In the crypto sphere, ‘X’2earn apps are experiencing what can only be described as a renaissance. The vast majority of people rely upon a steady income in order to live their lives and this development in the crypto space is presenting savvy users with the ability to earn crypto tokens (and therefore money) from performing a variety of tasks or activities. MOBIX is one example! But how do these apps work – and how did these come into being? In this blog post we’ll be examining how this development stormed Web3… and how they work.
The Beginning of ‘X’2Earn
A significant amount of cryptocurrency projects can technically, on a very basic level, be classed as ‘X’2Earn projects. This is because mining or staking yields a reward for the user who participates in that activity. This is the simplest form of ‘X’2Earn and it only rewarded those who had the knowledge and resources to commit to mining or staking a cryptocurrency.
The first modern form of ‘x’2Earn apps, that are far more accessible, were Play2Earn apps (otherwise known as PlayFi). These were videogames that rewarded users in cryptocurrency for a variety of different activities, encompassing purchasing real estate or other assets (such as characters or weapons) in the game world, levelling up or farming gold in-game (an older, lucrative hustle from the days of Runescape).
There are numerous notable examples of these apps, such as Axie Infinity, Decentraland and Solarbots. Importantly, all of these are enjoyable games in their own right, and their awarding of cryptocurrency to their players incentivised player retention and the growth of their in-game economies, making the games more fun. To someone who hasn’t played videogames, this may sound outlandish- how do games have their own economies? However, games such as EVE online have had their own vibrant in-game economies for many years now and have even presented academics in the real world with tangible data for economic modelling.
New and higher budget games are currently in development in the Play2Earn space, including Ember Sword and Big Time. The space is growing and it will be interesting to see further developments in Play2Earn. Following on from the success of the model set out in Play2Earn, other entities have utilised the ‘X’2Earn model to incentivise user participation in a wide field of industries.
Some Suitable Use Cases for ‘X’2Earn Apps
It is very easy to apply the basic formula of user activity = incentivisation/reward to a number of use cases. In this way, ‘X’2Earn is the simplest product form of Web3. The formula can vary by the project and there are some stunningly well executed, more complex variants of this formula that have been developed or are in the works. But, for a Web3 app to truly fall into the ‘X’2Earn category, it simply needs to incentivise users for their interactions with the app- ideally with little up-front user investment.
Some examples of suitable use cases therefore include apps aimed at the incentivisation of any activity (such as learning), amending consumer behaviour (rewarding dietary changes or healthy living for example) and rewarding the time that consumers spend using the app.
MOBIX, for example, is an ‘X’2Earn app: MOBIX incentivises user participation by providing MOBIX Miles for eco-friendly journeys that users make, compensating them for acting eco-friendly and spending time doing so. MOBIX as a result, can be called a ‘Move2Earn’ app.
What are Move2Earn Apps?
Move2Earn apps are a format of ‘X’2Earn apps that incentivise users for their movement. This can be users walking around, running, or making eco-friendly journeys on e-scooters. MOBIX is a Move2Earn app that rewards users for making eco-friendly journeys- to learn more about MOBIX Miles (the incentivisation aspect of MOBIX) see here.
‘X’2Earn is an exciting area of Web3 that is currently seeing an explosion in growth as users are rewarded for interacting with an app. Due to the simple formula, ‘X’2Earn can be applied to many sectors, such as Play2Earn (gaming) and Move2Earn (exercise or eco-friendly transport). While most crypto projects could technically be classed as ‘X’2Earn, for a Web3 app or project to truly fit the description, it needs to incentivise user activity with little to no user investment. MOBIX is an example of a Move2Earn app that incentivises eco-friendly user movement!