## Is there still hope for M2E games? From dreams of getting rich overnight to the truth of rational investing

**Introduction**

The wave of M2E game craze in 2022, with STEPN suddenly becoming a hit, made countless people dream of "earning while walking." But looking back at this track now, the situation has changed dramatically. Crypto winter, token crashes, sharp decline in returns... the once "passive income machine" has now become a hot potato.

However, this doesn't mean M2E games are completely over. On the contrary, after a round of reshuffling, new projects are emerging, and those that survive are fighting for their lives. Today, we’ll take a deep dive into what M2E games are really like now.

**What is the core logic of M2E games**

Move-to-Earn is simply a concept: move around, earn tokens.

The process is straightforward:
1. Download the app, connect GPS and wallet
2. Go out for a run or walk every day
3. The app records your steps and distributes token rewards according to rules
4. Tokens can be sold for cash, used to upgrade gear, or buy goods

This model itself is not new. Even before Bitcoin, gamified exercise existed—Nintendo Wii, Pokemon Go are variations of this logic. But after adding tokens, it suddenly became a "get-rich-quick神器."

**Evolution of M2E games from Sweatcoin**

When it comes to M2E games, many people only think of STEPN, but Sweatcoin is actually the real veteran.

Sweatcoin launched in 2016, five or six years before STEPN. Initially, it was a simple and crude model: earn one token for every 1000 steps, and exchange accumulated tokens for goods. Due to zero investment threshold, the user base is huge—over 120 million now.

Later, when STEPN started making money, Sweatcoin also wanted a piece of the pie, and in 2022, it underwent a major upgrade. Rebranded as Sweat Economy, it issued a tradable SWEAT token. All old users' in-game tokens could be exchanged 1:1 for SWEAT.

Regarding SWEAT’s market: it soared to $0.089 (September high), now it’s around $0.00. It rises and falls again, with chaos everywhere. But at least, compared to some projects that went bankrupt outright, Sweatcoin is still alive.

**STEPN: the creator and destroyer of M2E games**

STEPN is the real force that popularized the "Move-to-Earn" concept. Launched in November 2021, it raised $5 million, with a star-studded lineup (Sequoia Capital India, Solana Ventures involved).

Initially, it was indeed impressive. In spring 2022, daily active users hit 2 million, GMT token price soared to $4.17, with a market cap close to $2.5 billion. Early entrants made a killing—just by running consistently, they could recoup their investment in a month, with profits thereafter.

But STEPN’s profit model has a fatal flaw: over-reliance on new user influx.

Early participants profited wildly because newcomers kept buying NFT sneakers and GMT tokens. Once the wave of new users receded, the game was doomed. The crypto winter of 2022 completely burst this bubble.

The current situation is harsh: GMT dropped from $4.17 to about $0.01, GST hit zero from its peak, NFT sneakers plummeted from $1300 to mere tens of dollars. Early buyers are mostly trapped.

Although STEPN is still operating and pushing new mechanisms (Rainbow sneakers, new GMT mining methods), it has fallen from a phenomenon-level app to a niche game.

**Quick overview of other M2E projects**

STEPN’s success has spawned many imitators. Some copy the mechanics, others innovate, but most lack prospects.

**Genopets** - Combines Tamagotchi, Pokemon GO, and P2E. No NFT sneakers, but "pets" called Genopets are raised, gaining energy through real-world exercise to feed them. Tokens are KI (unlimited, used for in-game trading) and GENE (limited supply, governance token). Compared to STEPN’s straightforward earning, Genopets offers richer gameplay but is more complex.

**Walken** - An "arena" for pet competitions within M2E. Upgrade CAThletes characters to win tournaments, with WLKN as the main token. Unlike STEPN’s "passive earning," Walken adds competitive elements, making the relationship between earnings and investment more complex.

**Calo Run** - Honestly, this is just a high-copy of STEPN. Four types of sneakers, different speed modes, two tokens FIT and CALO (analogous to GST and GMT). No innovation, destined to be a supporting role.

