What will motivate you to get more exercise? The creators of STEPN believe that the obvious solution is a large sum of money. STEPN claims to be a Web3 lifestyle application with built-in Game-Fi and Social-Fi capabilities. Users may earn tokens for walking, jogging, or running in the open air, and the app’s developers hope that this will encourage users to adopt a healthier lifestyle. Since its launch just a year ago, millions of people have signed up for their move-to-earn jogging software that gives monetary incentives for getting more active.
An Australian fintech company called Satoshi Lab developed STEPN. It was founded by Jerry Huang and Yawn Rong. The project received first place in the Solana Ignition Hackathon Gaming Track. Moreover, it is the only mobile game to win a prize at the Hackathon. The judges at the Hackathon applauded STEPN for its game design, built-in marketplace, user-friendly user interface, wallet, and its objective of enticing millions of non-crypto users to use the app.
The first Web3 running app secured a $5.0M seed round. Some of the most prestigious VC firms, such as Solana, DeFi, MorningStar, Sequoia, and others, have all invested in STEPN’s ambitious plans.
As you read this, you’ll learn about the workings of STEPN, what the coin is used for, where you can purchase STEPN (GMT), and how you can generate money with it by just going for a jog or stroll outside.
So, How does STEPN work?
Users must first install the STEPN app. The next step is to sign up for STEPN with their email address. After completing the verification process, users may begin exploring the STEPN coin.
The Game-Fi system of STEPN makes use of NFTs in the form of. To purchase NFT shoes, users must first deposit Solana’s native SOL token into STEPN’s in-app wallet and then wait 24 hours for their energy to be restored. The number of minutes a sneaker NFT user can work out is measured in energy.
Resilience, efficiency, and comfort are selectable properties. Your sneaker’s energy capacity is influenced by its many characteristics. Because the supply of rewards is limited, the energy cap plays an important role in bottlenecking distribution.
In the STEPN ecosystem, there are two tokens: the Green Satoshi Token (GST), which is the game’s utility token and has an infinite supply, and the Green Metaverse Token (GMT), which is the governance token. How many STEPN (GMT) coins are there? The total number of GMT tokens available is restricted to 6 billion.
GMT’s price saw a meteoric rise of 34,000% in just 41 days, from $0.01 on March 9, 2022, to $3.45 back in April. Its ascent was spurred by the enthusiasm around decentralized finance applications that incentivize users with tokens for keeping active.
Users may sell/buy/lease/rent NFT shoes, gems, and badges on the built-in marketplace and earn game currency by jogging, walking, or running outside. For easy navigation, the marketplace features a basic filter and sort function.
For example, after your sneaker is charged up, you may start jogging and receiving GST utility token incentives (this is distributed from the 30 percent of the supply that is set aside for this purpose). However, STEPN’s rental and credit systems are still under development.
But rewards are not all that make STEPN such a popular and rapidly growing venture. It’s the entire ecosystem that’s drawing the attention of the community. To sum it up:
Because tokens are in short supply, a burn mechanism is required to help more and more people live a healthy lifestyle. Through different in-app actions, this method is utilized to limit the circulation of both the GMT and GST tokens.
Dual Token Model
Because of the requirement for fundraising and functionality, the STEPN ecosystem operates on a dual-token economy paradigm. In this scenario, there are two tokens accessible for users to earn through multiple methods.
Green Metaverse Token (GMT)
GMT is the STEPN project’s native cryptocurrency, with a finite quantity of six billion tokens. It may be acquired in a variety of methods and through the Token Generation Event (TGE), where it can be minted.
Green Satoshi Token (GST)
Green Satoshi Currency is an in-game utility token that can be used to buy items from the app. GST, unlike the GMT token, has an infinite supply and may be minted in-game through basic movements.
GMT and GST Token Applications
As previously stated, the STEPN project operates on a dual token economy paradigm, with both tokens (GMT and GST) providing various benefits to its users:
GST is defined as a utility token that requires no investment other than operating or participating in various gaming activities. It is capable of repairing, unlocking/resetting, and even leveling up your sneakers. Users may use GST tokens to mint their footwear and improve gem items. Furthermore, it is extensively used to swap USDC.
