Could move-to-earn apps be the next digital therapeutics?

When I first started reading about blockchain and its use cases, 'move-to-earn' (move2earn) apps were one of the first areas that caught my attention. This is where users purchase a non-fungible token (NFT) sneaker and are then incentivized to walk, jog, run or work out by receiving cryptocurrency rewards.

Having come from a healthcare background, and most recently working in a communications agency well known for using behavior change principles, the use of blockchain to bring together gamification, tokenisation and positive behavior incentives sounded interesting.

Could these blockchain-based apps be used as digital therapeutics, as a new tool a clinician has to support their patient's desire to get healthier?

Incentivization is not new

Using gamification to drive positive behavior change is not a new idea. From being awarded badges for miles cycled, to not wanting to lose your streak on a meditation app, this feature is embedded into almost all digital health and wellness tools. Similarly, using financial rewards to encourage positive behaviors is also not new, with insurance companies and governments favoring this approach to reduce smoking and increase physical activity.

How does blockchain change the game?

By combining blockchain, NFTs and cryptocurrencies, move-to-earn platforms have the potential to appeal to a new generation of tech-first individuals. People looking for financial gain, but also wanting to join online communities with similar passions and ideologies. Furthermore, by using decentralized blockchain technology, an app user could choose to sell their data to a pharma company, or a research study, instead of just providing it for free as is the case with traditional health apps and wearables.

Would people really use these apps?

A survey by fitness website FitRated found that 81% of people would be more motivated to get fit if they were incentivized by cryptocurrency payments. It is this interest that the growing number of move-to-earn companies, such as Walken, YoStep and FitMint, are hoping to capitalize on. One of the front runners, STEPN, amassed around 3 million users in just 6 months, clearly showing there is utility in this platform.

It is not hard to imagine that a large percentage of the early move-to-earn adopters are the same people that jumped on to the quantified self movement, popular in the 2000s. However, interestingly, findings from a 2019 study evaluating the impact of the Sweatcoin platform suggested that those typically lacking motivation to exercise (sedentary and high BMI) were the most likely to be incentivized to increase their activity levels. Could move-to-earn apps be a new way for the healthcare community to reach this challenging population?

But what about the downsides?

Whilst companies such as STEPN have garnered a lot of media attention, this is still a very new sector and it is not always clear if the token economics (tokenomics) are solid. Of those 3 million users, how many are still trying to break even after buying their NFT sneaker? Relying on a stream of new members to purchase NFT sneakers so that existing users can be rewarded works well when interest is high but what happens if a new move-to-earn app takes away market share? Most experts believe that the emphasis needs to be on users enjoying the gamified 'move' experience rather than just persevering for the financial reward.

Daniel Roberts emphasizes this point in his Decrypt article: We're in the very early innings of the token economy, and first-mover attempts like STEPN should be commended for trying to figure this stuff out, even if someone else is likely to come along next and do it better."

Despite the downsides, I think move-to-earn is an exciting emerging sector and that by understanding and engaging with it, healthcare professionals, insurance providers and pharmaceutical companies will be able to reach new audiences looking for ways to improve their health and wellbeing.

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