- Move-to-Earn crypto tokens quickly rose to prominence to attain a $350M market capitalization.
- TipTop looks to challenge market leaders Sweatcoin and STEPN, which hold 77% of the market.
- Walk-for-crypto Web3 apps have united around 135 million users worldwide.
Move-to-Earn newcomer TipTop.io has stepped up to the plate in the Web3 world with an app for both Android and iOS.
With health and wellbeing apps being the latest trend in Web3, the race to capitalize has been intense, with Sweat Economy rising to the number one app in 66 countries in 2022 and STEPN generating enormous NFT sales.
Over the last year, Move to Earn projects have struggled to maintain their trajectories as the market entered a turbulent period. This has given new entries a prime opportunity to capitalize on the 40.4% value lost by STEPN (GMT) for themselves.
One such app is TipTop.io, which aims to build a self-sustaining ecosystem by enabling users to mint cryptocurrency by walking. We decided to look at this up-and-comer to see what it brings to the table.
Virtual Sneakers: Making Every Step Count
To set the scene more clearly, TipTop faces stiff competition in the battle for NFT sneaker supremacy, as walk-for-crypto leading app STEPN still holds 77% of the total Move-to-Earn market capitalization, according to CoinMarketCap.
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Despite leading the sphere, STEPN still serves relatively cheap NFT sneakers on Solana (SOL). For instance, the average price of a STEPN NFT sneaker on Magic Eden is 1.99 SOL, which converts to just under $50 at the time of writing.
TipTop is looking to overturn this status quo with innovative features promoting an active lifestyle with a healthy dose of gamification and sustainable user value.
How TipTop Works
TipTop.io made waves in the crypto sphere by launching an NFT collection that uses the app’s customized sneaker NFTs to mint $TIP, the ecosystem’s utility token.
All TipTop NFT sneakers have three characteristics ascribed to them:
- Performance – the rate at which the $TIP token is minted during activity. The performance score can vary from one to 50, depending on the rarity of NFT.
- Stamina – crucial for long-distance runs, mountain hikes, and long walks. The more stamina a virtual sneaker has, the longer it can go without water refreshments.
- Karma – increases $TIP minting efficiency during different physical activities. A higher Karma point stat speeds up minting and requires fewer water replenishments.
The app aims to gamify physical activity through NFT sneakers and water top-ups. These unique boosts for your Web3 fitness experience come in 1l and 2l bottles or smaller 200-milliliter glasses of water and are used to extend TipTop activity sessions so users can mint more $TIP tokens per day.
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Once water levels deplete, users will have to take a break – at least in the realm of Web3.
These are not the only limits in place; the TipTop sneaker NFTs also feature limits to travel speed, which go as far as 14 kilometers per hour, thus constricting abuse of the app via driving.
Fashion for Features
For users looking to boost their Web3 fitness experience, there are plenty of stylish NFT sneakers in the TipTop marketplace, ranging from Common to Epic rarities. For example, Epic rarity sneakers have much more powerful Performance, Stamina, and Karma than those of lower rarity. At the time of writing, attaining an Epic TipTop Sneaker NFT costs 2.5 BNB, equivalent to $829.
All of the NFT sneakers are pictured in two versions: 2D and 3D. Indeed, the 3D version of most of the NFT kicks featured in the marketplace have a sense of hand-crafted beauty.
Acquiring these sneakers is quite accessible to boot, with the price fitting almost any budget. Prices range from 0.2 BNB (approximately $50) to 6 BNB (approximately $1,966) on the TipTop app’s built-in marketplace. These approachable sneakers can be further supplemented with NFT socks and water, which is crucial in prolonging earning and exercise sessions.
How Much TIP Can You Get by Walking?
I set up a free account with my email address to try out the app and used the premium sneaker NFT I got upon registration. My free premium sneaker scores four in stamina, one in performance, and three in karma, significantly less than most NFT sneakers available on the TipTop.io marketplace. However, it is understandable, given the fact it is free.
In just over four hours of physical exercise, including walking, house cleaning, and running, I acquired 4.25 TIP, burning 210 calories along the way. However, it’s impossible to determine how much the earnings are worth in real-time, as no crypto exchange or external price aggregator lists $TIP.
