Will the move-to-earn cryptocurrency projects really be profitable? An in-depth analysis of the M2E market in 2024

Question

Are you familiar with claims that you can earn cryptocurrency through walking or running? The concept of Move-to-Earn (M2E) has been around in the crypto industry for several years now. While this segment initially gained explosive popularity, what is its current state?

The Mechanism of M2E Cryptocurrencies Is Simple

The basic principle of M2E (earning by moving) is very straightforward. Users download an app, grant GPS permissions, and simply walk or run outdoors to receive rewards in the form of in-game tokens. The process unfolds as follows:

Install the app → 2. Start workout → 3. Automatically record activity data → 4. Earn tokens as rewards → 5. Sell or exchange

The earned tokens can be cashed out on exchanges, used to purchase in-game items, or exchanged for sports equipment. It attracted attention as a system that combines health benefits with income generation.

However, not all M2E projects operate on the same mechanism. Each project has different token issuance methods and in-game economies. For example, some require initial investment, while others can be started for free. These differences significantly impact long-term profitability.

The STEPN Boom and Its Aftermath

The emergence of STEPN made the term “Move-to-Earn” widely known. Within just a few months of its founding in November 2021, this project dominated major industry media.

At that time, there were rumors that buying NFT sneakers and running could generate tens of thousands of dollars in daily income. Initially, this was indeed possible. Early adopters reaped enormous profits in a short period. Even with basic Grey sneakers, the payback period was initially just over a month. The project team secured over $5 million in investments from major venture capital firms, and by spring 2022, the user base reached 2 million.

However, when the crypto winter arrived, the situation changed dramatically. The native tokens GMT (trading at $0.01 as of December 2025, -4.84% in 24h) and GST ($0.00, -6.46% in 24h) plummeted in value. Sneakers that once cost around $1,500 dropped to just a few pennies, and the payback period extended from about one month to several months. Many users who bought at peak prices faced difficulties in recovering their investments.

STEPN’s slowdown served as a wake-up call for the entire M2E segment. Behind its rapid rise in popularity were structural issues such as tokenomics vulnerabilities and over-reliance on new entrants.

Pioneer Sweatcoin—Earning Without Investment in M2E

Before STEPN, there was already a project active in the M2E space: Sweatcoin. Established in 2016, this app differs from STEPN in that users can earn walking rewards without any initial investment.

Users earn a fixed amount of in-game tokens for every 1,000 steps, which can be exchanged for Amazon or Adidas coupons, Netflix subscriptions, and more. Because there is no investment risk, the user base has grown to over 120 million people.

In 2022, Sweatcoin decided to rebrand. They launched a new ERC-20 token, SWEAT (trading at $0.00, -0.07% in 24h as of December 2025), offering existing in-game token holders an exchange opportunity. The token, which once peaked at $0.089, is now in a tough situation. Nonetheless, its advantage of not requiring initial investment continues to attract users.

Trials and Errors in the Later M2E Sector

Seeing the success (and subsequent failures) of STEPN, developers have launched numerous new M2E projects. Some simply copy STEPN, while others introduce new innovations.

Genopets combines Play-to-Earn with Tamagotchi and Pokémon GO. Instead of NFT sneakers, players raise virtual pets. Energy gained from steps is used to nurture pets, and parameters like mood and fullness influence the in-game economy.

Walken involves leveling up CAThlete characters and competing in tournaments against other players. Strengthening characters with GEM tokens and earning rewards with WLKN tokens (with a limited supply) creates a two-layer structure.

DeFit features a completely free-to-play mode. Just download the app, connect your wallet, and choose from running, swimming, cycling, or walking. You can earn about 1 token (~$0.084) for 30 minutes of activity. However, increasing income requires a club membership, which necessitates holding over 10,000 tokens.

AMAZY employs a dual-token system (AMT/AZY) and offers four types of sneakers. The stats of sneakers (power, drop rate, energy burn rate, etc.) directly impact profitability.

The Next Generation of M2E—Designs Focused on Sustainability

Learning from the failures of existing projects, newer entrants are placing greater emphasis on stable tokenomics.

STEP APP is a metaverse-style M2E combining augmented reality and gamification. It features a two-layer structure with FITFI management tokens (trading at $0.00, -6.93% in 24h as of December 2025) and KCAL (trading at $0.00, +1.67% in 24h). Users purchase NFT sneakers called “SNEAK” and aim to earn rewards by completing tasks.

EZZY Game emphasizes simplicity, drastically reducing gamification elements. It has no complex upgrade features; users just walk for 10 minutes daily until their sneakers break. For example, a $100 sneaker might generate $110 in 10 days, and an $800 sneaker could generate $900, making the revenue structure predictable. Ninety percent of tokens are burned upon minting, and the number of sneakers available is limited to prevent oversupply. A free trial period (30 days) is also available. The first version was released in November 2022.

Fitmint highlights sneaker customization, allowing users to choose different colors and shapes to reflect their personality. While based on STEPN’s core mechanics, it incorporates features like bonus points for continuous training and penalties for more than five days of inactivity, encouraging ongoing engagement.

What You Need to Know to Actually Earn with M2E

Currently, most native tokens of M2E crypto projects are in a downward trend. What does this imply?

The fundamental issue is that many M2E projects rely solely on the influx of new users. They grow rapidly through hype and viral effects in the early stages, but a turning point inevitably comes when these profits dry up. Afterwards, a negative spiral ensues: falling prices of in-game items, reduced rewards, and further user attrition.

Additionally, during the overall crypto market stagnation, investors tend to hold back on risk assets. In this environment, even promising projects may struggle in the short term.

However, projects that survive this winter could generate significant returns in the next bull market. Therefore, when aiming for profits in M2E, the following criteria are crucial:

Tokenomics that do not overly depend on new user influx
Clear supply restriction mechanisms (burn functions, etc.)
Design prioritizing sustainability over complex gamification
Early-stage entry (to capture early adopter benefits)

The Future of the M2E Cryptocurrency Segment

During the crypto winter, activity in the entire M2E segment has indeed decreased. However, the idea of earning by walking or running remains attractive.

As projects diversify, we are seeing the emergence of more sophisticated M2E cryptocurrencies with improved tokenomics and long-term sustainability, moving beyond mere copies of STEPN. Options include projects that require no investment to start, those emphasizing gameplay, and simple, predictable revenue models. The range of choices for users is expanding.

To realize actual profits, project selection is more important than ever. Identifying M2E projects with solid tokenomics and a sustainable foundation over multiple years will be key to future success.