GMT, in contrast to GST, is a governance token. GMT may also be obtained by just participating in various game activities, including running. These tokens enable you to level up and modify the name on your sneakers. Furthermore, they are utilized to distribute game revenues and high-level activities, both of which might be regarded as premium content. GMTs, like GST, may be exchanged for USDC once the shoes reach level 30 or above.
Making money on STEPN
Users may make money and freely engage in the action by accessing three STEPN game modes: solo, marathon, and background. While you will need footwear to start earning, you will not need anything to start jogging/running. New users may try out the app and all of its features for free. If you’re ready to commit and have some STEPN footwear, the earning meter will begin to fill up while you run.
In solo mode, participants move around wearing NFT shoes to collect GST tokens, but this requires energy. One unit of energy is sustained by five minutes of move & earn movement, which may be refilled by purchasing an NFT sneaker. Before traveling, always check your energy, as there is no way to earn tokens if you don’t have any.
Furthermore, check that your GPS connection is not weak and that you are moving naturally. No GST tokens if you are moonwalking (moving with a weak GPS signal).
Furthermore, the token payout is shaped by a range of parameters such as the type of sneakers and the features of the sneakers, such as comfort, efficiency, and speed of movement. In the case of the sneaker’s efficiency attribute, for example, the greater the efficiency, the more GST a user makes every minute.
Users can only earn GST from Level 0 to Level 29; however, at Level 30, they have the option of continuing to receive GST or changing to GMT. Switching between these two earning options is completely up to the user. Nonetheless, when their energy is spent, users stop earning tokens.
Users can register for weekly or monthly marathons under the “Marathon tab.” However, they must do so at least 24 hours before the selected marathon starts.
In weekly marathons, users can pick among 2.5, 5, or 7.5 kilometers marathons; however, they can only compete in one event at a time.
However, users may only run one monthly marathon at a time, regardless of whether it is five, ten, or fifteen kilometers long. It is critical to understand that sneakers cannot be repaired throughout the marathon.
Users can earn GST tokens offline and without incurring repair costs if they have at least one pair of shoes in their inventory. While the STEPN app is switched off, the background mode takes the step count directly from the mobile device’s health data, which has no effect on the shoes’ endurance.
Points to remember
But before you jump in on this project, here are a few things worth noting:
- You need a pair of costly NFT sneakers
Earning on STEPN has an initial cost, and it is not cheap. Its shoes, which are non-fungible tokens (NFTs) accessible on the STEPN marketplace, are mandatory. Because the marketplace is constructed on Solana (SOL), you must pay with that cryptocurrency.
At the time of writing, the cheapest NFT sneakers cost 13 SOL or more than INR 55,000. STEPN is developing a shoe rental service that will allow owners to rent out their sneakers to other users while sharing revenues. However, renters will forego a sizable percentage of the income; the split is 30% for tenants and 70% for owners.
- It has a strong anti-cheat system
When I initially heard about STEPN, one of my first thoughts was how the application prevents individuals from just using it in their car or on their bikes to abuse the system. STEPN detects cheating using motion sensors, GPS, and machine learning. Cheaters who are found are banned from utilizing STEPN as well.
- The app is still under development
It’s just been a year since STEPN was created, and there are still some glitches in the system. Many reviewers, particularly those who used the Google Play version of the app, complained about not obtaining an activation code or having difficulty creating an account.
There have also been some concerns concerning the app’s GPS. While STEPN has strived to improve its GPS accuracy, certain technical limitations impact all running apps and GPS devices, such as signal loss owing to ambient conditions and signal bouncing off tall buildings.
So, Should you be bullish about STEPN?
Participation in any cryptocurrency initiative is determined by your goals and ambitions. If you are unsure about the vision of a protocol in which you want to partake, please do comprehensive market research.
That being stated, you may be bullish or bearish on STEPN depending on how much you know about the app, its staff, and your financial objectives. Also, if your objectives align with the app’s vision, it may be an excellent investment opportunity for you. You can buy GMT (Green Metaverse Token) on WazirX from here. If the answer is no, you should consider twice before investing your hard-earned money in something you don’t believe in.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.