What is STEPN? With STEPN you’re just a few kilometers away from your money.
Confused? So was I when I first heard about it!
STEPN is a MOVE2EARN crypto project built on Solana blockchain that pays you to walk, jog and run.
Intrigued?
Keep the curiosity burning, as I tell you more about this application.
StepN Project Overview
STEPN is a decentralized lifestyle application with Game-Fi and Social-Fi elements already incorporated into it.
It is said to be the very first project that brings to life a fully functional move & earns concept. It has also reportedly finished 4th in a Solana Ignition Hackathon 2021 out of around 500 projects.
Users need to equip themselves with sneakers that are just NFTs to walk, jog or run and earn their game currency which can be used in-game for repairs or level-ups, moreover, can also be cashed out as profits.
STEPN’s Game-Fi approach motivates people in the most novel way to a healthy lifestyle, fight climate changes and let people experience Web 3.0.
It does all this while still being connected to its Social-Fi aspect which helps to build a platform that promotes user-generated Web 3 content lifelong.
Users can either rent or sell their NFT sneakers at the app’s marketplace moreover, there is a built-in wallet in the app with a swap function as well.
STEPN Tokenomics
There are 2 types of tokens in STEPN which are used as either the gaming token or as a governance token, which needs to be earned to gain profits.
These types are as follows:
GMT: STEPN Governance token
It is the governance token which can be minted at the token generation event. At present, there are around 6 billion tokens minted.
Today on 2nd May, GMT is at 3.36 dollars with a market cap of around 2 billion dollars.
It is to be understood that you can only start earning GMT after level 30 that too only if you have at least 3 energies.
Burning GMT
- Permanently improve your chances of receiving 2 sneakers from show mining
- Reach levels 5,10,20,29 and 30.
- Permanently improve your success of gem upgrade after level 4.
- Helps you mint rare, legendary, and epic sneakers.
- Permanently improve your chances of winning a high-quality sneaker from the shoebox opening
- Redistribution of attribute points
- Customizing fee
GMT Staking rules are yet to come.
GST: STEPN Gaming token
Green Satoshi Token (GST) is the gaming token in STEPN, which has an unlimited supply but can only be earned if a user moves in certain Game-Fi modes.
It is currently around 6 dollars a token with a market cap of 21 million.
Burning GST
- Shoe-minting
- Repairs
- Levelling up your sneakers
- Unlocking your sockets
- Upgrading Gems
Note:- GST is the way STEPN pay out the users rewards which results in inflation and when you use them for breeding or leveling you you are in turn burning the token which leads to deflation.
We know that shoes can only be created by breeding so the more sneakers are created the more burning will occur and this is where the issue arises. If and when the users start to decline there will be less demand of new shoes which will eventually lower the deflation on the supply.
As we know from past experience with Axie infinity, once your deflation decreases and your token becomes inflationary it crashes.
Distribution tokens
- 30% to users as rewards of move & earn and for participation in governance.
- 16.3% for private sales.
- 7% for launch sale at Binance.
- 14.2% for the team.
- 30% for the Ecosystem
- 2.5% for the advisors.
STEPN and Game-Fi
The game-Fi approach of STEPN covers all the major aspects of a game i.e., creating an enjoyable game with an immersive user experience, very accessible and a well-structured rewarding system that keeps users engaged.
Game-Fi has certain elements that are as follows,
A) Game Modes: – The modes determine the kilometers you got to move to earn tokens. There are 3 game modes which are,
1.Solo Mode: 5 minutes of movement will be equal to 1 energy where energy will only replenish after the user owns an NFT sneaker. Moreover, there will be loot boxes called mystery boxes which will be randomly available along the way. GST or GMT will be paid by the minute based on:
- Sneaker type
- Efficiency attribute of the sneaker
- Comfort attribute of the sneaker
- And lastly on the speed.
2. Marathon Mode: It is still under process mode where users will have to register at least 24 hours before the marathon. There are 2 types of marathons based on the days and km a person decides to participate. These types are Weekly Marathons and Monthly Marathons.
3. Background Mode: This mode is also under process. This mode is when the app is not actively used, it will continue counting steps from the mobile’s health data app to at least 3000 steps every day. However, it is to be understood that these are fixed earnings and won’t be added to your daily Cap of GST.
B) Sneakers: They are the way to earn GST or GMT in STEPN. The higher the level of sneakers the higher will be the cost of repair which also means more earnings. There are a few attributes on which the sneaker depends may it be a walker, jogger, runner, or trainer which based on your sneaker level enhances your earnings. These attributes are as follows:
- Efficiency to earn GST in solo and marathon mode.