As mentioned, the app has introduced measures to tackle cheating and stat inflation. While driving, I noticed that the step counter turned red, warning me that I had exceeded the six KM/H speed limit of my free premium NFT sneakers.
Over my four-hour and 37-minute journey, I needed to top up the water resource only once, prolonging my Web3 fitness journey by almost half an hour.
Project History
TipTop was founded in late 2022 and officially launched at the beginning of 2023. In the company’s white paper, the two brothers behind the project emphasized that getting people to be more active will make the world a better place. Walking helps us stay competitive and helped many people during the Coronavirus crisis, during which the two super-competitive brothers came up with the idea.
TipTop.io is designed differently than the market leader STEPN in that this Move-to-Earn app doesn’t require a purchase to get started, eliminating a significant barrier to user adoption. In December 2022, TipTop.io launched its mobile app and is currently working on launching the TipTop token Swap feature, enabling easy conversion into other popular crypto assets.
Further down the road, TipTop plans to launch wearables gadgets, personalized item mints, personalized challenges, and many more advanced features.
Community
The app hasn’t generated many social mentions on Crypto Twitter. Still, TipTop already has a presence on TikTok thanks to the Singaporean influencer Caesar, who greets TipToppers in his videos and always points out the advantages of staying active and healthy. Lately, the social influencer visited the IT Show 2023 to share the progress of TipTop’s development.
TipTop.io has a YouTube channel with just 154 subscribers, and there is not much going on the company’s official Instagram account. However, TipTop’s official Discord server seems to be thriving with new additions to the community, as it now has 8,386 members – a solid result for a brand-new project.
Tokenomics
While NFT socks and water refills are available for purchase in the TipTop ecosystem’s native $TIP utility token, the NFT sneakers can only be acquired with BNB. However, according to the company’s whitepaper, up to 90% of $TIP utility tokens will be reused for in-app purchases, helping to make the TipTop economy more sustainable.
On the other hand, TipTop.io governance token $TOP cannot be earned by walking or running – as of this writing, the token is only obtainable via Private Sale or from Loot Box rewards in the app.
Since TipTop.io’s governance cryptocurrency $TOP has not yet been listed or tracked, it is currently impossible to determine the actual market price for $TOP tokens.
As mentioned above, the native token is currently in the “Private Sale” stage until April 5th, 2023. In this phase of $TOP pre-sale, the minimum buy-in is equivalent to 0.5 BNB, or $150 USDT (Tether) or Binance USD (BUSD).
Holders of $TOP token can participate in the emerging ecosystem’s decision-making process and will be able to stake their tokens soon. In line with the DAO philosophy and mode of operations, which is a direction the team is considering taking the ecosystem further towards as the $TOP tokens enter the marketplace.
According to TipTop’s roadmap, the possibility of staking both the blue-colored $TIP and the red-colored $TOP tokens is scheduled to be introduced in Q2 of 2023. On top of that, the Web3 fitness app plans to list the $TOP token on major exchanges later this year.
For the floor price, crypto enthusiasts receive 30,000 $TOP tokens, of which 27,000 will be airdropped after a six-month lock period. However, investors will receive a 3,000 $TOP instant reward, which will serve as an additional avenue for income through walking. The founders believe that “walking and running errands is an underrated source of both exercise and passive income.”
Conclusion
Ultimately, I think this Move-to-Earn project has the potential to grow into a self-sufficient ecosystem that can significantly contribute to environmental awareness. Projects like this can play an important role in influencing young people to live a healthier, more active lifestyle and reduce carbon emissions by walking rather than driving or taking other means of transportation.
On the Flipside
- At press time, the TipTop app only has manual activation for sessions, meaning that users must press the ‘GO’ button every time they go for a stroll or a ride to have their exercise count.
- By contrast, Sweatcoin mints cryptocurrency on autopilot, while manual confirmation is only needed for the 2X Daily Boost.
Why You Should Care
Web3 Move-to-Earn apps can positively impact the general population’s health and carbon footprint by promoting an active, fit lifestyle through incentivized programs based on the blockchain.
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