As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
In recent weeks, a new type of crypto asset has risen to prominence. 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 few projects have set the tone for the rest of the market, including StepN (GMT-USD). But a new competitor is emerging today via Application step (FITFI-USD). Thanks to an extremely successful launch, the Step App crypto project registers gains of more than 100%.
The m2e market showed its viability as an investment very quickly. This new sub-industry is rooted in fitness and has coined the phrase FitFi to reflect this. Users can join different m2e platforms to earn while exercising. These apps track distance, speed, and other metrics to measure performance-based rewards and create leaderboards. Some, like StepN, also have NFT marketplaces where users can buy performance-affecting shoe tokens.
StepN, the first crypto under the m2e umbrella to receive special attention, has amassed nearly $2 billion in market capitalization since its launch in early March. The idea of tracking fitness data and using it to reward users is a novel idea and a great example of the many use cases for blockchain. As StepN succeeds, however, it would be naive to assume that he would find no challengers. Several other projects have also risen in value following the success of StepN. These include the Step (STEP-USD) crypto, which has gained nearly 650% in the past two weeks, and Genopets (GENE-USD).
Step App Crypto FITFI sees rapid success on exchange’s initial listing
Step App is trying to make a better product than any of these other projects. It fixes several weaknesses present in different competitors. Most notable is its decentralized approach to m2e. The Crypto Step App, FITFI, is a Decentralized Autonomous Organization (DAO) token. This means that owning any FITFI gives its holders the right to vote on community proposals. Rather than being governed by a team of developers, the users themselves will drive the project. The Step application indicates that this model reduces development costs and does not inhibit production capacity in the same way as centralization would.
In the same vein, the project rejects any venture capital investment. In an effort to keep the project as open and user-centric as possible, he gathered his investments solely through individuals. Of course, this helps to account for the company’s smaller market cap compared to other m2e projects.
However, Step App will not stay small for long. Today marks the first day of trading for the FITFI crypto, and it didn’t miss the tee shot for a second. Early this morning, crypto exchanges OKX and per bit Has become the the first two platforms offering FITFI trading. Already, the two platforms have seen a combined volume of $150 million in FITFI. The project is also listed on Gate.io and Crypto.com (USD-CRO) during the afternoon, both of which were successful. All the while, there’s been a lot of interest in the project ahead of its app’s full rollout. As the developers note on the Step App Twitter page, over 100,000 users have signed up for the launch of the project.
The hype does wonders for the Crypto Step App. On day one, FITFI is already seeing a price increase of over 150%, with the tokens now trading at 32 cents each. Over $214 million in FITFI are trading hands so far.