Introduction to Step’n
In most AR games, a virtual world is superimposed on the real one. The concept gained traction in 2015 with the release of Pokemon Go, which dispersed immersive Pokemon across a real-world map of the world and allowed users to track and retrieve them using GPS. Step’n takes that element—acquiring points based on GPS progress—and adds the newly developed play-to-earn model to it.
Jerry Huang and Yawn Rong had the idea of trying to earn cryptocurrency while doing daily activities in mind when they co-founded and introduced Step’N, the exercise-tracking app that allows you to earn cryptocurrency while hitting the gym, in December 2021.
Despite a cyber-attack in June 2022, StepN’s popularity is growing. Every month, two to three million people use the app, which is impressive for such an early age NFT project. In November of last year, the company received $5 million in financing from Sequoia Capital, and in April, it received an unrevealed amount of investment from Binance’s venture capital arm.
What actually is Step’n?
Stepn is a smartphone app developed by app developer FindSatoshi Lab that allows users to earn money by strolling, jogging, or running for a narrowly specified timeframe that refreshes every 24 hours. It is built on Ethereum competitor Solana.
The rewards are given in Stepn’s native cryptocurrency, the Green Satoshi Token, or GST, and are credited to an in-game or externally imported wallet. To play the game, players must first purchase an NFT sneaker, after which they can increase the number of GST earned per session by improving their sneakers. The sneakers, which are non-fungible tokens (NFTs) and can be traded on secondary markets, are already selling for high prices ranging from $400 to $100,000.
How does Step’n work?
To use Step’N, simply open it before going for a walk, jog, or run, just like any other fitness software. For the time being, you’ll use Solo Mode (two other modes are currently in development). You can’t use the app on machines or ellipticals because it utilizes GPS to measure your movement, so make sure you’re exercising outside.
You’ll get to choose a virtual footwear that matches your anticipated activity level before you start moving. Last year, ASICS teamed up with StepN to create a limited-edition NFT sneaker set, which you can purchase on Binance.
With every minute of movement during your workout, you’ll earn GST, StepN’s native in-game spending coin. Because the app detects natural movement, there’s no need to hop on an e-scooter to save money and cheat on your fitness goals The amount of time you can earn GST is restricted by your Energy, which defines how much you can use the app and earn GST in one session. How many (and what kind) of digital sneakers you have is related to how much Energy you have.
Efficiency, Luck, Resilience, and Comfort are the four shoe attributes that determine how much you make:
Simply put, more efficient sneakers earn you more tokens every minute spent moving.
The quality of unpredictability introduced by chance provides a quality of unpredictability to the earning process. You have a better chance of earning an item called a Mystery Box at the end of a run if your sneaker has a higher Energy and Luck score. These boxes contain gems that enhance your sneakers’ functionality, such as enhanced efficiency. These gems can also be sold on the StepN in-app store.
The rate at which your NFT sneakers degrade is determined by their resilience. If you don’t use GST to fix your sneakers on a regular basis, they’ll lose their earning potential and finally go out of business. Users are rewarded for moving and earning, but the more they do, the faster their shoes wear out. This is one of the entertaining ways in which the game forces you to plan your strategy.
The last of the four traits is comfort, and this is where StepN’s governance token, GMT, comes into play. GMT is only available to shoes that have reached Level 30 and have a minimum of 3 Energy. At that point, you’ll have the option of continuing to earn GST or switching to GMT. GMT can be used to rename your footwear, level them up, and redistribute attribute points, among other things.
What is the function of Step’n tokenomics?
StepN will have to draw enough new users to replace those who are leaving, or make the game so appealing that users would rather remain playing than cash out their token winnings, in order to make the app a long-term endeavor.
The establishment of a tokenomics template that focuses on longevity is the other critical issue. StepN, like Axie Infinity, Crypto Raiders, and other play-to-earn games, uses a two-token format. The first is GST (Green Satoshi Token), an in-game utility token that can be used to fix your shoes, and the second is GMT (Green Metaverse Token), which has some functionality but is more of an investment token.
The game’s design encourages players to return GST to the system because it’s more probable that they’ll make more money than if they just earn as much as they can with a Level 0 sneaker and cash out. Aside from sneaker repairs and enhancements, you’ll have to pay a lot of GST for minting new sneakers, which starts at 200 GST and can go much higher. By removing GST from the system in this way and without raising the number of trainers in circulation, the value of the sneakers is preserved.
The community, the StepN ecosystem treasury, people in distinct public and private sales, StepN team members, and advisers will get a total of 6 billion GMT tokens. StepN’s litePaper includes a helpful graph that shows what percentage of tokens will be distributed to certain parties in the future, which is a level of openness uncommon in the crypto world.
Where is Step’n headed to ?
StepN is a one-of-a-kind NFT project, combining an unusual degree of anxiety and excitement into an exercise-to-earn app concept. Given the ongoing drop in the value of both GST and GMT over the past month or two, it could wind up being a huge success in the NFT world if it can escape the problems that seem to be affecting it right now.
StepN could be for you if you’re willing to take a decent amount of risk in the name of generating crypto while going out and about. Always do your homework and invest prudently, never putting more money in than you can afford to lose. If all of that appeals to you, then good luck with your running and earning.