Move-to-Earn Cryptocurrency: Get Paid to Work Out—Trend or Trap? Gate’s Latest Data Analysis
At 6 a.m., the city streets are already dotted with runners. Unlike typical fitness enthusiasts, these individuals are using apps that convert every step they take into cryptocurrency rewards.
This is the essence of Move to Earn—a rising trend that merges blockchain incentives with real-world physical activity. According to CoinMarketCap, the total market cap of Move to Earn tokens reached several hundred million dollars by December 2025.
01 Market Landscape and Challenges
By the end of 2025, the Move to Earn sector has become highly polarized. On one side, leading projects continue to attract significant capital, with Sweat Economy recently securing $13 million in funding from renowned investors such as Electric Capital.
On the other side, the broader market faces tough conditions. On December 16, 2025, the cryptocurrency market saw a sharp downturn, with Bitcoin dropping below the $86,000 mark and widespread panic gripping investors.
This environment has had a direct impact on Move to Earn projects. Many tokens and user activity levels have taken a hit. However, unlike traditional financial products, the value of Move to Earn tokens isn’t defined solely by price fluctuations—their unique utility and economic models play a crucial role.
02 Overview and Comparison of Leading Projects
On major exchanges like Gate, users can find tokens from a variety of Move to Earn projects, each tailored to different user preferences.
Here’s a comparative analysis of several top Move to Earn projects:
| Project Name | Core Chain | Key Features | User Base/Data | Token Model |
|---|---|---|---|---|
| STEPN | Solana | NFT sneakers, dual-token system | Monthly active users fell from a peak of 700,000 to 35,000 | GST (utility) + GMT (governance) |
| Sweat Economy | NEAR | Zero-cost entry, dynamic difficulty adjustment | 150 million users | SWEAT token |
| Walken | Solana | Cat avatars + competitive mode | $4.7 million raised, 1 million downloads | WLKN token |
| Genopets | Solana | Virtual pets linked to activity | NFT trading volume reached 146,000 SOL | Genopet NFTs + GENE token |
Among these, STEPN’s GMT and GST tokens are actively traded on Gate. According to Gate’s platform data, GMT reached a price of $0.05 in 2025, with a market cap close to $150 million.
03 Tokenomics and Sustainability
The success of Move to Earn projects hinges on the design of their tokenomics. Early projects like STEPN struggled with token inflation—GST, as a token with unlimited supply, saw its issuance far outpace demand, leading to steep price declines.
In contrast, the new generation of projects places greater emphasis on sustainability. Sweat Economy uses a dynamic difficulty adjustment mechanism, automatically modifying reward difficulty based on network participation to avoid runaway inflation.
The MTG project combines Move to Earn, gambling, and meme token elements, adopting a deflationary model where 1% of tokens are burned and 1% goes to a lottery pool with each transaction. As of December 2025, MTG traded at $0.000055, with a market cap of about $36,780.
04 Trading Opportunities on Gate
For users looking to trade in the Move to Earn sector, Gate offers a wide range of options. Listed tokens include:
GMT (STEPN): As STEPN’s governance token, GMT is actively traded on Gate. With a fixed supply model, GMT is theoretically more scarce than GST, which has unlimited supply.
MOVE (Movement): Movement is another Move to Earn project token available on Gate. Historical data shows MOVE reached a price of $0.0769.
WLKN (Walken): This Solana-based Move to Earn game token is also listed on Gate. Walken combines crypto rewards with activities like walking and running, and recently completed a $4.7 million funding round.
Investors should closely monitor changes in project fundamentals, especially user activity, tokenomics adjustments, and roadmap progress when trading these tokens.
05 Getting Started and Risk Assessment
If you’re new to Move to Earn, here’s a basic guide to help you get started:
First, choose a project that matches your risk tolerance and exercise habits. If you prefer not to invest upfront, consider zero-cost entry projects like Sweat Economy.
For projects that require purchasing NFTs to participate, such as STEPN, only invest what you’re willing to lose completely, and treat any earnings as a bonus for staying active rather than a primary income source.
Be mindful of ongoing token maintenance costs, such as sneaker repairs and upgrades, as these expenses can directly eat into your activity rewards.
Additionally, Move to Earn projects often face significant regulatory risks. Different countries and regions may have varying stances on fitness apps that offer crypto rewards.
06 Future Outlook and Innovation Directions
Despite the challenges, the Move to Earn sector continues to innovate. Project teams are exploring several avenues to enhance sustainability:
Vertical specialization is becoming a key trend. Beyond simple step counting, projects are introducing features like AI-powered competitive scoring (e.g., dotmoovs) and location-based challenges (e.g., Rebase GG), increasing engagement and playability.
Cross-chain expansion is also helping projects mitigate liquidity risks. Many are moving beyond a single blockchain, extending to Polygon, NEAR, Avalanche, and others.
Looking ahead, as AR/VR technology evolves, Move to Earn may shift from flat applications to immersive experiences, boosting user engagement and retention.
Outlook
In the bear market, Move to Earn projects resemble marathon runners—adjusting their pace and searching for rhythm. STEPN’s GST token has dropped 98% from its peak, and GMT has fallen by 99.5%. Yet Sweat Economy’s 150 million users continue to earn tokens as they walk.
Sustainable tokenomics, rather than fleeting price spikes, are emerging as the true benchmark for this sector. When speculators exit, what remains is a community that genuinely believes "health is wealth."
