The Paris Olympics are approaching this summer, from July 26, 2024, to August 11, 2024. This event is set to reignite a wave of sports enthusiasm. The crypto world is aligning with the Olympic fervor, and it's a perfect time to delve into some of these move-to-earn projects to see if they can capitalize on this momentum. So, get your notebook ready and note down some of the highlights.
Highlights:
- The Olympics Paris 2024 is set to commence on July 26, 2024
- This year the game added breaking, skateboarding, sport climbing, and surfing.
- Move-to-earn, a blockchain-based fitness concept, was once popular and may resurge this summer.
- Some move-to-earn projects are worth noticing in response to this sport fervor.
Olympics Paris 2024
The Paris Olympics 2024 are finally the full-on event that the world has been waiting for since the 2020 pandemic. (The Tokyo Olympics didn’t have a live audience.)
This time, with the addition of new sports and the focus on sustainability, it's going to be a milestone event.
When will the Olympics be held in Paris in 2024?
The Olympics Paris 2024 is set to commence on July 26, 2024, and will continue until August 11, 2024.
Where is the Olympics Paris 2024 going to happen?
The Olympics Paris 2024 will take place in the iconic city of Paris, France. The events will be held in various locations across the city, including some of Paris' most famous landmarks, the Stade de France for Rugby Sevens, athletics (track and field), and the closing ceremony.
What’s so special about Olympics Paris 2024?
This year's Olympics aim for full sustainability, aiming to cut the Games' carbon footprint by 50%. So, how do they do it? Paris 2024's main strategy is to reuse 95% of existing or temporary venues to reduce environmental impact and highlight France's architectural heritage.
Other than the green aspect, the Olympics has also added 4 new sports: breaking, skateboarding, sport climbing, and surfing, bringing a touch of freshness and youthfulness to the competition.
Move-to-earn (M2E) Is Riding on the Athletic Wave
In the midst of this, the following move-to-earn projects in the GameFi sector may gain attention as they align perfectly with the spirit of athleticism and competition.
What is move-to-earn (M2E)?
Move-to-Earn (M2E) projects are blockchain-based fitness programs that reward physical activity such as walking, running, or exercising with cryptocurrency.
Simply put, M2E is a world where fitness meets Decentralized Finance (DeFi) through a gamification setting. These innovative games pay you in cryptocurrency for every step and jog. Whether walking your dog or on a treadmill, your physical activity is rewarded with digital currency in the Game-Fi world.
Generally, the more intense your physical activities are, the more crypto rewards you will receive.
How does the M2E game work?
M2E employs sensors in your device to monitor physical activities. Verified movements are logged on a blockchain to ensure data safety. Depending on the app, you can earn cryptocurrencies or tokens related to your activity level and duration. Typically, these tokens can be utilized for in-app purchases or traded on cryptocurrency exchanges.
The Hyped Trend of M2E During the Post-Pandemic Period
When it came to the prime time of M2E, it was the second quarter of 2022. One of the heated projects: STEPN’s price hit its all-time high of US$3.83, with the total market capitalization reaching 2.3 billion. It only takes 41 days to have a 34,000% upside move.
What Are the Top Move-to-earn (M2E) Projects?
After the hype of M2E, most of the projects in the sector have come downhill. But "a real diamond never loses its shine," so are these projects able to make a comeback in 2024? Let’s have a deep dive into each of the projects.
STEPN (GMT)
Well-known M2E Solana-based platforms like STEPN is one of the leading projects in the move-to-earn sector. The app utilizes GPS and additional tracking technologies to oversee your physical activities. And cheating is not possible (like riding a car to imitate the running distance) because of the speed calculation.
Get a sneaker NFT to start your earning journey
Within STEPN, you're initially required to acquire a virtual sneaker NFT, either through purchase or rental, to commence earnings. This can subsequently be upgraded or exchanged. At its prime time, a sneaker NFT can be sold for an average price of 10 SOL in April 2022 (approximately $851).
STEPN performance projection in 2024
Despite the dip from over 700,000 to under 35,000 monthly active users (MAU) as of June 2024, STEPN, the largest M2E gaming project, maintains a market capitalization of over $407 million.
The price chart above illustrates the performance of STEPN over the past 365 days. The price moderately increased from approximately US$0.141 to US$0.40 within half a year. However, after reaching its peak, the price began to decline back to around US$0.25.
Step App (FITFI)
Step App, an Avalanche-based fitness app and direct competitor to STEPN, rewards active users. As a new move-to-earn platform, it requires users to stake SNEAK NFTs to earn. The reward token is called KCAL, it can be used to purchase SNEAKs and is earned by staking. The platform also features local and global competitions and uses gamification to enhance the exercise experience.
The Step App's second ecosystem token, FITFI, governs the platform, determining burn rates, revenue splits, development milestones, etc. Half of the platform's income is used to buy back FITFI tokens.
