Is it possible to earn while doing your favorite activity, such as jogging along the embankment or walking in the park? StepN answers — ‘Yes!’. StepN is a Web3 running app that gives rewards for exercising.
Being one of the first who introduces a move to earn an app, StepN raised about US$5 million from leading investors that included Solana Capital, Alameda Research, and Sequoia Capital. You can safely keep StepN in the SimpleHold wallet
StepN is built on Solana, and it rewards users with so-called Green Satoshi Tokens (GSTs) as they move and exercise during their day. Players can open loot boxes and mint sneakers and win different categories of NFTs as they progress throughout the game.
Each of these NFTs has different attributes and can be tailored. One of the most important platforms is its SocialFi features; Why? Cause your data can be shared with friends, and users can invite others to join and compete with you. StepN combines social and online reputation systems that make a move to earn a more social, rewarding Web3 community activity.
The starting NFT price for a pair of crypto sneakers is 9.5 SOL. For those who don’t want to buy a pair of shoes, there is another option — renting them with a fixed amount of income where an owner gets 70% and a renter 30%. That’s a perfect opportunity to earn your first NFT sneakers. These ones have a limited amount of power, so you need to burn $GST. The team is developing an in-game, decentralized wallet and an NFT Marketplace, an achievement and quest system.
A player can start earning their $GST tokens with less value because countless players can earn them. But rising up a level, the app gives an opportunity to get a $GMT token with a limited emission.
The total $GMT emission is 6 billion tokens. That’s an impressive number, but a thorough tokenomics and a system of spreading those tokens among the project’s team and early investors adds a kind of assurance. According to the StepN whitepaper, the total release of GMT will halve every three years”.
As for the partners, the project received investments from big funds such as Sequoia Capital, Alameda Research, and Solana Ventures. Scott Dunlap, the Adidas CEO, was involved, as well.
It’s also quite possible there will be a powerful collaboration with the biggest sports clothes and accessories brands, as we can perfectly see in the illustration posted on Twitter.
It’s important to note that the ‘STEPN’ project got 4th place in the Solana Season Hackathon in 2021.
Types of Sneakers
The NFT sneakers have four major attributes:
- efficiency – defines the amount of $GST earned
- luck – outlines the frequency and quality of a Mystery Box drop
- comfort – can’t be used at the moment
- resilience – shows how much repair cost will be for your sneakers
Plus, five qualities — common, uncommon, rare, epic, and legendary.
The price of each sneaker depends on its type, rarity, or level. There is a rather helpful tool, STEPN Guide, to see how a player can distribute your attributes to your sneakers. It’s a calculator that will simulate your $GST earnings or repair cost based on the attributes and level of your sneakers.
An overview of the project can be found in What is StepN.
There are 4 different types of shoes, as well: Walker, Jogger, Runner, and Trainer. Each type you ask to move at a different speed while playing will also gain you different amounts of $GST.
Let’s dive into details:
- Walker shoes: a player must move at a speed of 1-6 km/h. Using up 1 Energy will get 4 GST.
- Jogger shoes: a player must move at a speed of 4-10 km/h. Using up 1 Energy will get 5 GST.
- Runner shoes: a player must move at a speed of 8-20 km/h. Using up 1 Energy will get 6 GST.
- Trainer shoes: a player must move at a speed of 1-20 km/h. Using up 1 Energy will get 4-6 GST.
How to Choose a STEPN Sneaker?
- First, pick your sneaker type up.
- Then, decide on the sneaker quality.
- Do you want to mint more sneakers or not? Select a sneaker with 0 mint if you aim to mint more sneakers in the future.
- Choose the sneakers with high base attributes for Efficiency and Resilience.
As a matter of fact, you need the energy to get your $GST. 1 Energy equals 5 min of earning time.
So, a pair of sneakers gives you 2 energy points, and 3 pairs of sneakers will give you 4 energy points. There is a full chart within a project’s white paper. By the way, 2 pairs of sneakers will only give you 2 energy points. Extra energy is given if you have higher-quality sneakers. An Uncommon gives you an extra 1 energy point, and a Rare gets you 2 extra energy points.
About $GMT Token
- Market cap – $14,434,394,486
- Circulating Supply – 600,000,000 (10%)
The total $GMT emission is 6 billion tokens. That’s an impressive number, but a thorough tokenomics and a system of distributing those tokens among the project’s team and early-bird investors gives a kind of assurance. According to the StepN whitepaper, the total release of GMT will halve every three years.
At the beginning of March, the $ GMT token went through IEO on a Binance exchange and was listed on the 9th of March, and now, at the moment of writing, it costs $2.44.
From the moment of launching, the token showed was steadily increasing from $0.1 to $2.29 and showed 2060.28% growth just for 20 days. $11.54 price could be expected for a GMT token as soon as it reaches an ‘Axie Infinity’ capitalization level.
STEPN has a dual-token structure — an in-game token Green Satoshi Token (GST), and a governance token (GMT).
GMT, the STEPN crypto-token, was launched on the 9th of March in an initial decentralized exchange offering (IDO) on the Binance cryptocurrency exchange. The token generation event (TGE) minted the total supply of 6 billion coins and entered 10% into initial circulation.
Of 6 billion tokens in total, 30% will be spread among users for completing move-to-earn tasks and participating in governance. Another 30% of the tokens will be distributed to the Treasury.
The process of earning GMT tokens starts when a user’s sneaker reaches a particular level. A user can burn GST to level up their sneakers. To collect enough tokens for your sneakers you can hold them in your SimpleHold wallet, which is a secure and simple mobile wallet.
The NFT sneakers, badges, and gems are bought and sold within the STEPN marketplace.
While the STEPN development team charges 2% of trading fees to support its operations, at least 5% is sent back to the ecosystem.
Good news for go greeners, GMT holders can block the tokens and vote for getting rewards and donate to reduce the blockchain carbon footprint.
Future STEPN Plans
- The development team will introduce carbon offsetting, and GMT stakers will vote to choose how much STEPN to donate for buying carbon emissions removal credits on the blockchain.
- The second quarter of 2022 is for introducing multi-chain support for wallet and marketplace within the STEPN.
- STEPN will introduce a rental system during the third quarter to help new players to rent NFT sneakers instead of buying them.
The STEPN project surely has its pros and cons. Let’s go through them quickly. First, the project is available on both iOS and Android platforms. Next, it’s a play-to-earn network to earn cryptocurrency in an easy, legal and fun way. The cons to discuss are — a bit complicated registration process and a necessity to buy or rent your NFT sneakers.
It’s hard to argue that the STEPN project is quite unusual and engaging. Maybe it won’t bring you an insane income, but what is really nice is that you can monetize your sports exercise routine. Being active and healthy could gain you some crypto profit. It looks like fun thanks to different modes, various types of sneakers, entertaining in-game perks, and a wide community.
Ready to run into your bright future? Then put on your NFT sneakers and run as you’ve never run before!