{"id":551842,"date":"2022-07-25T13:59:07","date_gmt":"2022-07-25T13:59:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/the-metaverses-new-thing-earn-money-for-exercising-with-a-catch\/"},"modified":"2022-07-25T13:59:07","modified_gmt":"2022-07-25T13:59:07","slug":"the-metaverses-new-thing-earn-money-for-exercising-with-a-catch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/the-metaverses-new-thing-earn-money-for-exercising-with-a-catch\/","title":{"rendered":"The metaverse\u2019s new thing: Earn money for exercising (with a catch)"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Crypto\u2019s latest fad, \u201cMove-to-Earn\u201d (M2E), entices you with the promise of earning <\/strong><strong>back money by exercising, but seldom delivers: <\/strong>A wave of Web3 fitness-focused metaverse companies called \u201cMove to Earn,\u201d emerged this spring, ushered by an app called <a href=\"https:\/\/stepn.com\/\">Stepn<\/a>, a blockchain-powered platform that pays you to walk in real life. The concept behind the app is simple in theory: The app tracks your movements and you get paid in in-game currency for walking. The currency can be used to upgrade equipment and avatars in the games and be converted into cash. The catch? To participate in Stepn, users need to buy a non-fungible-token (NFT) \u201csneaker.\u201d<\/p>\n<p><strong>Getting your hands on an NFT Sneaker is easy (sort of):<\/strong> NFT sneakers are necessary to begin earning Green Satoshi Tokens, Stepn\u2019s cryptocurrency. To do this, you\u2019ll need to purchase Solana cryptocurrency to purchase the sneakers, which means you need a crypto wallet, such as <a href=\"https:\/\/metamask.io\/\">Metamask<\/a>. There are different kinds of NFT sneakers with various \u201cattributes\u201d including efficiency, luck, and comfort, that determine how much money you can make.<\/p>\n<p><strong>But it\u2019s going to cost you:<\/strong> The cheapest tokens cost a couple of hundred USDs and only allow you to earn money very slowly. The high-end versions can cost up to tens of thousands of USDs. And that\u2019s not all: sneakers require constant repairs that, yes, require you to part with more of your money.<\/p>\n<p><strong>It doesn\u2019t matter how far you run: You\u2019re probably not getting your money back. <\/strong>After they began walking, users soon realized that they were only making pennies back on their original spend, <a href=\"https:\/\/forkast.news\/what-is-stepn-like-crypto-move-to-earn\/\">Forkast<\/a> reports. Cheaper, low-performance sneakers can only make users more money if they invest more money in improving their attributes. There is also a 10-minute cap on how long you can run with using a \u201ccommon\u201d shoe; to run for up to 100 minutes a day users need to either buy 10 common sneakers, or a more expensive (\u201cepic\u201d or \u201clegendary\u201d) model. With all the hidden fees and unclear instructions, many players found themselves unable to earn back the price of the sneakers they purchased.<\/p>\n<p><strong>Then there\u2019s the hit on the currency:<\/strong> Users have been hurt by the crypto crash this year, which has seen the value of Solana and Stepn tokens plunge. A falling user base and the <a href=\"https:\/\/decrypt.co\/103827\/can-move-to-earn-nft-game-stepn-avoid-the-pitfalls-of-axie-infinity\">company\u2019s exit from China<\/a> didn\u2019t help matters. Solana has plummeted more than 77% so far this year while the Green Satoshi Token has lost almost all of its value in just the past three months.<\/p>\n<p><strong>It sounds too good to be true, so why did people fall for it?<\/strong> Stepn was launched in the wake of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97cf5f51-7330-415c-8166-24ea23d2e615\">GameFi phenomenon<\/a>, which saw the rise of popular play-to-earn games like <a href=\"https:\/\/axieinfinity.com\/\">Axie Infinity<\/a> which allowed gamers to play to earn cryptocurrency. M2E games became popular in the spring right before the crypto bubble burst, New York Magzine\u2019s <a href=\"https:\/\/nymag.com\/intelligencer\/2022\/07\/move-to-earn-the-last-fad-of-the-crypto-bubble.html\">Intelligencer<\/a> reports. Stepn also had the added advantage of being backed by Sequoia Capital, one of the most respected VC firms in Silicon Valley (which invested in some of the biggest players in the startup world, from Apple to Instacart), and by the venture-funding arm of Binance, the world\u2019s largest crypto exchange.<\/p>\n<p><strong>Stepn insists that it is not a Ponzi scheme: <\/strong>M2E companies are facing <a href=\"https:\/\/www.theverge.com\/2022\/4\/8\/23015468\/axie-infinity-blockchain-nft-play-to-earn-game-economics-hack\">allegations similar to those that followed play-to-earn companies<\/a>. Critics point to the app\u2019s high entry cost, and constant need for new users to join and old users to not simultaneously cash out, to avoid crashing the token price, <a href=\"https:\/\/www.vice.com\/en\/article\/4axgn9\/stepn-move-to-earn-games-try-to-convince-doubters-theyre-not-ponzis\">Vice reports<\/a>. The app\u2019s unsustainable model has been likened to Ponzi schemes, prompting Stepn\u2019s creators to <a href=\"https:\/\/stepnofficial.medium.com\/are-all-play-to-earn-games-ponzi-a2ddcc31db29\">acknowledge their model\u2019s similarity to Ponzi schemes<\/a> but insist they are different and perfectly ethical.