Move-to-Earn faces another bad development. Step App’s official announcement states that the project will be shut down, and all shutdown work will be completed progressively by August 21.
As a long-established M2E project that once became popular by riding on the “walk-and-earn” concept, Step App’s exit once again highlights this point: in bear-market cycles, narratives that rely solely on a blockchain gaming shell and token subsidies are difficult to sustain. Once token incentives can no longer cover operating costs, active users will leave, and the model will quickly collapse.
Looking back at the M2E boom in 2022, projects such as StepFit and Move-to-Earn attracted massive attention, but most couldn’t escape the curse of “peak right after launch, and users go to zero once incentives stop.” Step App’s shutdown is yet another footnote to the decline of this narrative.
For ordinary users, similar shutdowns mean several things to be wary of:
First, migrate on-chain assets in a timely manner to avoid losing access or the ability to operate them after the app is taken down;
Second, watch for the withdrawal time window in official announcements;
Third, don’t lock funds for the long term or prepay costs for M2E-style projects again—during bear markets, a project’s lifespan may be shorter than you think.
The industry is becoming increasingly clear that sustainable applications must be built on real use value, not just token subsidies. Step App’s curtain call may be a necessary step in the sector’s de-bubblification.
#MoveToEarn #Web3 #Industry Insight
As a long-established M2E project that once became popular by riding on the “walk-and-earn” concept, Step App’s exit once again highlights this point: in bear-market cycles, narratives that rely solely on a blockchain gaming shell and token subsidies are difficult to sustain. Once token incentives can no longer cover operating costs, active users will leave, and the model will quickly collapse.
Looking back at the M2E boom in 2022, projects such as StepFit and Move-to-Earn attracted massive attention, but most couldn’t escape the curse of “peak right after launch, and users go to zero once incentives stop.” Step App’s shutdown is yet another footnote to the decline of this narrative.
For ordinary users, similar shutdowns mean several things to be wary of:
First, migrate on-chain assets in a timely manner to avoid losing access or the ability to operate them after the app is taken down;
Second, watch for the withdrawal time window in official announcements;
Third, don’t lock funds for the long term or prepay costs for M2E-style projects again—during bear markets, a project’s lifespan may be shorter than you think.
The industry is becoming increasingly clear that sustainable applications must be built on real use value, not just token subsidies. Step App’s curtain call may be a necessary step in the sector’s de-bubblification.
#MoveToEarn #Web3 #Industry Insight