X To Earn Project Overview: In the Web3 Era, Everything Can Be Monetized

Author: Qin Xiaofeng, Odaily Planet Daily

In the past month, with the surge of Stepn (GMT), the Move To Earn model has begun to break boundaries, attracting increasing attention from non-crypto individuals. At the same time, various X To Earn projects have also emerged, gaining significant attention.

Odaily Planet Daily has compiled a list of fifteen representative projects, including some excellent players as well as those merely riding the wave. Through research, we have drawn some conclusions that we would like to share with readers:

1. The dual-token model is widely accepted by many projects. The dual-token model (utility token + governance token) pioneered by Axie Infinity can be seen in various X To Earn projects today, with Stepn being a representative example. This model's design, to some extent, alleviates token sell pressure; of course, the most crucial factor in reducing sell pressure is the project's design regarding the consumption of token application scenarios.

2. NFTs have become standard equipment for To Earn projects, capturing more new users for free. Move To Earn projects generally use NFTs as entry tickets, requiring players to purchase them to participate in earning tokens. However, for latecomers, the gradually increasing floor price of NFTs (often thousands of dollars) undoubtedly extends the payback period, potentially reducing the willingness to enter. Therefore, some projects have adopted a no-threshold model, allowing players to participate for free initially while earning some income, albeit relatively small. Such games will attract more and more diverse players, greatly expanding the overall market for the games.

3. The boundaries of Move To Earn projects are expanding. Stepn focuses on outdoor walking, jogging, and running, prompting some emerging players to explore dimensions such as sports scenes (gyms, indoors) and types of exercise (swimming, cycling), increasing interaction with gaming scenarios and pairing with smart hardware. Although overall innovation is limited, it enriches the M2E market. Moreover, these projects naturally possess health and social attributes, making them easier to spread virally and attract new users.

Here are highlights from the fifteen projects:

1. Lifestyle Monetization: Move To Earn

Project Name: STEPN

Website: https://stepn.com/

Introduction: STEPN is a Web 3 lifestyle sports program based on Solana (now also on BNB Chain), featuring social and gaming elements. As a pioneer in the Move To Earn space, STEPN has successfully attracted the attention of the crypto market over the past month and is gradually breaking out of its niche.

Specifically, players need to purchase NFT sneakers within the app and engage in outdoor walking, jogging, or running to earn tokens: players can earn GST until they reach level 30, after which they can choose to earn GMT; GMT is currently listed on multiple platforms including Binance, with a maximum increase of over 30 times in the past month.

Additionally, NFT sneakers come in five qualities (common, uncommon, rare, epic, legendary), with different abilities to earn tokens, and two pairs of sneakers can also breed (Mint). For more details on gameplay, you can read "In-depth Analysis of How 'STEPN' Ignited the Chain Game Market?" (https://www.odaily.news/post/5176805).

In terms of financing, STEPN raised $5 million in seed funding in January this year, led by Sequoia Capital India and Folius Ventures, with participation from Solana Ventures, Alameda Research, and others; in April this year, Binance Labs announced a strategic investment in STEPN, with the specific investment amount unknown. Recently, STEPN announced a collaboration with ASICS to release a limited edition virtual sneaker NFT, which will be launched on the Binance NFT market.

Project Name: Genopets

Website: https://www.genopets.me/

Introduction: Genopets is a GameFi mobile game based on the Solana blockchain that involves collecting, nurturing, and training creatures. The official description states that the game combines "the nurturing and evolution of Tamagotchi, the training and battles of Pokemon, and the crafting and collecting of Animal Crossing."

In simple terms, players can earn tokens (GENE and KI) through the NFT creatures (Genopets) in the game. There are five types of NFTs in the game: Genopet, Augment, Habitat, Refined Crystal, and Terraform Seed; the latter four serve different functions, mainly providing living spaces (upgrading areas) for the Genopets or changing their external features, all of which require tokens for purchase. Upgrading and enhancing Genopets requires XP, which can be obtained through real-world exercise (tracked by the user's mobile device or wearable) or by competing with other players within the app, which is why it is called a "Move to earn" game. Additionally, the game supports both free and paid player modes, allowing players to mint their Genopets for free and profit from upgrading and selling them. Recommended reading: "A Comprehensive Analysis of 'move-to-earn' Chain Game Genopets" (https://www.odaily.news/post/5174301).