- Luck of receiving a mystery box along the way.
- Comfort for earning GMT in solo or marathon mode for governance and staking.
- Resilience affects the durability of the sneaker.
C) Sockets and Gems: Sockets are of 4 types matched to your gem type. Sockets are available to insert gems in order to improve the sneaker’s attributes. These gems sockets will only unlock at certain levels. There are 4 types of gems that represent a particular attribute which when added to the socket will boost that attribute of the sneaker. These types are
- Yellow for efficiency
- Blue for luck
- Red for comfort
- And purple for resilience.
D) Shoe-Minting: It is an event in which a user can use 2 of its owned Sneakers as a blueprint to produce a shoebox, this process will be called Breed. Users’ sneakers will be called vintages and will need full durability to begin the shoe minting event. The shoebox can be opened immediately but will take a maximum of 48 hours to cool down. The price to mint a new shoebox will be based on its quality.
E) Badges: These can be earned only if your task is completed, where the harder the task the better will be the reward.
To learn about how to make money with STEPN, check this beginner’s guide.
Energy
The user will reach its energy cap by replenishing 25% of the energy every 6 hours. Users can increase their energy cap but start with 1 sneaker and 2 energy caps. Energy can also be increased by owning more sneakers.
Energy will be based on the quality of the sneaker and your movement time.
Quests
It is still under process, but it plans to give more rewards based on daily, weekly, monthly and holiday quests. Rewards will be based accordingly.
Achievement
It is under process and will be tied to the users’ accounts. These are badges that can be earned by completing an achievement. It is an NFT that can be traded.
Anti-cheating system of STEPN
STEPN has ensured that there is no cheating in the game via a few mechanisms where if found cheating they will be punished. These mechanics are as follows:
- Tracking system (GPS)
- Motion sensors
- Health data of your mobile
- Machine learning
STEPN may not work properly if your device is jail broken, has an altered operating system or has been rooted.
Tax and fees
STEPN will charge according to different in-app activities differentially where a royalty fee will be paid to the NFT creator.
Social-Fi
Social-Fi elements and systems will be only available once the Game-Fi elements and systems are complete.
Marketplace of STEPN
If a user wishes to rent, buy or sell their sneakers, gems, or badges they will have to use Marketplace.
It is an inbuilt feature of the app that has a filter and sort function for easy navigation.
Wallet
STEPN has planned a decentralized wallet in two stages amongst which the first one is already available in the app whereas the second is yet to come.
STAGE 1 of the wallet is built right into the game or game that support a system of 2 chains’ asset i.e., Solana and Binance. The wallet avails liquidity along with a swap function and has backup as well.
STAGE 2 of the wallet has promised a multi-chain asset withdrawal and deposits along with supports for the display of the NFT profile photo of Ether and Solana. Moreover, has also promised a new user interface and experience.
Is STEPN #1 MOVE2EARN Crypto project in 2022?
StepN is still developing its features slowly but there is no denial of its capabilities. It is of its kind crypto game that aims to change the way we perceive games and lifestyle apps. So, I will say that the hype around the game is not just temporary and this will surely succeed with time.
Out of all the #Move to Earn Crypto project, according to me STEPN ranks #1. There are no close competitors of STEPN at the moment. The breeding of Sneakers is what I like the most. There are multiple ways to earn with the STEPN crypto project.
Please understand that I am no financial advisor and this is just my point of you in it. please study and do your own research before starting with this application.
Should you invest in GMT and GST?
Currently, the GST and GMT tokens are near its ATH. Investing at the moment comes with risk.
However, long term I see a lot of potential. There are multiple ways to make money with StepN. The best way is to use the tokens to breed more sneakers, and use the sneakers to make money walking.
STEPN Move to Earn Crypto: FAQ
Q1. Who are the founders of STEPN?
Ans: STEPN was founded by Jerry Huang and Yawn Rong.
Q2. When was STEPN launched?
Ans: STEPN announced its launch in December 2021.
Q3. What is STEPN?
Ans: STEPN is a lifestyle app that includes the most basic element of our lives i.e., movement. It is a Web3 app with social elements and different fun games.
Q4. Is STEPN a scam?
Ans: No, STEPN is not a scam and is legal.
Q5. From where can I download STEPN?
Ans: STEPN is available on both the play store and Apple Store to download free of cost.
Q6. On what blockchain, is STEPN built?
Ans: StepN is built on Solana blockchain.
Article Credits: Sehaj from Cryptobullsclub team.