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto\u2019s latest fad, \u201cMove-to-Earn\u201d (M2E), entices you with the promise of earning back money by exercising, but seldom delivers: A wave of Web3 fitness-focused metaverse companies called \u201cMove to Earn,\u201d emerged this spring, ushered by an app called Stepn, a blockchain-powered platform that pays you to walk in real life. The concept behind the app [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":551843,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9595],"tags":[344,633,648,649,9242],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-next-2","tag-cryptocurrency","tag-enterprisepm","tag-metaverse","tag-nfts","tag-whats-next","wpautop","entry"],"acf":{"mongo_id":"10587ee1-62be-4596-8d4a-db7b06d23dac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/419.png","photo_position":"above","related_issue":[551832],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The metaverse\u2019s new thing: Earn money for exercising (with a catch) - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/the-metaverses-new-thing-earn-money-for-exercising-with-a-catch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The metaverse\u2019s new thing: Earn money for exercising (with a catch)\" \/>\n<meta property=\"og:description\" content=\"Crypto\u2019s latest fad, \u201cMove-to-Earn\u201d (M2E), entices you with the promise of earning back money by exercising, but seldom delivers: A wave of Web3 fitness-focused metaverse companies called \u201cMove to Earn,\u201d emerged this spring, ushered by an app called Stepn, a blockchain-powered platform that pays you to walk in real life. 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The trend has been ongoing for the past\u2026","rel":"","context":"In &quot;WHAT\u2019S NEXT&quot;","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/489.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556614,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/now-you-wont-have-to-worry-about-laundry\/","url_meta":{"origin":551842,"position":1},"title":"Now you won\u2019t have to worry about laundry","author":"enterpriseam admin","date":"4 October 2021","format":false,"excerpt":"Just when we thought everything that could be digitized had been, digital fashion proves us wrong: Fashion that can only be worn digitally is gaining traction, with several companies now offering digital versions of everything from workout clothes to gravity-defying avant garde fashion, often in the form of NFTs. Digital\u2026","rel":"","context":"In &quot;FASHION&quot;","block_context":{"text":"FASHION","link":"https:\/\/enterpriseam.com\/egypt\/category\/fashion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545194,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/nft-trading-soared-21k-in-2021-but-is-expected-to-slow-this-year-limewire-is-back-and-rebranding-as-a-music-based-nft-platform\/","url_meta":{"origin":551842,"position":2},"title":"NFT trading soared 21k% in 2021 but is expected to slow this year + LimeWire is back and rebranding as a music-based NFT platform","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"SIGN OF THE TIMES- Trading in NFTs soared 21k% y-o-y in 2021 with total sales reaching USD 17.6 bn as the tokens entered the mainstream last year, co-founder of Nonfungible.com Gauthier Zuppinger told CNBC. These estimates \u2014 as large as they are \u2014 may be even smaller than reality, with\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/471.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550538,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/wash-trading-is-the-latest-trend-to-take-hold-in-nfts-covid-19-was-a-boon-for-ceo-pay\/","url_meta":{"origin":551842,"position":3},"title":"\u201cWash trading\u201d is the latest trend to take hold in NFTs + Covid-19 was a boon for CEO pay","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"People are buying their own NFTs to earn more rewards, not drive up NFT prices: The gray areas in crypto continue to rattle regulators, with \u201cwash trading\u201d becoming the latest trend on LooksRare, the hottest new NFT marketplace, Bloomberg reports. Wash trading is when traders simultaneously sell and buy the\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/438.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554672,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/get-in-line-to-buy-your-very-own-pulp-fiction-scene-alexa-is-working-on-anticipating-your-needs\/","url_meta":{"origin":551842,"position":4},"title":"Get in line to buy your very own Pulp Fiction scene + Alexa is working on anticipating your needs","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"Alexa, read my mind: AI assistants will soon be able to anticipate our needs and respond to them, so we can stop micromanaging Alexa, said Alexa senior VP Tom Taylor, speaking at the Web Summit tech conference in Lisbon this week. This evolving \u201cambient intelligence\u201d will use AI to weave\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550692,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/carbon-linked-crypto-tokens-may-do-more-harm-than-good-jack-dorseys-nft-of-his-first-tweet-has-lost-almost-all-of-its-value\/","url_meta":{"origin":551842,"position":5},"title":"Carbon-linked crypto tokens may do more harm than good + Jack Dorsey\u2019s NFT of his first Tweet has lost almost all of its value","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"With no regulations in sight, carbon-linked crypto tokens may do more harm than good: Crypto enthusiasts have attempted to bring the green revolution to the crypto market, converting carbon offset credits into digital tokens and selling them, the Financial Times, citing carbon analysts. These carbon-linked cryptos have soared from USD\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=551842"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551842\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/551843"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551842"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551842"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}