Genopets completed an $8.3 million seed round of funding last October, led by Konvoy Ventures (an investor and board observer of Axie Infinity) and Pantera Capital, with participation from Old Fashion Research, Alameda Research, Solana Capital, Animoca Brands, Yield Guild Games (YGG), and others.

Project Name: WIRTUAL

Website: https://wirtual.co/

Introduction: The WIRTUAL project was established in 2019, aiming to improve human lifestyles. The early 1.0 version only supported running and collaborated with several long-distance running organizations in Thailand; this year, the 2.0 version was launched, adding various exercise modes such as walking, swimming, dancing, exercising, and cycling, along with the introduction of cryptocurrencies and NFTs.

Specifically, players need to equip Avatar NFTs, which come in four types: hats, clothes, shoes, and accessories; each type has five qualities: common, rare, epic, legendary, and mythic; different levels of equipment have different limits on the number of data submissions per day and the maximum WIRTUAL tokens that can be earned. After equipping the NFTs, players need to connect to health and fitness apps (such as Strava, Fitbit, Garmin, Apple Health, and Google Fit) to track their exercise data, and upon completion, they can earn WIRTUAL tokens.

Regarding the project tokens, a few points need to be clarified: first, the total token supply is 1 billion, of which 45% can be mined through M2E methods, distributed over 10 years, and another 25.5% is allocated to the team; second, tokens can be used to purchase NFTs or be sold, currently only available on PancakeSwap and a few mid-tier CEXs.

Project Name: sweatcoin

Website: https://sweatco.in/

Introduction: Sweatcoin was founded in 2018 as a free application. In simple terms, players register within the app, which tracks outdoor steps using GPS and the phone's accelerometer; once users reach 1,000 steps, they can earn their first reward, which is the app's exclusive virtual currency, sweatcoins. Users can donate these tokens to charities or receive discounts when purchasing products and services from over 600 brand partners, such as yoga classes and discounted airline tickets.

This summer, Sweatcoin will launch the SWEAT token, allowing users to convert their previously earned Sweatcoins to SWEAT at a 1:1 exchange rate. The new token will be built on the Near blockchain, with the NEAR Foundation investing in the project, along with other sponsors including OKEx Blockdream Ventures. According to official reports, Sweatcoin currently has 64 million registered users.

Project Name: OliveX

Website: https://www.olivex.ai/; https://www.dosetoken.com/

Introduction: OliveX aims to build a fitness metaverse with a rich ecosystem of products. It includes various forms and scenarios of M2E games, with richer scenes, stronger gameplay, and greater playability. It also develops smart hardware and software products, enriching the applications of M2E games across various scenarios.

Part of OliveX's strategic goal is to become the preferred fitness company, helping fitness brands interact with the Sandbox virtual world. Currently, it is collaborating with globally recognized brands such as Playinnovation, Gym Aesthetics, and Trib3, and plans to assist these and other brands in integrating into the Sandbox virtual world.

The DOSE token is the core of OliveX's gamified fitness ecosystem. Players can complete exercise-based games in Dustland Runner, Dustland Rider, 22 Pushups, and other experiences to earn DOSE tokens; these tokens can be used to unlock items, purchase NFTs, and participate in special events and game modes. The total supply of DOSE tokens is 5 billion, and they are now available on Uniswap, PancakeSwap, and APESwap, with a circulating market cap of $6.36 million.

2. Monetizing Professional Skills

(1) Learn to Earn

Project Name: Let me speak

Website: https://www.letmespeak.org/

Introduction: Let me speak is a Learn To Earn mobile game supported by Solana, with a team of over 20 people headquartered in London and Dubai. One feature of Let me speak is that it lowers the learning threshold through scenarios and game settings, making learning enjoyable.