In addition to its main move-to-earn functionality, Step App includes:
- Micro-transactions: Items like character skins and map styles can be purchased in-app using credit cards or crypto.
- Staked play: Users can enter competitions using their tokens.
Step App (FITFI) performance projection in 2024
FITFI seems to have an accumulation phase after peaking at $0.01506. The price hovered around $0.006. You may want to keep an eye on it for a potential surge.
Sweat Economy (SWEAT)
Sweatcoin is an app that rewards users for physical activities like walking, swimming, and cycling. It recently launched the Sweat Economy platform, which offers incentives to promote fitness. This platform is powered by the SWEAT token for activity tracking; the token could be earned through the app. Earners can use SWEAT for rewards within the app or trade externally on the NEAR blockchain.
Sweatcoin, a move-to-earn app with over 100 million users, is the largest of its kind. Initially not blockchain-based, it has aimed to incorporate this technology since 2018. After securing $13 million in funding from key crypto entities, it had a big success on DAO Maker’s presale, with the $SWEAT token publicly launched on September 13, 2022.
Sweat Economy (SWEAT) performance projection in 2024
Similar to FITFI, SWEAT had a rise from US$0.004318 to US$0.01608. After the surge, the price hovered around US$0.008, indicating potential buying forces.
Dotmoovs (MOOV)
MOOV, dotmoovs' official utility token, is used for competitions, rewards, and purchasing digital sports equipment. Dotmoovs, a tech and sports company, integrates AI, NFTs, and MOOV into its platform for tracking skills and rewarding users. Users compete in challenges and earn MOOV tokens, which can also be used to buy virtual items and avatars. The platform features an NFT marketplace for digital versions of real-world items. The token, currently available for around $0.0045 each, could see increased demand and adoption as awareness grows, potentially leading to listings on major platforms like Crypto.com.
Dotmoovs (MOOV) performance projection in 2024
The price volatility might be a bit abnormal for the price. Look out for potential whales’ manipulations.
Genopets (GENE)
Genopets, a pioneer in the move-to-earn gaming sector, was released in late 2022 and designed to make fitness fun. The platform gamifies well-being, allowing users to raise, battle, and evolve digital creatures—Genopets—which can be traded for profit. The game operates on a two-token economy: $GENE, a governance token, and $KI, an in-game currency earned by playing. Unique to Genopets is its free-to-play model, where players can earn by minting and selling Genopet NFTs. Additional revenue can be made via the pay-to-play model.
Genopets (GENE) performance project in 2024
For GENE, the rising momentum seems to be running out, but the price is going to hit the bottom of $0.1392. Look out for signs of potential responses.
Is Move-to-earn Going to Make a Comeback in 2024?
The resurgence of move-to-earn projects is likely, especially with the global excitement around the Olympics. The synergy between athleticism, competition, and reward-based physical activity could drive a new wave of interest and adoption in M2E games in 2024. It might be a good idea to keep an eye on the latest project promotion, which might be related to the Olympics theme.
What signs should you look for before the surge?
The overall market sentiment towards GameFi and M2E projects is a metric to keep track of. Here are 2 reference metrics you might take note of.
Bitcoin dominance
Bitcoin dominance represents the market capitalization of Bitcoin as a percentage of the total cryptocurrency market. When the Bitcoin dominance percentage is high, it indicates that the majority of the market capital is held in Bitcoin. Conversely, when this dominance metric falls, more capital flows into altcoins, potentially signaling the start of a DeFi summer.
Project’s popularity
Look for increased user activity and engagement on these projects. At the end of the day, you would need more users to use the app to succeed. Additionally, watch for any partnerships or collaborations between these projects and sports-related entities, as they could signal a potential surge in popularity and adoption.
How to Buy STEPN, Genopets, and Other M2E tokens
CoinEx provides a Game-Fi tokens page, where you can find all the top M2E projects in one place.
Here, you can monitor the performance of tokens:
- View the price chart.
- Check the market capitalization.
- Observe the 24-hour change.
- Track the 7-day price trend.
Check out the page to find out your next hidden gem!
Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.
Title: Paris 2024: join the Olympics heat with these move-to-earn games
Subject: The Olympics Paris 2024 begin on July 26th. As the heat of the sport will last for 2 months until September 8th, introduce some move-to-earn projects on CoinEx.
Key elements:
- Briefly state some facts and background about Paris 2024, e.g., the date, the place, and the and the new sports in / out.
- Move-to-earn (M2E) coincides with the trend of working out during the post-pandemic period.
- Project introduction: STEPN (GMT), Step App (FITFI), Sweat Economy (SWEAT), Dotmoovs (MOOV), Genopets (GENE)
Keywords: Olympics, Paris 2024, move-to-earn
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