How to get 500 Power Moons?

So, I'm wondering here, how exactly does one go about acquiring 500 Power Moons in this game? Is it a matter of just exploring every corner of the kingdom and completing every challenge? Or is there some secret technique or trick that I'm missing out on? And also, what's the significance of these Power Moons? Do they unlock new areas or abilities, or are they just for bragging rights? I'm eager to know the most efficient way to collect them all and see what kind of rewards they have in store for me.