In December 2021, Jerry Huang and Yawn Rong co-founded and launched STEPN with the thought of letting people benefit when they go outside and exercise.
Axie Infinity was among the initial NFT projects that adopted this model in which engaging with games based on blockchain increased the market value of the users.
The stardom of the app can be determined by the fact that despite a cyber attack in June 2022, the app maintains about two to three million users each month. Furthermore, $5 million was raised by the company from Sequoia Capital in November 2021.
STEPN, a move-to-earn NFT gaming startup, has raised $5 million in seed funding, Sequoia Capital India and Folius Ventures co-led the round, with Solana Ventures, Alameda Research, 6th Man Ventures, Sfermion, and others participating. https://t.co/ekbIe22q7p— Wu Blockchain (@WuBlockchain) January 21, 2022
In 2022, Binance invested in the company for an undisclosed amount.
Also, a simple sneaker NFT had a floor price of about $1,600 in late April 2022.
What is STEPN exactly?
A move-to-earn application based on health & fitness, STEPN is a Solana based gaming platform. Equipping users with sneaker NFTs, the game allows them to earn tokens and non-fungible tokens rewards via running and walking. To onboard non-crypto users, the application features a swap, rental system, a built-in wallet, and a marketplace. Whether to use the funds to raise the earnings or withdraw & sell them is completely one’s choice.
Not only does the app encourage fitness enthusiasts, but it also motivates others to begin exercise. Based on StepN’s whitepaper, it leads to an easy & simple path to the complicated world of NFTs and crypto.
How does the app work?
To earn both tokens and NFTs, the first step involves downloading the app, purchasing the sneakers, and doing different types of exercise. On the parameters of time and energy, a user must prove their workout, which is verified through the anti-cheating mechanics of the application through machine learning and GPS.
Tokens and non-fungible tokens are then minted to the wallets of users. This is how one can trade tokens and NFTs.
GMT and GST tokens
GMT (Green Metaverse Token) and GST (Green Satoshi Token) are the two types of tokens for the players. As far as GMT is concerned, it is a management token meant to enable users to take their income up while GST, being an in-game token, is received by users for in-game activity.
Being listed on leading crypto exchanges, it is possible to trade GST freely. Talking about GMT, it is the governance token of STEPN and is capped at a 6 billion supply.
Beginning with STEPN
A couple of steps need to be followed to start with STEPN. These steps include-
- Installing the app on the smartphone which can be done from Google Play and App Store based on one’s device.
- Once the app has been launched, the next step is entering the email address. After providing the email address, ‘Send Code’ button has to be clicked. A code is received on the provided email address and has to be entered in the required field.
- Now is the time to get an activation code for which registration on the community of STEPN on one of its social networks is required. Upon choosing the social network, on-screen prompts have to be followed. After receiving the activation code, the main screen displays. ‘Get activation code’ has to be clicked. After entering the code, the app opens, and the tutorial begins. A number of screens demonstrate how the app can be used.
- The next step is creating a crypto wallet in the app for which the wallet image has to be clicked. Doing so initiates the creation of a crypto wallet which takes a few minutes. When this happens, a secret phrase appears and has to be written and saved. As soon as the wallet is created, the user is redirected back to the main app screen.
- The token column shows zeros in the top-right corner. Solana tokens need to be deposited to begin the game in the recently created wallet in the amount that enables buying an NFT in sneaker form.
Earning via playing and walking
GST tokens are given as rewards when one moves in the real world, leading to energy consumption at a rate of 1 unit every 5 minutes. To trigger these processes, buying NFT trainers is a must. There are no tokens when the energy is at zero.
- The more efficient a sneaker is, the more its cost will be. Users earn only GST until level 29. They can switch to GMT from level 30.
- The higher the comfort level of sneakers, the more tokens one earns each minute.
- Maintaining the suggested range of speed is mandatory. Earnings decrease up to 90% if the one is far away from the suggested range.
As of now, STEPN has a solo mode. Near the end of 2022, Marathon mode will be released, which is a completely new playstyle, whereas, background mode will be included when non-crypto users are approached.
Why does energy matter?
To earn tokens, energy is undeniably valuable, as its amount determines the number of tokens one earns while walking & running. Exhaustion of energy means putting an end to earnings.
Energy can be increased by purchasing more NFT sneakers or acquiring rare NFTs. The number of NFT sneakers in the inventory is directly proportional to the energy they generate.
Positives of STEPN
Blending and executing sports and GameFi successfully is the biggest perk, as it isn’t easy for the majority of the crypto-native builders to imitate the GPS technology and anti-cheating mechanics of STEPN.
Another reason that makes STEPN a must for all is its concept that is based on health, something which is important for all.
Negatives of STEPN
Entry is filled with certain hurdles, such as the complex registration procedure. Moreover, it is important for new users to learn how to open and fund a crypto wallet and how to purchase an NFT item.
The cost of NFTs lies between 2.5 and 10 SOL and goes to $100 for the best sneakers.
As per the July 2022 updated roadmap, this is how STEPN’s priorities look-
- Releasing the Ethereum realm and DEX in July
- Release of NFT marketplace and launchpad in August
- Achieving badge system in September
- Marathon mode in October
- Brand expansion in November
- Phase 1 of social features in December
STEPN is a collection of 99,999 NFTs, which were minted on Dec 02, 2021, at 1.3 SOL.
For 2022, the price prediction is set at $1.54, which shows an upswing of 30% during the year.
1. The first step is creating a STEPN account, upon which SOL is transferred from a crypto wallet or crypto exchange to the STEPN wallet.
2. Having SOL in the spending area is a must to buy a sneaker. On the wallet tab, tap ‘Transfer’ to transfer SOL to the spending area.
3. Once you have transferred the SOL from Wallet to the Spending area, you are ready to buy a sneaker.
4. An NFT sneaker can be bought in the STEPN in-app marketplace. Tap on the ‘Cart,’ icon to visit the marketplace. Scroll down to view the available sneakers. Based on lifestyle and level of fitness, choose the sneaker.
5. After choosing the right sneaker, view its attributes by tapping on it. Tap ‘Buy now’ if everything looks fine.
6. A confirmation window will display featuring details about the sneaker. Review it and then tap ‘Confirm.’ A confirmation pop-up regarding SOL consumption will open. Check it and tap ‘Confirm.’
The STEPN NFT sneaker has been purchased.
99,999 STEPN NFT sneakers were released in December 2021.