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Move2Earn Market Analysis
Overall, the fitness industry is valued over $100B. As per Coingecko, the NFT market is roughly over $30B in marketcap so far. Most of this value was created in the last two years or so. If you also account for the Play2Earn sector or GameFi which is valued at over $200B then the total opportunity size for NFT-based games and apps is over $330B. Until recently, this market was dominated by big names in fitness and games, thanks to the web2 economy, and most of the value created throughout the value-chain was captured by them only. This is the first time in human history that participants of these sectors can earn while playing a game or doing sports - thanks to the Web3 version of the gaming and fitness industry!
Now that we have established a foundation of mutual understanding of the NFT market and its role, let's discuss the M2E concept. Until 2022, the fitness industry was only focused on content generation and consumption. Unfortunately, due to Web2 structure, the economic value created through these two activities was captured by platforms and eventually platform owners. Thus, leaving content creators and consumers at the bottom of the value chain. Web3 is giving power back to participants, thus content consumers or app users are now able to continue doing what they’re doing i.e., jog, walk or run, and earn rewards in crypto from the app/platform they use. This is a win-win for both - platform and users. The users are incentivised for using a platform and the platform attracts more users by rewarding them in its native token.
Overall, things are just getting started in this newly created sector and we're here to be part of the early adopters