now surged to over 250,000 as more crypto enthusiasts catch wind of this fitness revolution.
Final Thoughts
The world of crypto gaming is evolving at a breakneck speed. As P2E games face token challenges, the entry of M2E games like STEPN could usher in a fresh wave of engagement. If you’re not moving, you might just be losing out—literally! So, ready, set, crypto!