**DeFit** - Rarely offers a free mode. After registration, you get free sneakers, and earn 1 DEFIT token (worth $0.084) every 30 minutes of activity. To earn more, you need to become a club member (requires 10,000 DEFIT). Looks low threshold, but actual earnings are minimal.

**AMAZY** - Another STEPN clone. Two tokens (AMT and AZY), four sneakers, four attributes. No standout features.

**The deadlock of token economics**

Why do these M2E games rarely last long? The core issue lies in token economics.

The value of tokens in such applications depends entirely on new user growth. Early users profit because later participants buy NFTs and tokens. Once growth stalls (market saturation or winter hits), tokens lose support. No one wants the tokens anymore, in-game item prices collapse, new user incentives vanish—creating a vicious cycle.

Looking at the K-line charts of mainstream M2E tokens like GMT, GST, SWEAT, GENE, they all show "V-shaped reversals." A drop of over 90% from the high is common.

**How to make money on M2E games (if you still want to try)**

If you’re genuinely interested in M2E games, keep these points in mind:

**1. Token economics is the only screening criterion**

Check whether the project has considered how to sustain long-term revenue. Good design should include:
- Token burning mechanisms (reduce circulation)
- Supply caps (avoid infinite inflation)
- Multiple tokens with distinct roles (governance vs. utility)
- Diversified income sources (not just relying on new users)

If the project can’t clarify these, it’s likely to run away.

**2. The earlier, the better**

Historical patterns are clear: early participants always profit, latecomers lose everything. If you decide to invest, do so before the project is still in its infancy.

**3. Don’t be fooled by "free"**

DeFit claims to have a free mode, but actual earnings are ridiculously low. Sweatcoin is free, but with 120 million users, someone still has to pay. There are no free lunches; free modes usually mean lower returns.

**4. Calculate real ROI**

If you invest $100 in an NFT sneaker, is your monthly return really $10 or just $1? Is it possible you’ll never break even? Do the math carefully before acting.

**Where are the opportunities for new projects**

Some emerging M2E projects are worth watching, though risks remain:

**Step App (FITFI)** - Uses FITFI and KCAL tokens, emphasizing metaverse concepts. Incorporates AR, gamification, income incentives, and seems more thoughtfully designed. The real-time price of FITFI is $0.00, down 9.16% in 24 hours. Still in early stages, it could become the next STEPN or the next bankruptcy.

**EZZY Game** - Claims to be the "simplest M2E game," doing the opposite—no complex upgrades, just walking to earn. A $100 sneaker can earn $110 in 10 days, seeming stable. The key is that 90% of token minting costs are burned, and sneaker supply is limited, possibly maintaining long-term stability. Launched only in November, still niche.

**Fitmint** - Another new project, adding personalized sneaker design. Similar mechanics to STEPN but may attract players who value "collectibles." Still in development, prospects uncertain.

**The volatility of these new tokens (FITFI at $0.00, down 9.16%; KCAL at $0.00, down 0.81%) makes risk higher.**

**Does a future for M2E games really exist?**

Honestly, M2E as a niche has fallen from the "hottest topic" to the "overhyped trend." But that doesn’t mean it has no prospects.

The key is whether these projects can truly solve the token economic problem. If they can:
- Diversify token demand (beyond hype, into real use cases)
- Ensure sustainable participant income (not relying solely on new user purchases)
- Build a community with self-sustaining circulation (attract and retain active users)

then, in the next bull market, M2E games still have a chance to turn around. Especially those that persist through bear markets, innovate continuously, and avoid rug pulls—they will earn more trust.

**Final advice**

If you want to make money from M2E games:

1. **Don’t rush in impulsively**—understand the token economics thoroughly before entering; better to miss out than to get trapped.
2. **Don’t go all-in**—treat this as a high-risk investment, allocate only 2-5% of your assets.
3. **Don’t blindly follow influencers**—early promoters of STEPN are now shifting blame; don’t be fooled.
4. **Focus on fundamentals**—does the project team keep updating, is the community active, are there real use cases?

The story of M2E games isn’t over yet, but the window for making money is no longer in "getting rich overnight." The next opportunity belongs to those who pick the right projects and get in early. As for most people? Be mentally prepared—this might just be another game of harvesting the chives.