Specifically, players can use the free version of the app for English learning (but will not earn rewards), or purchase an NFT from the market to learn and earn simultaneously; each NFT character has daily energy that converts into learning rewards. Each time a player answers correctly during learning, a portion of the energy is converted into tokens, allowing players to earn LSTAR tokens. Additionally, players can mint a new NFT by spending a certain amount of tokens to combine two NFTs (similar to Stepn's gameplay).

(2) Write To Earn

Project Name: Crypnote

Website: https://crypnote.io/home

Introduction: CrypNote is a web3 permanent storage note-taking and collaboration platform based on ARweave storage, achieving content privacy, sharing, editing collaboration, content ownership, and interaction through on-chain encryption, suitable for DAO organizations' collaborative creation, incentives, sharing, and synchronization. The project is still in the testing phase.

According to the official plan, NFT holders are eligible to experience the product and can earn test tokens (which can be exchanged for official tokens in the future) and have priority for IDO. It is currently unclear how exactly to Write To Earn.

(3) Drive To Earn

Project Name: Hivemapper

Website: https://hivemapper.com/hivemapper-dashcam/

Introduction: Hivemapper is a blockchain-based mapping network. It aims to create a decentralized global map that rewards contributors. Contributors can collect data by installing Hivemapper's dashcam and earn local tokens HONEY as rewards—HONEY is built on Solana, with a total supply of 10 billion.

In Hivemapper's setup, the dashcam is equivalent to a "mining machine." It integrates seamlessly with the Hivemapper network through a mobile app, mapping autonomously and uploading automatically. By simply installing the Hivemapper dashcam, users can mine HONEY token rewards while collecting 4K street-level images to map the world. Currently, Hivemapper is testing in nine countries.

In terms of financing, Hivemapper announced it raised $18 million in Series A funding, led by Multicoin Capital, with participation from Craft Ventures, Solana Capital, Shine Capital, and Spencer Rascoff's 75 and Sunny Ventures. Including previous investments from Spark Capital, Founder Collective, and Homebrew, Hivemapper's total funding has reached $23 million. Recommended reading: "Hivemapper: The Decentralized Map 'Mined' from Dashcams" (https://www.odaily.news/post/5177900).

(4) Sing to Earn

Project Name: Seoul Stars

Website: https://seoulstars.io/

Introduction: Seoul Stars is a Web3 project initiated by the South Korean talent agency HUMAP. The agency designed a 3D virtual idol named Yuna, who is also the core image of the Seoul Stars project, and issued the Yuna Genesis NFT. Users holding this NFT can participate in Yuna's online concerts and gain access to the SSTAR token public offering whitelist.

Regarding the Sing To Earn aspect, the project has released a game with two major levels, similar to "Rhythm Master" and "Karaoke": in "Rhythm Master," players need to click on falling notes on the screen to pass; in the "Karaoke" section, players need to sing and achieve high scores. After passing, players receive SSTAR token rewards; even players without NFTs can participate, but NFT holders receive higher rewards. It is worth noting that the songs in the above games are all from Yuna's albums, which may not be friendly to Chinese users who do not understand Korean.

(5) Rap to Earn

Project Name: Cipher

Website: https://cipher.media/

Introduction: The 2017 show "China Has Hip Hop" ignited enthusiasm for hip-hop music in mainland China. Now, a blockchain project focusing on hip-hop art, named "Cipher," has emerged.

This project aims to break traditional music distribution barriers, open new channels, distribute music through NFTs, and attract fans, rewarding hip-hop artists. "Cipher is helping artists find their audience, elevate their game, and earn cryptocurrency rewards through collectible hip-hop music. It's time to change the rap game."

Specifically, players click to launch the application on the official website, record their rap, and the built-in metronome can adjust and polish the sound, after which the built-in SprayGAN will create a unique cover for each music production. This complete music album is then sent to the Ethereum blockchain, minted as an NFT for trading, achieving "Rap To Earn."

However, the project's current Twitter following of only about 1,000 suggests that this artistic attempt does not seem to be widely recognized by the market.

3. Task Mining

(1) Watch to Earn

Project Name: SocialVerse

Website: https://www.socialverseapp.com/

Introduction: SocialVerse is a Web3 social media platform designed to address traditional social media's persistent issues: data monopolies and unequal distribution of user benefits, increasing user governance over the platform.

