The past year has been a thankless one for users of STEPN, the Move-to-Earn (M2E) crypto project. According to a BitcoinCasinos.com report, the M2E game’s player earnings dropped 99.9%. The project’s earnings in 2022 had peaked at $42.55, a figure that plunged to $0.06 by May 2023.
That development has drawn the attention of BitcoinCasinos’ investment lead, Edith Reads. The analyst attributes STEPN’s steep fall to the depreciation of its native token, Green Satoshi Tokens (GST). She holds that the decline could seriously affect how the game’s users interact with it.
Reads explains, “GST’s price fell from $8.51 to $0.015 between 2022 and 2023. That fall led to a corresponding plunge in the Web3 game’s player earnings. This fall could dampen the spirit of fitness enthusiasts who were drawn by its attractive earnings to onboard it.”
A General Slump in M2E Projects
STEPN faithful can, however, take heart in the fact that it wasn’t the only M2E project to plummet. Genopets (KI) recorded a 96.7% drop in player earnings.
From a peak earnings of $8.08 in 2022, the project’s users’ earnings shrunk to $0.26 daily. As with GST, KI tokens fell sharply from $0.40 to $0.013.
Another popular M2E game, Sweatcoin (SWEAT), also faced a similar fate. The game’s enthusiasts have seen their daily earnings depreciate by 98.2%, from $0.46 to $0.008 daily. Their woes arose from the game’s growing difficulty and erosion of its SWEAT token price.
Compared to the other three, Walken (WLKN) fared slightly better. The project saw its daily player earnings decline by 71% of their 2022 value. By the end of May 2023, Walker’s players could earn $0.10 a day compared to the $0.35 they did in the previous year.
The Growing Popularity of Move-To-Earn Games
Move-to-Earn games are one of Blockchain technology’s recent innovations. These allow players to earn cryptocurrency by performing activities such as exercising or completing tasks. The more one plays, the more crypto they earn.
Their emergence has led to a new gaming experience that is both fun and rewarding. They derive their popularity from offering players a new way to earn crypto as they do what they enjoy. Additionally, they promote healthy living by encouraging users to exercise often.
Launched in December 2021, STEPN is among the most popular M2E platforms. The platform fashions itself as a Web 3 lifestyle app integrating Game-Fi and Social-Fi experiences. This game rewards players for completing workouts and engaging in outdoor activities.
Other popular move-to-earn games include Step App, Dotmoovs, Calo Run, Wirtual, VICMOVE and DEFIT.