How Move-to-Earn, Play-to-Earn, and the Metaverse will prevail in the Bear Market?

Gen Z has been positioned at the forefront of technology. With the recent rise of web 3 and blockchain technology, the potential and growth seem endless for this generation. We live in an exciting time and have already seen some amazing innovations. How will this all come together?

Many companies are learning and preparing themselves to spearhead their business into these new avenues. Some of the most exciting developments in the space include Play-to-Earn (P2E), Move-to-Earn (M2E), and the Metaverse. Each of these growing markets brings more than just fun gameplay, but new business models to adapt — each with its own benefits and challenges.

Play to Earn (P2E)

Brief introduction/description

Play-to-earn is the process of earning digital assets while enjoying a video game. P2E games reward players with in-game tokens, NFTs, or other digital assets by participating and playing video games.

Though play-to-earn gaming is not a new concept, it was only able to break through and make an impact following the integration of blockchain and digital assets. With the inclusion of blockchain technology, play-to-earn games use NFTs as leverage and provide true ownership, which was missing from mainstream video games.

Opportunities

NFTs are constantly growing, with the total NFT sales equating to approximately $1.8 billion per month. The range of applications for these tokens quickly increases as the year's pass, making more and more use cases across different platforms.

Play-to-earn gaming developments have become closely linked to the progression of blockchain and digital assets, a space that has seen a meteoric rise within the last few years. This indicates that the idea of engaging and participating with video games as a real job is now a possibility.

Through things like play-to-earn gaming, digital assets will no longer be something reserved for the finance and tech crowd.

This gaming model will entertain and provide an alternative way to earn income for nearly half of the earth’s population while also being available globally to anyone with an internet connection.

Challenges

Play-to-earn games do not purely provide entertainment. Sometimes, current play-to-earn games are like a job. Games designed around a token or NFT-based system are exposed to external market forces that gamers have zero control over. Speculators with no interest in the game pile in early to boost the token value and then leave a trail of inflationary destruction in their wake. Play-to-earn turned into pay-to-play. If you can’t pay, you get a loan from another player and are now indebted to them to build their own empire before you ever get a chance to enjoy the game.

Move to Earn (M2E)

Brief introduction/description

Move-to-earn is a fast-developing component of Web3, enabling individuals to own and monetize their personal data. M2E’s mission is to scale the blockchain-based incentives system for healthy lifestyle promotion. The increased use of fitness trackers and employer-sponsored wellness programs that reward employees for boosting their physical activity might result in the global fitness tracker market growing from $36.34 billion in 2020 to $114.36 billion in 2028. Employee absenteeism due to illness can be reduced with fitness-based M2E. In this aspect, M2E applications have a far wider audience reach than P2E applications.
(Reference: Cindy Bloch)

Industry Trends & Reasons

  • Investors are looking toward Move to Earn Projects

Investors make it their job to identify trends, and seeing the number of investments in play-to-earn gaming projects; it’s easy to see how the recent influx of cash into projects (such as STEPN and Genopets ) in the past months foreshadow the upcoming success of move-to-earn.

There are potentially more projects related to IGO (Initial Game offering) and SAFT (Simple Agreement for Future Tokens) occurring this year.

  • People want to be Active Post-lockdown (Whilst Earning Passive Income)

As the Covid-19 pandemic slowed down, lockdown faded away, summer weather came, and people’s lives are recovering back to normal before Covid-19. More and more people would go outside and start doing more outdoor activities. The pandemic showed us that better physical health could keep us from experiencing severe effects of a disease, as is the case with Covid-19, and many will try to improve their health as a result.

With the desire for socialization and doing exercise with something more fun, moving to earn games that provide an active lifestyle, passive income, collectibles, and visual gaming experience would be many people’s choice.

  • Move-to-Earn Gets People Earning Faster and Easier than Play-to-Earn Games

One of the big advantages of move-to-earn games is an easy entry. Unlike traditional character-based games, move-to-earn does not require time, dedication, and effort to understand. It leverages actions that every human is very familiar with, which is movement. This means that new players do not need to learn much before starting playing and earning, eliminating barriers to entry for anyone.

  • Move-to-Earn Builds on the Proven success of Social Fitness Apps

Existing fitness apps like Strava or Fitbit have an addictive element in their gamification aspect. Users would try to keep up the physical activities, compete with their friends in the performance of activities, or just keep up with self-progress.

Move-to-earn has a huge potential for success because it is like a social fitness app with a financial layer, further gamification, and a decentralized system that provides fairness and ownership.

