Move-to-Earn in 2025: Which Crypto Fitness Games Are Actually Worth Your Time?

The crypto fitness revolution is here—and it’s not what it used to be. Move-to-Earn (M2E) platforms have evolved from the hype-fueled frenzy of 2021 into something more realistic and, frankly, more interesting. But with market caps collapsing and user engagement dropping, the real question isn’t whether M2E will survive—it’s which projects actually deserve your attention.

The Reality Check: Market Shift and Opportunity

Remember when Move-to-Earn was supposed to be the next big thing? The combined market cap of M2E tokens once commanded serious attention, and over 30 projects were listed on major tracking platforms. Fast forward to today, and the landscape looks drastically different. STEPN’s monthly active users plummeted from over 700,000 to under 35,000. Yet paradoxically, this crash has created real opportunities for serious players.

What changed? The novelty wore off. Unlimited token supplies killed token economics. Entry costs became prohibitive. But the fundamental idea—turning your physical activity into cryptocurrency rewards—hasn’t died. It’s just being rebuilt by projects that learned from the previous cycle’s mistakes.

The Top Move-to-Earn Projects Breaking Through

1. STEPN (GMT) – Still the Heavyweight, But Wounded

STEPN dominated the Move-to-Earn space by creating a simple premise: buy an NFT sneaker, go for a run, earn Green Satoshi Tokens (GST). The app uses GPS tracking to verify your movements, and you can earn in multiple modes—Solo for casual walking, Marathon for virtual races, and Background mode for passive step accumulation.

The technical foundation is solid. Built on Solana’s fast, low-cost network, STEPN implemented a dual-token system: GST for in-game transactions (sneaker upgrades, minting) and Green Metaverse Token (GMT) for governance and premium features. The token burning mechanism on GST was designed to combat inflation, though unlimited supplies proved to be a systemic problem across the entire M2E sector.

Current Status: GMT’s market cap sits at $44.68M (down from its peak of $513M). Despite the decline, STEPN remains the largest M2E project by market capitalization. The platform’s infrastructure is mature, but user retention remains the critical challenge. For investors, the risk/reward calculation depends entirely on whether the team can reignite user engagement.

2. Sweat Economy (SWEAT) – The Accessible Alternative

Sweat Economy took a different approach from STEPN: zero entry barrier. Download the app, start walking, earn SWEAT tokens immediately. No NFT purchases required. No upfront investment. This accessibility strategy worked—Sweat Economy boasts 150+ million users across Web2 and Web3, making it the most downloaded health and fitness app in 2022.

Built on the NEAR blockchain, Sweat Economy employed a controlled minting model where token issuance adjusts over time to prevent runaway inflation. The platform’s approach to tokenomics emphasized sustainability over short-term gains, distinguishing it from competitors that relied on unlimited supplies.

Current Status: SWEAT’s market cap is now $10.59M. With 150 million users, the user-to-market cap ratio is drastically more favorable than STEPN’s, suggesting either massive undervaluation or serious adoption challenges among token holders.

3. Step App (FITFI) – The Diversified Play

Step App operates on Avalanche and uses a dual-token model: KCAL tokens (earned through activity) and FITFI (governance and staking). The distinction matters—KCAL is the reward you accumulate daily, while FITFI gives you control over the ecosystem’s future. Users earn KCAL by walking and running, which they use to purchase and upgrade Sneaker NFTs (SNEAKs).

The numbers tell an interesting story. Step App has cultivated 300,000+ users across 100+ countries, who’ve collectively walked 1.4 billion steps and earned 2.3+ billion KCAL tokens. The velocity of activity generation demonstrates real engagement, not just sign-ups.

Current Status: FITFI’s market cap is $2.32M. The ratio between user base and market cap suggests either extreme pessimism or genuine viability issues. For contrarian investors, this could represent opportunity; for risk-averse players, it signals caution.

4. Genopets (GENE) – Gamification Goes Deeper

Genopets shifts the M2E formula by making your steps meaningful within a deeper gaming context. Every step you take converts to Energy, which evolves and strengthens your digital companion (a Genopet). The game adds battling mechanics and habitat management, creating more reasons to stay engaged than basic fitness tracking.

As an NFT collection on Solana, Genopets’ Genesis collection has accumulated 146,000+ SOL in all-time trading volume, demonstrating real economic activity and secondary market interest. The dual-token system (GENE for governance, KI for gameplay rewards) mirrors industry standards but with more integrated gameplay loops.

Current Status: GENE trades at $11M market cap, reflecting steady but modest adoption. The project’s strength lies in its more sophisticated gameplay mechanics, which could address M2E’s biggest weakness: user retention.

5. dotmoovs (MOOV) – AI-Powered Competition

Dotmoovs brought something genuinely different: peer-to-peer sports competitions judged by artificial intelligence. Instead of just rewarding steps, dotmoovs analyzes your sports skills—creativity, rhythm, technique—and rewards you based on competitive performance. You earn MOOV tokens based on AI-assessed performance in head-to-head matches.

The platform operates on Polygon, leveraging ERC-20/BEP-20 standards for efficient transactions. Sport-specific NFTs unlock tournament access and in-app purchases, while the AI evaluation system removes simple cheating methods that plagued earlier M2E projects.

Current Status: MOOV’s market cap is $494.40K, with 80,000+ players across 190 countries having submitted 41,000+ videos. The tiny market cap relative to the user base suggests either massive undervaluation or serious token utility issues.

