The use of blockchain technology in our everyday life is increasing rapidly as we move toward a decentralized era in information technology. Blockchains are most famous for transferring funds in a secure and decentralized environment, but they are capable of much more. For example, blockchains can be used to develop social networking apps and games. This article elaborates on STEPN, a Game-Fi blockchain from which users can benefit in their lifestyle.
The platform was founded in 2021, aiming to incentivize a healthy lifestyle for its users. STEPN has been created on the Solana Blockchain and is based on a move&earn idea that rewards users with its native currency, Green Metaverse Token or GMT, for walking, jogging, or running outdoors. The users have to equip their accounts with Sneaker NFTs, which are available in the platform’s Store, and walk or run a specific distance to gain GMT tokens. The rewards can be used to purchase available in-game items or cashed out for profit. Overall, STEPN intends to promote users’ well-being, fight climate change and bridge the gap between Web 2.0 and Web 3.0.
Who are the Founders of STEPN?
Jerry Huang and Yawn Rong co-founded STEPN in August 2021. Jerry has a B.A. degree in Computer Sciences from Zhejiang University. His prior experience in the gaming industry is co-founding Falafel Games, an Arabic gaming platform, in 2010, from which he resigned in 2015. The other co-founder, Yawn Rong, has an M.A. degree in Advertising from the University of South Australia. He is pretty experienced and active in several positions, including Business Ambassador at Algorand, Industrial Representative at South Australian Blockchain Association, and Co-founder at Crypto SA.
How does STEPN Work?
After installing the STEPN App from Play Store or Apple Store and creating an account, users must create a wallet and deposit SOL into the wallets, which will be needed for buying NFT Sneakers. After purchasing the Sneakers, the required Energy to mint game rewards will restore at a rate of 25% every six hours. The Sneakers come in different types, qualities, and levels. Sneaker Type indicates the purpose for which the Sneakers will be used (Walker 1 to 6 km/h, Jogger for 4 to 10 km/h, Runner for 8 to 10 km/h, and Trainer for any speed). It must be noted that if users ignore the speed range, they will not get paid. Sneaker Quality is based on the value of the Attributes which is assigned randomly. Sneaker Quality has five categories ranging from Common (least attribute rate) to Legendary (most attribute rate). Sneaker Level is based on the attribute points and can be upgraded to higher attribute points by burning GST or GMT tokens.
The game has three modes; in the Solo mode, users who are equipped with Sneakers walk or run for five minutes to earn 1 Energy which is needed to gain Green Satoshi Tokens (GSTs). STEPN calculates the movement using GPS, and if the user is moonwalking (not organically moving, i.e., using a scooter, etc.), no GST tokens will be earned. Sneakers have different attributes, namely efficiency, comfort, and speed, and they yield extra rewards based on the attributes. The rewards are either in GST or GMT, but the GMT items are only available after users reach level 30.
The second game mode is the Marathon, which allows users to participate in marathons held weekly and monthly ranging from 2.5 kilometers to 15 kilometers. Each user can participate in one Marathon at a time, and their virtual Sneakers are not repairable until the Marathon is over. The third mode is the Background mode which rewards users who own Sneakers with GST tokens even if the STEPN app is not frequently used. STEPN counts the number of steps based on the extracted data from the cell phone’s Fitness app and rewards the users based on the number of steps (maximally 3,000 steps). Of course, it must be noted that the Marathon and the Background mode are still under development, and only the Solo mode is operationalized.
What is GMT’s Market Status?
As of today (9/30/2022), GMT is among the top 100 listed crypto assets at CoinMarketCap (ranked 88). The value of each GMT is $0.6, with a market cap of $366.8 million and a daily trading volume of $143.5. The token has a max supply of 6 billion tokens, 10% of which (600 million) have already been minted). GMT has seen a value of $4.1 as its ATH and $0.1 as its ATL. Regarding the asset’s long-term price prediction, based on WalletInvestor’s AI analysis, buying GMT is not a good investment, and the price will fall to $0.04 by 2025. On the other hand, data analysis by DigitalCoinPrice is cautiously bullish and has forecasted a value of $1.43 for 2023, $2 for 2024, and $2.6 for 2025.
What are STEPN’s Pros and Cons?
Pros: STEPN has survived fierce competition among 500 similar projects on the Solana blockchain and has come in 4th. The idea of move&earn is extremely practical in our current sedentary lifestyle and strongly promotes more organic movement. In other words, the project encourages users to walk or run short distances instead of using their cars or bikes, contributing to carbon elimination so long as the project prevails.
Cons: The project is very new with a long way ahead of it, and whether its use case remains practical in the long run is to be proven by time. The second flaw regards the expenses of using the STEPN app. That is, users have to deposit SOL, buy two or three pairs of Sneakers, upgrade Sneakers, pay for gas, etc. It gives the vibe that you are spending more than you are earning. Additionally, the value of the purchased NFT sneakers fluctuates, and there is a chance that their value will collapse.
STEPN is one of the most attractive crypto projects in the market, with a potentially large audience. Although the project is in its initial stages and is still developing, it has found its place in the market. If nothing else, STEPN can give you a reason to go out and take a walk. However, STEPN’s promotion of a healthy habit comes at a price, and users will have to pay some funds to get the most out of the app.
Disclaimer: Please note that the above info is gathered solely for educational purposes and is not financial advice. It’s crucial to consult a market expert before making any investment.
Official Website: www.stepn.com