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    A look at StepWatch, the latest addition to the move-to-earn bandwagon

    A look at StepWatch, the latest addition to the move-to-earn bandwagon

    A look at StepWatch, the latest addition to the move-to-earn bandwagon
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    By CNBCTV18.com  IST (Published)

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    Launched in May 2022, StepWatch is the latest addition to the GameFi bandwagon and, more specifically, the move-to-earn space. It is a fitness reward app that provides incentives for exercising. In a nutshell, it pays you (in NFTs and crypto tokens) for staying healthy.

    Move-to-earn (M2E) projects have become extremely popular over the last few months. Recent M2E platforms such as Dustland and StepN have been a real hit with users and are seeing increased mainstream adoption. They allow you to earn a good amount of crypto, just by staying fit. The latest addition to the M2E bandwagon is StepWatch, a web3 health tracking app that rewards users for exercising and burning calories. But what is StepWatch, and how does it work? To find out, we first need to understand how M2E functions. Let's go.
    What is move-to-earn?
    Move-to-earn is similar to play-to-earn (P2E), and both these concepts stem from the broader GameFi sector of the metaverse. GameFi represents the combination of gaming and finance. These platforms allow players to earn in-game assets that can be traded and sold for fiat currencies in the real world.
    Therefore, unlike traditional pay-to-play (P2P) gaming, with GameFi platforms, users have actual ownership of their in-game items, which have actual value outside the game.
    Move-to-earn is a subset of GameFi. Instead of playing games, users exercise and complete fitness challenges to earn NFT and crypto rewards. This brings a whole new audience to the cryptocurrency market. Anyone who is already exercising can now earn real money for doing so. The rewards may also encourage people to act on fitness plans they have been delaying.
    What is StepWatch?
    Launched in May 2022, StepWatch is the latest addition to the GameFi bandwagon and, more specifically, the move-to-earn space. It is a fitness reward app that provides incentives for exercising. In a nutshell, it pays you (in NFTs and crypto tokens) for staying healthy.
    It works like a health and fitness tracking app, monitoring, recording, and analyzing your physical activities. What makes it different, however, is its web3 features which promise the users ownership of their content and monetization of their activities.
    How does it work?
    The basic game mechanics are pretty simple. You move 500 metre to obtain 100 SWE rewards. SWE is one of the two native cryptocurrencies of the StepWatch platform, the other being SWP. We'll explain what these tokens are and their relationship with each other a bit later.
    Back to how StepWatch works; the game revolves around Watch NFTs, hence the name StepWatch. When you start the game, you can continue with a default (free) watch, or you can buy an upgraded watch.
    The basic watch will only reward you for 500 metre of movement each day. Any activity beyond this will not be counted. You need to 'cool down' for 24 hours before recording another 500 metre.
    On the other hand, the upgraded watches track longer movements and cool down faster, allowing you to rack up more SWE. Besides movement, there are several additional metrics that can increase the amount of SWE you earn per workout. Upgraded watches perform better in these metrics, fetching you more SWE.
    There are modes too
    To make the game interesting and help users earn more tokens, the makers have also implemented several gaming modes; they are as follows:
    Solo: This is the basic mode of the game. You play alone, and the rewards are as described above.
    Teams: This mode provides up to 30 percent additional rewards, depending on the number of people in your team and the number of NFTs (watches and other collectables) your team owns. You must also set a captain (who may earn even more rewards). During the activity, if you do not stay within 100 meters of the captain’s position, all team mode benefits will be cancelled.
    Missions: This mode offers daily challenges that can be completed to earn more crypto. Missions can be further divided into two kinds, ‘work sharing’ and ‘quest to perform’. Under work sharing, users need to complete tasks such as check-ins and photoshoots. Whereas, with 'quest to perform', you need to complete treasure hunts and follow the performance of other users on the app. If you sign-up for any of these missions and do not complete them, you will lose SWP
    Lazy-to-earn:
    Besides the fitness angle, the app also provides users with an option to earn a passive income through staking. There are three different kinds of staking available.
    The first is called the Cooker Zone, which is reserved for special users known as Watch Makers. These are users who actively invest in StepWatch events. However, the details and rewards of the Cooker Zone are yet to be announced.
    The second kind of staking activity is called the Fat Man Zone, where you can stake your NFTs for three months and receive interest in the form of SWP tokens. Again, the reward details are yet to be announced, but the interest you receive will increase based on the number of NFTs you stake.
    Finally, there is the Fleshy Man Area, where you can stake SWP for three months and obtain Gems or Secret Boxes. Gems can be used to enhance the performance of your watch. On the other hand, secret boxes can contain gems, tickets and SWE/SWP tokens. Tickets one-time-use cards that help reduce cool down times and increase performance times.
    How do you get started?
    Getting started is easy. Begin by downloading the app (it is available for Android and coming soon on iOS). Then, create an account by registering your email address. Next, you need to link your crypto wallet. If you don't have a crypto wallet, you can skip this step for now. Finally, you need to choose a Watch NFT. You can go with the free watch or buy one of the upgraded ones. Prices start from 0.695 BNB and go up to 5 BNB, which is around $215 to $1,530.
    StepWatch tokenomics
    The network uses two different coins: SWP and SWE. SWP is the main coin of the StepWatch network, with a limited supply of 5 billion tokens. It is a utility coin that can be used within and outside the network.
    On the other hand, SWE is used to reward players for their M2E activities. SWE will also be used for all in-game purchases, such as NFT upgrades. Users can convert SWE to SWP, which can be traded for other cryptocurrencies or fiat currency on external marketplaces.
    At the time of writing, SWP was trading at $0.411, up 8.24 percent over the last 24 hours. Currently, the token is available on MEXC, Gate.io, and Phemex.
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