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Can you really make crypto while running? - Crypto in Plain English - Episode 147 - by cryptohunt.it
Can you really make crypto while running?
Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today, let’s look into a new trend: Apps that give you free crypto as a reward for being active: Run a mile, get a token. Get out of the house for a walk, get another one.
But how does that work, are those tokens even worth collecting, and why would someone do this?
You may have heard about “play to earn” games where you get crypto as rewards for participating. A new kind of app that works similarly, is getting popular: But this time it’s about “move to earn”.
The idea is simple: You get rewarded with an app’s own token for exercising, and because the token can be traded on crypto exchanges, that reward may be exchanged for money. Sounds strange that someone would just give you money? You are not wrong - so let’s look into how those economics work.
First, there are simply games that give you a token they invented and that token doesn’t have real value. It’s just a fun game to keep you on your toes - pun intended. And in some cases, even though those tokens are just like Yelp badges or Reddit Karma, speculators show up and pump the value up.
But there are also cleverly disguised schemes that are influenced by popular play-to-earn games: Those “move to earn” games require you to buy in first. STEPN, the most popular one, forces you to buy a “sneaker NFT” for over $1000 before you can earn the token. They don’t say it, but the economics are simple: You buy in, so someone else can cash out. If total users are growing, everyone makes money - until people want to get out. Ponzi scheme, or just skin in the game… you’ll be the judge.
And that’s it on “move to earn” - we will say: Get out of the house no matter what, but if you are intrigued, go do some more research! Maybe there is one you find fun to play.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.
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By cryptohunt
5
44 ratings
Can you really make crypto while running?
Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today, let’s look into a new trend: Apps that give you free crypto as a reward for being active: Run a mile, get a token. Get out of the house for a walk, get another one.
But how does that work, are those tokens even worth collecting, and why would someone do this?
You may have heard about “play to earn” games where you get crypto as rewards for participating. A new kind of app that works similarly, is getting popular: But this time it’s about “move to earn”.
The idea is simple: You get rewarded with an app’s own token for exercising, and because the token can be traded on crypto exchanges, that reward may be exchanged for money. Sounds strange that someone would just give you money? You are not wrong - so let’s look into how those economics work.
First, there are simply games that give you a token they invented and that token doesn’t have real value. It’s just a fun game to keep you on your toes - pun intended. And in some cases, even though those tokens are just like Yelp badges or Reddit Karma, speculators show up and pump the value up.
But there are also cleverly disguised schemes that are influenced by popular play-to-earn games: Those “move to earn” games require you to buy in first. STEPN, the most popular one, forces you to buy a “sneaker NFT” for over $1000 before you can earn the token. They don’t say it, but the economics are simple: You buy in, so someone else can cash out. If total users are growing, everyone makes money - until people want to get out. Ponzi scheme, or just skin in the game… you’ll be the judge.
And that’s it on “move to earn” - we will say: Get out of the house no matter what, but if you are intrigued, go do some more research! Maybe there is one you find fun to play.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.