After the explosive popularity of STEPN, which Web3 sports projects under the M2E model are worth paying attention to?

Author: PANews

With the continuous surge in global user numbers and token prices, STEPN, which focuses on the "Move to Earn" (M2E) model, has become a dark horse in the GameFi track and a "popular check-in spot" for players both inside and outside the industry. There has even been a FOMO behavior of recruiting sports talents and delivery workers to complete tasks.

In fact, as the COVID-19 pandemic continues to ravage the world, people's activities in life, work, and entertainment have begun to shift from reality to virtual contexts, including the sports industry. In addition to well-known sports brands like Nike and Adidas venturing into NFTs and the metaverse, the demand for sports-related Web3 projects like STEPN has also started to soar. This article will review the Web3 sports projects in the market that are worth paying attention to.

STEPN

STEPN is a Web3 product based on Solana that combines the Move to Earn (earning while exercising) model with SocialFi elements, and it has already launched a mobile app. STEPN allows users to own NFTs in the form of sneakers and earn tokens by walking or running outdoors in the real world to generate income. In January of this year, STEPN completed a $5 million seed round of financing led by Sequoia India and Folius Ventures.

According to official disclosures, STEPN earned over $26 million in the first quarter of this year through in-app NFT market transaction royalties and fees, with a total transaction volume of approximately $446 million. Meanwhile, the team plans to use this profit for secondary market buybacks and to burn GMT tokens. According to Dune Analytics, as of April 2, the total number of active users on STEPN exceeded 78,000.

Genopets

Genopets is an M2E NFT game based on Solana that tracks and extracts data from players' smartphones or wearable fitness devices to upgrade and summon their pets to explore hidden lands, find loot, craft items, or battle other players. The game combines the nurturing and evolution model of Tamagotchi, the training and battle model of Pokemon, and the crafting and collecting model of Animal Crossing. In October last year, Genopets completed an $8.3 million seed round of financing led by Konvoy Ventures and Pantera Capital.

dotmoovs

dotmoovs is a blockchain and AI-based system that analyzes videos of athletes performing sports challenges, allowing athletes to monetize their abilities and earn moov tokens and NFTs. The mobile application has been launched, and a feature for competing with legends has been added. Currently, dotmoovs has over 41,000 Twitter followers.

OliveX

OliveX is a fitness metaverse game that focuses on "Run for Reward" and "Sweat to Win." Players can earn game rewards by exercising at home, in the gym, or outdoors. It includes games like Dustland Runner, based on the Zombies, Run! game engine, and the gamified fitness platform Dustland Rider. In November last year, OliveX announced a $5.8 million financing through a share placement, with investors including Animoca Brands, One Football, and Bombora Investment. Previously, OliveX had over 20,000 registrations within just three days during the pre-registration for its Android app, and the iOS app is set to launch soon.

WIRTUA

WIRTUA is a platform that allows users to earn cryptocurrency through sweat energy by walking, running, cycling, and swimming, and it now supports Google Pay and the Apple App Store. Users earn WIRTUAL tokens as rewards each time they submit exercise data from fitness devices (Strava, Fitbit, Garmin, etc.) to the WIRTUA app. Players must choose an avatar upon first registration, each of which will have a unique NFT wearable gear, including skins, hairstyles, clothing, shoes, and accessories. These NFTs are categorized into five levels: common, rare, epic, legendary, and mythic, which can enhance user abilities. Additionally, WIRTUA players are divided into seven levels, with more tokens owned providing more privileges.

Fitmint

Fitmint is an Indian web3 fitness application that incorporates NFT and SocialFi elements. Users can earn cryptocurrency or NFT rewards simply by transmitting activity data such as calories burned, distance, speed, and time from walking and running. Users must obtain sneaker NFTs through minting or purchasing from the secondary market to participate. There are five types of sneakers, each with different rarity, statistics, and utility, and each sneaker NFT has four attributes that determine token yield, durability, etc. Players can purchase using MATIC, with future support for USDT, ETH, etc. As the game token nativ, Fitmint can be used as the main currency of the app, as well as for staking and governance. Currently, Fitmint is in the whitelist application phase for internal testing, with only 1,000 spots available.