  • Move-to-earn Might be the NFT Play Many Retail Investors are Waiting for

Move-to-earn games, in addition to having NFTs, which can be treated as normal, these games also incorporate in-game utility and governance tokens, which can be easily purchased on exchanges and grow as the value and popularity of the game grows.

By reducing the friction of lending their sneaker NFTs to scholars, all owners need to do is simply place their NFTs on the in-game marketplace and reap the rewards. This approach to NFT staking will likely gain popularity due to the ease of use and low barriers of entry for hobbyist NFT owners.

Challenges

M2E applications generally take the Ponzi model and risk being stuck in death spirals. So the challenges for this industry would be how to pass the dilemma and keep the stable growth of the number of users to keep the whole system normal.
(Reference: Cindy Bloch)

Metaverses

Brief introduction/description

The metaverse is a massively scalable, persistent network of interconnected virtual worlds focused on real-time interaction where people can work, socially interact, transact, play and even create. It uses advanced virtualization and technologies (AR, VR, Haptic Sensors, etc.) to fully immerse the user into the virtual world. This means that the user can interact live with a world that is always there, and he can always access it whenever he wants.
(Reference: Benjamin Talin)

Industry trend

The Metaverse Technology market was valued at $32 billion in 2021 and is likely to reach $224 billion by 2030. Software contributed more than 80% of the market in 2021.

In augmented reality (AR), head-mounted displays (HMD) and Head-up displays (HUD) are mostly used. AR devices contributed only 1% of the overall metaverse hardware market in 2020 and will likely have more than 90% share by 2030.

The consumer segment will have the largest share (~29%) of the market by 2030, including gaming and entertainment applications wherein AR is used to create 3D objects in the real world.

The metaverse market in APAC is expected to grow at the highest CAGR of 25% between 2022 and 2030. North America led the market in 2021.

The presence of companies such as Blippar, Inde, Engine Creative, and Holition that are actively involved in AR/VR industry is expected to drive the growth of the metaverse market in the UK. The digital change in the UK is anticipated to fuel the growth of the extended reality market in the country.
(Reference: Research and Markets)

Opportunities and challenges

  • Platform Interoperability

The lack of interoperability and uniformity between the various metaverse platforms is one of the biggest challenges.

A similar protocol like HTML is much needed to facilitate users' movement between metaverses and devices.

  • Usefulness And Ease Of Use For Consumers

Usability will mostly come from ease of use and usefulness of the various content and apps that consumers can experience in multiple metaverses.

There needs to be more content and apps that generate value for consumers, and this presents an opportunity for many industry verticals to deliver usefulness.

  • Value To Companies

Companies would need to generate value out of the metaverse for it to succeed. For this to happen, businesses of all verticals should investigate this new platform and explore it, at minimum, as new delivery and interactive channel.

  • The Way Metaverse Should Evolve (Opportunities)

The healthcare and medical fields, for example, have a great opportunity to provide extremely enhanced telemedicine experiences and better access to healthcare overcoming geographical limitations.

The publishing and entertainment industries also have opportunities bound to provide unique experiences in the metaverse. Consider how live concerts, movies, shows, and sports events can be delivered through immersive experiences with remote attendees fully engaged in the events.

Metaverse offers an opportunity to recreate an interactive version of the content, where the users are immersed in and engaged with the content.

Generated content should be relevant and unique to the metaverse. It would have to be driven and guided by an interactive user design experience. The design should emphasize activities with the surroundings and external devices that enhance the immersive experience.

With so many new applications being created in each market, it is important to remember that we must build for each other. The FL3X metaverse looks to incorporate these 3 main markets to create not only new life experiences but also a sustainable economy for all to prosper in.
(Reference: Saeed Elnaj)

FL3X Metaverse

FL3X takes on the earning potential of P2E, the social elements of M2E, and the technological landscape of the Metaverse. Each addresses the challenges listed above to bring you a new web 3 social-Fi gaming metaverse. Now each user can play in the metaverse, complete solo or co-op missions, and earn NFTs and crypto rewards, all without having to make an upfront investment. By traveling to specific locations on the in-game map, players can reap the benefits of nearby vendors in real life and rewards from the FL3X metaverse.

Users can now create their own virtual identity linked to the real world. Earning wearable NFTs from missions can boost the experience and earning capabilities of each player. Show off your latest NFT merch on your avatar! The FL3X metaverse will enable everyone to socialize, do business, and have fun while receiving crypto rewards and other benefits.

FL3X is a mobile app that combines the metaverse and physical world together. Life was made to be enjoyed, and earning a little cash while doing it is only the tip of the iceberg. Ready to walk into the FL3X metaverse?

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We aim to make #Movetoearn happens in real life and build a healthier lifestyle globally which is more applicable with utilization of Web3.