The World is gradually shifting toward a crypto-economy and the traditional methods of earning are also changing. The X-to-Earn trend has emerged as a key movement in the blockchain industry over the past two years. Many platforms have emerged as a result of this trend that tries to enable users to monetize a variety of frequently performed tasks utilizing on-chain incentives.
The X-to-earn model guides GameFi's new direction and might change how we work, play, socialize, create, and learn in the future. Axie Infinity and Sandbox, two play-to-earn initiatives, are the foundation of the movement. Within a few years, it was divided into many subcategories, presenting additional chances for people to make money from basic tasks like playing games or watching videos.
In this article, we'll explore a few of the exciting x-to-earn models that are currently available.
The Play-to-Earn (P2E) Model set the stage for X-to-earn Models. In Play-to-earn platforms, Users will get gaming tokens, which can be exchanged for fiat currency on most exchanges.
Hundreds of play-to-earn games were released last year, and many of them attracted a lot of interest. For example, Axie Infinity, allows users to breed digital creatures and combat other pets in an arena to gain SLP (Small Love Potion). SLP is an ERC20 in-game token that can be exchanged for ETH or other real-world money.
It is predicted that the play-to-earn model will be improved and adopted by significant game publishers in the upcoming months and years, potentially reviving the business and making its potential known to the billions of video game players.
To know more about P2E and GameFi read What is gamefi? Why are people engaging in it?
The popularity of P2E games has encouraged the development of fresh and creative ideas to encourage involvement in every daily activity. Move-to-earn is a new x-to-earn concept in GameFi where users can use applications to get money by maintaining a healthy lifestyle. With move-to-earn (Move2Earn), which turns physical exercise into monetary gains, users enjoy both taking action for their health and making money.
Stepn, the most well-known app for this x-to-earn model, allows users to earn tokens while running, walking, or jogging outside. A super-app named Pacer is emerging in the health space. It's a wellness-to-earn software developed by Hooga Gaming with funding from FTX, whose business strategy centers on rewarding positive lifestyle choices like getting enough sleep and exercising regularly.
MoveZ, a new M2E platform being developed on BNB Chain, is arguably the most notable of Stepn rivals. MoveZ aims to offer a more usable and long-lasting M2E model by combining this with deflationary tokenomics, a range of social experiences (including Boost Zones and leaderboards), and different onboarding routes.
Watch-to-Earn (W2E) refers to the model for users to receive incentives for watching videos and other material. One of the simplest models to emerge recently, maybe. Given that many of the top websites in the world are used to provide video content, it is evident that the W2E model could have a large addressable market with billions of potential viewers.
W2E has the potential to attract more users to the video hosting and streaming industry. Many W2E solutions like the XCAD plugin are developed which will allow users the chance to make passive income by watching videos on youtube and any other platforms. To know more about W2E and XCAD plugin read our blog post on Watch-to-Earn How Crypto and Web 3.0 will Impact YouTube?
Considering X to Earn, Stake to Earn in the DeFi field should be considered the first one in Web3, which refers to earning rewards by staking. The simplest X to Earn model resembles receiving interest on bank deposits, with the exception that in this case, the "bank" may be a loan agreement.
In simple terms, It's a system that lets you make money while you sleep and just asks you to keep your coins in your wallet for a set period.
With a site like Binance or Solana, you may lock in your coins for a predetermined period by staking them there. Although the coins are locked in, you still own them completely. You just won't be able to utilize them. Your money will be used by the platform to enhance network security. As when you stake your coins, the coins are sent to validators who verify transactions to preserve the blockchain's integrity.
Due to the widespread use of NFT by well-known brands and prominent figures in recent years, the NFT market has risen rapidly. A new x-to-earn architecture for making money has also emerged as a result of the success of NFTs. Digital artists can sell their works in an NFT or digital asset format thanks to create-to-earn services.
The main difference between the conventional and this method is that you can use the many NFT markets to reach a larger audience. Additionally, NFTs enable you to get royalties on secondary sales. To know more about creating NFTs and how to earn from them read How to create NFT?-A Tutorial Series.
Learning is no longer restricted to spending a significant amount of money on tutors or lecturers to get information about anything. However, the current craze of studying to earn using technology makes learning enjoyable, whether it is for English, math, or other subjects.
Users may obtain rewards on the majority of L2E platforms by completing tasks like viewing training videos in Coinbase or taking part in on-chain activities in RabbitHole.
Proof-of-Learn, a Web3 education platform that enables you to earn bitcoin rewards by mastering essential Web3 skills, is another excellent illustration of an L2E platform.
Decentralized technology was developed to help companies, but it is also set to provide people with numerous ways to make money. Even if we continue to normalize remote work, a new future is already emerging, one where cryptocurrencies, decentralization, and DAOs will be at the forefront.
The X-to-Earn paradigm is widely expected to provide a sizable portion of goods and services in the Metaverse given that blockchain-based digital currencies and content ownership are two key pillars of the Web 3.0 era.