Binance invests in Move-to-Earn, a new crypto trend
The M2E sector is still quite small in comparison to the overall market capitalization. However, it is actively developing and attracting investments from major players, such as Binance
Why It Matters:
- The new crypto industry branch shows good growth and is promising for investors
As RBC reports, the Move-to-Earn trend emerged recently but is progressively shifting attention away from Play-to-Earn projects. A few years ago, physical activity experienced gamification (introducing a game element). Nintendo popularized motion-based games by releasing Pokemon GO in 2016. Players from all over the world searched for pokémon by tracking them on a GPS map in real time.
The entire M2E industry has a market capitalization of $1.5 billion, with a total estimate of digital assets reaching $2.09 trillion. STEPN, an app that encourages a healthy lifestyle and features Game-Fi and Social-Fi elements, represents $1.3 billion of M2E project capitalization. The entire gameplay is based on digital NFT sneakers. These NFTs allow users to earn in-game GST currency while jogging or walking. Combined with the Energy system, which imposes a daily income limit, these features affect the GST amount a user can earn. In early April, Binance unveiled its investments in this app.
What a big day... 😍 Celebrating the new joiner of Binance Labs Family @Stepnofficial - THE BEST of its kind web3 move-and-earn app. Let's Step up N up!https://t.co/evNkFxrQgx
— Binance Labs Fund (@BinanceLabs) April 6, 2022
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