In recent weeks, a new type of crypto asset has made itself known. Move-to-earn (m2e) cryptocurrencies are the hottest thing on the market right now, combining physical activity, crypto rewards and, in some cases, non-fungible tokens (NFTs). So far, a couple of projects have set the pace for the rest of the market, including StepN (GMT-USD). But a new competitor is cropping up today via Step App (FITFI-USD). Thanks to a wildly successful launch, the Step App crypto project is enjoying gains of over 100%.
The m2e market has showed its viability as an investment very quickly. This new subindustry is rooted in fitness and has coined the phrase FitFi to reflect this. Users can join different m2e platforms to earn while they exercise. These apps track one’s distance, speed and other metrics in order to measure performance-based rewards and create leaderboards. Some, like StepN, also have NFT markets where users can buy shoe tokens that affect performance.
StepN, the first crypto under the m2e umbrella to receive significant attention, accrued nearly $2 billion in market capitalization since launching in early March. The idea of tracking fitness data and using it to rewards users is a fresh idea, and a great example of the many use cases for blockchain. As StepN succeeds, though, it would be naïve to assume it wouldn’t find challengers. Several other projects have also popped up in value in the wake of StepN’s success. These include the Step (STEP-USD) crypto, which gained nearly 650% in the last two weeks, and Genopets (GENE-USD).
Step App Crypto FITFI Sees Fast Success Upon Initial Exchange Listing
Step App is trying to build a better product than any of these other projects. It addresses several weaknesses present in different competitors. Most notable is its decentralized approach to m2e. The Step App crypto, FITFI, is a decentralized autonomous organization (DAO) token. This means that holding any FITFI entitles the holders to voting rights on community proposals. Rather than being ruled by a team of developers, the users themselves will steer the project. The Step App says this model cuts development costs and doesn’t inhibit output capacity in the same way centralization would.
In this same vein, the project rejects any venture capital investments. In an effort to keep the project as open and user-centric as possible, it has gathered its investments only through individuals. Of course, this helps to account for the company’s smaller market cap when compared to other m2e projects.
Step App won’t stay small for long, though. Today marks the FITFI crypto’s first day of trading, and it did not miss the starting gun by a second. Early this morning, crypto exchanges OKX and Bybit became the first two platforms offering FITFI trading. Already, the two platforms have seen a combined $150 million in FITFI volume. The project has also listed on Gate.io and Crypto.com (CRO-USD) over the course of the afternoon, both to great success. All the while, the project is seeing a lot of interest ahead of its full app rollout. As developers note on the Step App Twitter page, over 100,000 users have signed up for the project’s launch.
The hype is doing wonders for the Step App crypto. On its first day, FITFI is already seeing a price increase of over 150%, with tokens trading now for 32 cents apiece. Over $214 million in FITFI is swapping hands thus far.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.