Calo

Calo is a product that allows users to earn exercise and CALO token rewards through activities like walking, running, and jogging, set to officially launch in May this year. The game uses a dual-token model, with FAT tokens used in the game being unlimited; the CALO token is the main currency of the ecosystem, capped at 500 million tokens, which can be used for buying and selling NFTs, participating in challenges, staking, charity, etc.

Walken

Walken is a mobile application that allows users to earn token rewards through gaming and exercise, developed by a team with over 50 million App Store downloads and $10 million in annual revenue. Users can earn WLKN tokens as rewards by exercising and playing in-app games. Additionally, players' characters in the game are NFTs, meaning users can not only earn tokens but also trade the created NFTs in the NFT market.

The WLKN token is a fungible governance and staking token used to enhance users' adventure experiences in the Walken app and provide income, as well as for tokens in the app's DeFi applications. Users can only earn tokens by participating in battles, and token holders can vote on the project's future and stake their tokens for rewards.

SpaceXmove

SpaceXmove is a Web3 application based on Solana, where players can earn token rewards by purchasing sneaker NFTs and exercising, as well as buy or rent NFTs in the in-app market. The sneakers are categorized into three qualities: rare, rare, and legendary, and the SpaceXmove token SXM can be used to upgrade shoe levels and mint new shoes.

DEFIT

DEFIT is a multi-chain cryptocurrency operating on the Ethereum and Polygon networks, aimed at providing a secure, reliable, and fast payment method for the global fitness community, replacing traditional currencies for transactions. According to the roadmap, DEFIT is set to promote fitness ambassador activities, athlete NFTs, and the MVP 2.0 version of the mobile app. DEFIT's parent company is 360Sports, a sports tech startup, under which the fitness product 360Wellness has been downloaded in 172 countries/regions.

B-Cycle

B-Cycle is a Bike-to-Earn Web3 application based on BSC, where players can convert cycling data from in-app bicycle NFTs into token rewards using wearable devices. B-Cycle offers two types of bicycles with different optimal speeds for players to choose based on their abilities and needs, and Bike NFTs are divided into three rarity levels, with higher levels yielding greater economic benefits. The BCL token can be used by users to access the game, upgrade and mint B-Cycle NFTs, or for staking rewards and governance.

StepBSC

StepBSC is an application that allows users to earn token rewards through walking and running activities. Players must hold NFTs and complete at least 4,000 steps each time, with their wallets holding at least 20,000 steps tokens to receive rewards. StepBSC has been audited by blockchain security auditing firm CertiK, and its revenue mainly comes from a 10% tax on each transaction amount from DEX and CEX. According to the roadmap, StepBSC will launch the Step Fitness Metaverse, allowing users to earn tokens by exercising at home.

From the products under the Move to Earn model, it can be seen that on-chain games are no longer just pseudo-products disguised as NFTs or decentralized finance, and players no longer have to become "gold farming machines." Instead, the interaction between games and players has become more engaging, allowing them to earn passive income while also exercising.

DEFY

DEFY is an NFT earning mobile game based on Polygon, where players (agents) immerse themselves in a virtual world that connects the virtual and physical worlds, blending ultra-casual puzzle games, Learn to Earn elements, real-world exploration, and AR adventures. Before the game starts, players need to purchase masks to hide their identities, and the official will issue 8,888 Genesis VPM NFTs. The DEFY team has extensive experience in developing status-based mobile applications, having launched apps like District Race, which garnered over 700,000 users and collaborated with brands like Apple, Adidas, Redbull, and MasterCard.

DEFY's partners include Animoca Brands, OliveX, Spartan, Gamefi Ventures, and PathDAO, and it will launch its Alpha version on April 14, with a public token sale coming soon.