6. Walken (WLKN) – The Gaming Evolution

Walken transforms M2E into actual gameplay. Your steps feed a character called a CAThlete that competes in athletic challenges (sprint, urban, marathon modes). You earn GEMs based on step count and WLKN tokens through competitive performance. The game adds league systems, which enable seasonal competitive events with substantial rewards.

Built on Solana, Walken benefited from first-mover advantage in creating a gaming experience, not just a fitness tracker. The combination of NFT character customization and competitive elements creates more engagement hooks than basic M2E competitors.

Current Status: Walken shows 1M+ downloads on Google Play Store alone. The project hasn’t experienced the catastrophic user drops of STEPN, though the exact current user count is unclear.

7. Rebase GG (IRL) – The Location-Based Wild Card

Rebase GG adds a spatial dimension to Move-to-Earn through geo-located challenges. The game rewards you for physical activity and visiting specific real-world locations, creating a layer of exploration and discovery beyond basic step tracking. This hybrid approach attracts users interested in travel and exploration, not just fitness optimization.

Current Status: IRL trades at ~$4M market cap with 20,000+ active players, suggesting early-stage potential but limited traction.

The Critical Flaw: When Fitness Doesn’t Beat Finance

The fundamental challenge facing all M2E projects: unlimited token supplies destroyed the economics. When projects can mint infinite rewards, token value inevitably collapses. STEPN’s GST token is virtually worthless today—the game became uneconomical because new players couldn’t earn enough to justify entry costs.

The M2E sector also struggles with what economists call “extraction economics.” Early adopters who bought cheap NFTs extracted massive value. New players entered late, faced expensive entry costs, earned minimal rewards, and quit. This pattern repeats across almost every major Move-to-Earn project.

Move-to-Earn vs. Play-to-Earn: Know the Difference

Move-to-Earn (M2E) rewards physical activity tracked via mobile apps and wearables. Your treadmill run becomes SWEAT tokens.

Play-to-Earn (P2E) rewards gaming achievement within virtual worlds. Your Axie Infinity battle victory becomes AXS tokens.

M2E projects like STEPN and Sweatcoin target fitness-focused users and casual earners. They offer stable, predictable rewards based on activity duration and intensity, though earnings tend to be lower than P2E’s potential payouts.

P2E projects like Axie Infinity and The Sandbox target gamers seeking monetized gameplay. They offer higher earning potential but demand strategic thinking, time investment, and market knowledge. P2E’s tokenomics tend to be more complex—multiple tokens, NFTs with different utilities, volatile pricing.

Key distinction: M2E democratizes earning through everyday activity; P2E requires gaming skill and knowledge. M2E has broader appeal but lower earning ceilings; P2E attracts dedicated gamers willing to spend time optimizing rewards.

The Brutal Challenges Holding M2E Back

Unlimited Token Supplies: Most M2E projects allow infinite token minting tied to activity. When millions of users earn tokens daily, inflation accelerates faster than demand grows. Result: token value approaches zero, making continued play economically irrational.

Prohibitive Entry Costs: STEPN requires buying NFT sneakers ($50-$500+ depending on stats). Step App and Genopets follow similar models. This gates access to users with disposable income, killing the democratization promise.

Scalability Bottlenecks: As user bases grow, blockchain networks struggle to handle transaction volume. Gas fees spike. User experience degrades. Network effects that should improve value actually damage it.

Pyramid Economics: The system depends on new players entering, buying NFTs, and generating token rewards. When growth stops, early users cash out, new users earn nothing, and the network collapses. It’s economically identical to pyramid schemes—compensation depends on recruitment, not actual activity value generation.

Engagement Cliff: Without constant innovation, users quit. Fitness novelty wears off. Earning potential decreases. Game mechanics stagnate. STEPN’s user drop from 700,000 to 35,000 MAU demonstrates how quickly M2E projects hemorrhage users.

What’s Actually Next for Move-to-Earn

Several trends could revitalize the sector:

AR/VR Integration: Augmented reality and virtual reality overlays could transform routine walks into immersive experiences, dramatically increasing engagement. Imagine competing in virtual races overlaid on your actual running route.

Refined Tokenomics: New projects are experimenting with deflationary models—token burning tied to activity, limited supplies, or buy-and-burn mechanics. These address the inflation problem that killed earlier projects.

Multi-Chain Expansion: Projects deploying across Solana, Avalanche, Polygon, and others reduce network congestion and lower fees, improving user experience and scalability.

Sophisticated Health Integration: Next-gen M2E projects could offer detailed health analytics—heart rate zones, calorie burn estimates, biometric tracking—making fitness incentives more meaningful and personalized.

Social/Competitive Layers: Dotmoovs and Walken proved that competition matters. Future M2E will emphasize leagues, tournaments, and social features over solo grinding.

The Bottom Line

Move-to-Earn isn’t dead—it’s under reconstruction. The projects that survive will be those that solved the three critical problems:

1. Sustainable tokenomics (no unlimited supplies)
2. Low entry barriers (accessible to non-whales)
3. Continuous engagement mechanics (gamification that goes beyond step tracking)

STEPN remains the sector’s largest by market cap but faces fundamental questions about user retention. Sweat Economy’s zero-barrier model proved scalable to 150 million users but faces monetization challenges. Emerging projects like dotmoovs (with AI evaluation) and Walken (with deeper gameplay) represent the evolution toward more sophisticated, sustainable models.

For investors and users: the M2E sector offers opportunity, but due diligence is mandatory. Check tokenomics, understand entry costs, and honestly assess whether you’ll actually use the platform. The fitness-meets-crypto promise remains powerful—but only if the economics actually work.