A new Web3 running app STEPN is on the rise
With inbuilt Game-Fi and Social-Fi features, the “Move-to-Earn” Solana-based game has been gaining attention despite its pricey cost.
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The project claims to be the first to implement a working concept for merging sports and a move and earn game model. To play the web3.0 game, users are required to purchase NFT sneakers and then get rewards by simply going outside and exercising. STEPN’s three main objectives are to encourage people to lead an active lifestyle, raise climate change awareness and familiarize the public with Game-Fi and Web3 possibilities.
Just like play-to-earn (P2E) in GameFi, move-to-earn grants users cryptocurrency rewards for certain actions, so in the case of STEPN, for step counts – those who bought the game’s NFT sneakers will earn rewards for every step they take in the real world. What makes STEPN stand out is that in comparison to P2E games, it doesn’t focus on online gaming, but instead takes its users into the physical realm.
Users are able to earn currency that can be used within the game or cashed out by walking or running outdoors. Users earn in-game Green Satoshi Tokens (GST) which can later be exchanged for SOL or USD Coin (USDC) or used in the game itself.
Gameplay
In order to start the game, the user has to download the STEPN app and create an account. The second step is to transfer SOL into an in-game wallet. Once the wallet has sufficient funds, the user is able to purchase an NFT sneaker and start earning rewards in the GST currency, native to the game. Rewards can also be used to level up the digital sneaker or restore them. Or, alternatively, the user can choose to cash out earnings. Each sneaker has 4 characteristics, such as Efficiency, Resilience, Comfort, Luck which determine the level of earning. Each NFT sneaker starts at Level 0 with the possibility of upgrading it up to Level 30, with each further level having a higher GST cost. It’s important to note that STEPN does not sell sneakers and those can only be bought from other users on the STEPN marketplace. The price of sneakers currently vary from 11.5 SOL (1,163 USD) with one user selling a sneaker for 2999 SOL (303,507 USD). The game initially released 10,000 sneakers, and new sneakers can only be brought to circulation via minting. One NFT can only be used 7 times for the purpose of minting and the shoe has to be at least Level 5. Also a minimum of 2 NFTs are required to produce a new digital sneaker. The more shoes you have — the more move-to-earn time you are able to use in the app. The web3.0 game also includes an anti-cheating system and measures your activity through GPS.
STEPN (GMT) was created by Find Satoshi Lab and in January of this year first received support and raised $5 million from Sequoia Capital and other leading Web3 Investors. “STEPN is a category-defining Web3 game and NFT platform. It marries the real world with a fun and accessible move-2-earn gameplay that is built on digital asset ownership,” claimed VP of Sequoia India, Aakash Kapoor earlier this year. “We are excited by the game’s potential to create fitness habits while introducing users into the Crypto world at the same time.”
STEPN’s GMT price went from $0.01 on the 9th of March and is at $3.16 on the 22nd of April, Currently, STEPN appears to be the most valuable move-to-earn project, with its market capitalization almost reaching $2 billion.
STEPN is also planning a rental option — users will be able to lease digital sneakers for free from those who own them and share earnings from accumulated rewards. A marathon sneaker NFT is also in the making as well as other in-game social properties. The prospects of partnering up with big sports brands are also promising — STEPN already announced a collaboration with ASICS and released branded NFT sneakers, As of April 18th the web3.0 game has already passed 300,000 active users.
Like with all investments, there are always certain risks at play and so it is yet to be seen how the story of STEPN unfolds, yet it is certainly an exciting and promising new project.
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