Specifically, SocialVerse has several unique features: (1) Spheres are communities within the SocialVerse world and a new way to interact; (2) Embedded crypto wallets allow users to obtain a crypto wallet in SocialVerse to connect, collect, and store their items while sending tokens or NFTs to friends on the list; (3) Watch and earn—by creating an internal SocialVerse token, SocialVerse creates a more equitable and transparent platform for content producers and consumers; the more videos users watch, the more SocialVerse tokens they earn; the higher the quality of content created by content creators, the more tokens they earn; (4) Live streaming—using advanced SocialVerse features, video creators can live stream and receive virtual goods from fans, which can be purchased with SocialVerse tokens; (5) A new algorithm Tiered Like System—SocialVerse provides users with the ability to control their algorithm feed based on their true preferences, helping the platform co-create content with users, and video viewers no longer have only like and dislike options, adding "super like."

Currently, the SocialVerse token has not yet launched, with plans to release in the second quarter of this year. According to SocialVerse's plan, 60% of the platform's advertising revenue will flow back to the token creators and consumer pool as value support behind the tokens.

(2) Sleep to Earn

Project Name: Sleep Future

Website: https://sleepfuture.com/

Introduction: Sleep Future claims to be the world's first blockchain-driven sleep health ecosystem, aimed at improving sleep quality and health in global communities. Sleep Future introduces a Sleep-To-Earn mechanism to reward the global community for sleeping and earning $SLEEPEE tokens, with the dual goal of innovating sleep technology research and practical applications within the Sleep Future ecosystem.

Specifically, users connect to the app and sleep directly, earning SLEEPEE token rewards based on their sleep quality the next day. The project claims this is primarily achieved through a sleep monitoring app supported by cutting-edge sleep science and improved technology. Users can also purchase and stake SLEEPEE tokens to increase their sleep income; additionally, users can trade their SLEEPEE tokens or use them to purchase products and services in the official SleepStore and physical experience centers. The official statement claims there are currently three physical experience centers in Singapore and two in Malaysia.

(3) Eat to Earn

Project Name: Poppin

Official Twitter: https://twitter.com/PoppinLand

Introduction: Poppin is an "Eat to earn" mobile game based on the Solana blockchain, where players can collect a fantasy creature called Poppin and earn rewards through nurturing and battling.

Specifically, players log into the app, take pictures of their food to receive a Pop-bite (a baby creature); then, they need to take daily food photos to feed their pets. The baby creature's final development direction will depend on the types and quantities of food you feed it daily, and you will never know what it will grow into. Ultimately, you can use the nurtured pet to battle for rewards. The project is currently under development, with a Genesis NFT set to be released, but it is uncertain whether tokens will be issued in the future.

(4) Drink to Earn

Project Name: CLASS Coin

Website: https://www.classcoin.io/

Introduction: CLASS Cafe is a chain coffee shop brand in Thailand, established in 2013, with 16 locations across seven provinces in Thailand. The project is enthusiastic about blockchain technology and has developed CLASS Coin, which holders can use to pay for products and services in CLASS Cafe's establishments. Another application scenario for CLASS Coin is that it can be used to trade NFTs, land, and participate in various activities in the chain game Velaverse.

Recently, due to the popularity of X To Earn, CLASS Cafe launched a Drink To Earn campaign: users earn 5 platform tokens for each cup of coffee purchased offline.

(5) Meditate To Earn

Project Name: Proof of Meditation

Website: https://proof-of-meditation.vercel.app/

Introduction: Proof of Meditation is a project that participated in ETHDenver 2022, aimed at improving human mental health through meditation.

Specifically, users first register and pay $100; for the next 21 days, users must meditate once daily, with the system generating a unique NFT based on the user's heart rate each time (with different colors representing different health levels); if you can stick to daily meditation and meet the requirements, you can receive a full refund; if you miss a day, $5 will be deducted; if you miss more than 10 days, the full $100 will be forfeited.

This check-in model has been widely popular on Chinese internet platforms, with learning apps like Shanbay offering similar services: if users maintain their check-ins, they receive a refund of their tuition.