Get To Know X To Earn: The Prevailing Business Model Of Web3
Traditional concepts have been subverted along with the popularity of blockchain, cryptocurrency, and Web 3. Among these concepts, X To Earn (x2earn) is an important one that cannot be ignore due to two facts. First, it redefines the way how the internet and the reality connect and reverses the dualistic imagination between reality and virtuality. Second, it brings different development opportunities to the business world. Considering this, UD is going to introduce this concept: from the basic definition to the essential elements of X To Earn projects, and finally share the meaning behind this model, its advantages and disadvantages, etc., to make you familiar with it and grasp its development potential.
The concept of X To Earn was first proposed by Ben Schecter, head of operations at RabbitHole platform, in an article published on the a16z official website. X can be any human behavior, such as eating, exercising, sleeping, shopping, studying, gaming, creating, watching videos, etc. Earn is the financial gain generated through the actions of these specific scenarios. It is foreseeable that in the Web3 world, people can obtain benefits through their daily actions, playing games, learning skills, exercising regularly, or exerting their imagination and creativity, and the money will come.
If X can be anything you imagine, then how this “earn” happens? Here are some X To Earn examples that might inspire you.
Axie Infinity - A blockchain-based game developed by Vietnamese studio Sky Mavis, is the most iconic example of Play to Earn. The game’s focus on monster collection and management is reminiscent of Pokémon. But Axie Infinity takes that mechanic to another level by branding every Axie monster as a unique NFT. Both Axies and separate items in the game can be traded for cryptocurrency.
If Play to Earn allows the players to earn cryptocurrency via trading their assets in the game, Move to Earn rewards users with cryptocurrency for performing fitness activities in the real world. STEPN is the most well-known case of Move to Earn and requires users to buy a pair or rent a pair of NFT sneakers to get started. Users can collect NFT by walking, jogging or running outdoors. STEPN became popular among sports fan and
hit the App Store record with flying colours. Different Move to Earn projects, such as Genopets, Movey, Sweatcoin, etc., are joining the market.
Stake to Earn in DeFi should be the first X To Earn concept that appears in the Web3 world. Just like “Osmosis” that we have introduced in our YouTube Channel, Stake to Earn is to earn profit by staking, but the “Bank” here might be a loan agreement. Also, Stake to Earn projects now are not limited in cryptocurrency but also in NFT.
When you are still updating your daily life on social platforms, people are earning income by creating in Web 3. LIKECoin, a Hong Kong-made blockchain project, has been advocating Write to Earn—encouraging readers to reward authors with LIKE, “Reinventing the Like”, and even turning creation into Writing NFT, allowing readers to buy, opening up channels for creation, collection, and preservation .
Learn to earn is surely be appreciated if we believe the idea of knowledge is power. Let Me Speak is a learn to earn platform where users earn by buying NFT characters to earn rewards in studying new words, improving grammar and practicing speaking.
Sleep to Earn? Yes, it’s a thing that you can earn cryptocurrency just for getting a good night’s rest. Sleep Future allows its users to earn the token “SLEEPEE”by sleeping. Users will get a sleep score after your daily sleep is monitored by cutting-edge technology. Based on the score, they will earn tokens that can be converted to buy products or services in their SleepStore. The aim of Sleep Future is to establish a SleepEcosystem but more details are needed in order to make any judgements about this innovative idea.
The example introduced above are just the tip of the iceberg. However, before allowing
the users to earn, what are the essential elements for a wonderful X To Earn project?
Stay tuned for the updates!