Greetings, Hive Community!
In this post, while it may not directly pertain to our 10Kei project, we'd like to discuss what 'M2E' offered by 10Kei entails, how it differs from typical step counting apps, and shed light on how NFTs are perceived in the current blockchain market. Please note that this post reflects my subjective views, so kindly consider its objectivity.
What is M2E?
Let's first delve into what M2E is all about! Many of you in the Hive community may be familiar with P2E services. 'Play to Earn' typically involves earning money while playing games, often leveraging blockchain technology to acquire in-game assets or items that can be sold for profit. Splinterlands, a popular game among Hive users, fall under this category! We've enjoyed TCG games in the past, and Splinterlands brought back fond memories.
Following P2E, various X2E services emerged, with the successful launch of 'Stepn' paving the way for similar projects. Enter 'Move to Earn' (M2E). With the increasing interest in healthy lifestyles and the popularity of smartphones, M2E services, which offer rewards for physical activities like walking, gained explosive attention. Now, let's delve into what M2E services entail.
Distinguishing M2E from Conventional Step Counting Services
Traditional step counting apps reward points based on step counts, redeemable for goods or gift cards through designated services. However, these apps often offer low rewards, have country-specific limitations, and suffer from inaccurate step counting, leading to user dissatisfaction.
While traditional apps offer meager rewards, M2E apps compensate users with tokens. Although token accumulation might be slower, the potential for token value appreciation makes it a more viable investment. Moreover, M2E services, being blockchain-based, offer global accessibility and rewards, transcending geographical limitations. By employing GPS and speed sensors, M2E ensures precise step counting, mitigating fraudulent activities.
Another significant distinction is the presence of NFTs. While conventional services lack blockchain integration, M2E apps incorporate various NFTs. At 10Kei, we plan to introduce NFT shoes with diverse attributes, allowing users to enhance token rewards through combinations, draws, or purchases.
Growth Trends in the M2E and NFT Markets and 10KEI
The M2E market surged to $319.7 billion in 23, marking a 126% growth from the previous year. Notably, both blockchain and mainstream companies are venturing into the M2E space, with major sports brands like Nike and Adidas exploring potential opportunities. As smartphone adoption rises and interest in health and finance grows, the market's upward trajectory seems promising.
Meanwhile, the NFT market witnessed exponential growth, with transaction volumes projected to surpass $800 billion in 24. With applications across gaming, M2E, art, and collectibles, NFTs have emerged as a prominent use case for blockchain technology.
Despite these growth trends, numerous challenges plague M2E projects, notably sustainability concerns. Inflation-driven token devaluation and infrequent feature updates deteriorate user experience and threaten project viability. At 10Kei, we are committed to addressing these issues by leveraging Hive's unique system to curb inflation and prioritizing continuous service enhancements. There is our previous posting of this topic! Announcing: 10Kei M2E Project for HIVE Blockchain. — Hive you can check here.
X2E projects mustn't solely focus on earning (E) but should strive for sustainable models where M and E interact harmoniously. Upholding our passion and fostering robust communication within the Hive community, we are confident that 10Kei can evolve into an ideal M2E platform that resonates with users' aspirations.
Some of you may have limited knowledge about M2E, while others may question its differentiation. Hence, we planned this post to bridge the gap. We encourage open dialogue, and our 10Kei team is available on Discord for discussions. Feel free to reach out via DMs for further inquiries.
Contact Us
Discord: tenkeidao
Email: contact@10kei.io
Special thanks to @acidyo, @jfuji @engrave @borsengelaber for showing interest in our 10KEI service.