Earning money while getting super fit, how nice does that sound? However, most crypto-related activities are not the most sporty pursuits. From trading cryptocurrencies and NFTs to playing play-to-earn games. Most transactions performed with crypto do not really create a killer body.
With the advent of virtual reality, there has been progress in exercise for investors and tech enthusiasts, but with STEPN a new option has emerged. STEPN makes it possible to earn money by being active. By jogging, running, or walking outside, this web 3.0 lifestyle app provides a financial reward.
It’s not for nothing that STEPN’s slogan is: make your steps count! If you normally make a lot of meters with your feet every day, you can even build up a passive income with STEPN. In this article, we’ll take a closer look at STEPN, STEPN’s tokens, and how you can earn money yourself with this app!
What is STEPN?
STEPN is a project that uses the Move-to-Earn (M2E) principle. The dApp is built on Solana’s aims blockchain and to be the number 1 M2E project in the metaverse. By being the first crypto-related project that focuses on the combination of moving and making money, STEPN finished fourth at the 2021 Solana Ignition Hackathon. 500 projects took part in this event, which makes this achievement very clever and eye-catching.
To participate in M2E it is important to own sneakers from STEPN. This is not about physical shoes, but about the digital NFT version. By actively moving and actually making meters (which are picked up by the GPS), users can earn GST. This in-game currency can be used or cashed out.
However, you can not earn unlimited money with the app. Of course, you can keep moving indefinitely, but there is a maximum amount of tokens you can earn per day. The maximum amount depends on your NFT. For example, rare NFTs can yield dozens of GST, which today (April 6, 2022) are worth about $4.40 each. A very attractive reward for some exercise!
STEPN combines GameFi and SocialFi with each other via the app. By developing a game that focuses on movement and sustainability, various social problems are solved in one game. For example, by encouraging people to exercise more, there will be less CO2 emissions. The ‘thickening’ of society is also prevented so that diseases and other disorders can be reduced. The energy levels of people will also increase.
Speaking of energy levels, STEPN also uses this. Every 6 hours your in-game energy is replenished by 25%. Each user starts with a sneaker and 2 energy caps. When you own more sneakers, you can also receive more energy. In addition, the rarity of the sneaker is also important, where you can discover the differences per sneaker below:
- Uncommon Sneaker: +1 Energie
- Rare Sneaker: +2 Energie
- Epic Sneaker: +3 Energie
- Legendary Sneaker: +4 Energie
The tokens of STEPN: GST and GMT
STEPN has released two different tokens, each of which has a different function within the ecosystem. For example, GST is the token that you can earn in-game and GMT is the governance token. Below I will briefly go through both tokens with you. The links to the respective token names will lead to Coinmarketcap, where you can find even more information.
Green Satoshi Token (GST)
STEPN’s game token is GST, which stands for Green Satoshi Token. When you move, you will earn this token. This token has no maximum amount, and the supply of GST is unlimited. This does not immediately mean that the value will only decrease because the supply is increasing.
GST is also taken out of circulation for certain actions, which is also known as ‘burning’ a token. This process takes place, for example, when repairing or minting a sneaker, but also when you take your sneaker NFT to a higher level. As a result of these activities, the supply will partly decrease, which has a restraining effect on the number of tokens.
Green Metaverse Token (GMT)
The governance token of STEPN is the Green Metaverse Token, abbreviated to GMT. In total, 600,000,000 GMT are tradable while the maximum amount of tokens is 6,000,000,000. Users who participate in the M2E and governance will divide 30% of the total amount of GMT among themselves, which can be seen as a kind of reward.
Like Bitcoin, GMT will face a halving. While Bitcoin will experience a halving every four years, at GMT it will be every 3 years. The team has chosen this to ensure the life of the project. Every day there is a certain amount of GMT to earn, which is halved every three years.
Below is a video that explains how STEPN works.
How do you get started with STEPN?
It’s very easy to get started with STEPN. You can get started with the app right away by following the steps below. The step-by-step plan below is based on a situation in which you already have SOL in your wallet .under the STEPN step-by-step plan Bitvavo.
1. Download the STEPN app from Google Play or the App Store.
2. Sign up for STEPN. After you have gained access to the app, you can sign up with your email address, where you will receive a verification code by email. You must enter this code to access the app.
3. Create a new wallet. Click on the wallet icon in the top right corner of the screen. The app generates a secret sentence of 12 words. Keep it in a safe place and don’t share it with anyone!
4. Transfer SOL to your in-app wallet. To buy the NFT sneakers on the marketplace, you will need SOL. In addition to the costs for the NFT, you also have to take into account the gas fees of the Solana blockchain. Fortunately, these are relatively low!
5. Buy a Sneaker NFT. You can choose your own sneaker via the marketplace in the app. The marketplace has a handy filter, in which you can indicate your preference.
STEPN NFT Marketplace
If you want to buy NFT sneakers from STEPN, for example, you can visit the marketplaces that are built on the Solana blockchain. Various marketplaces have been built on Solana, where you can get a STEPN NFT, for example, via Magic Eden.
In addition to marketplaces on the Solana blockchain, STEPN also has its own in-game NFT marketplace. Here you can rent and buy the various items on sneakers, but also sneakers themselves. Renting in the marketplace is not easy. STEPN has a system built in, whereby you first have to pass a test successfully. When you pass the test well enough, you can start using the rental option.
The STEPN team
On LinkedIn you can find that STEPN consists of 11 team members. The most important team members of STEPN are the two founders and the Chief Strategy Officer (CSO). Both founders are from Australia and have gained experience in other places before working at STEPN.
For example co-founder Jerry Huang, before starting STEPNThis company is known as a developer and publisher of various games. The other co-founder, Yawn Rong, was already active in the crypto market before his activities at STEPN. For example, Rong Algorand is an ambassador and he founded Crypto SA. In addition, Rong has also worked for two other blockchain companies in Australia.
‘s Chief Strategy Officer is Jessica Duan. This lady is concerned with the course of the project, which she also does at her own company. Besides STEPN, Duan fills her days with her own Soko Design Studio. Before this work, Duan was active as a sales manager until 2015.
|Jerry Huang||Co-founder||Falafel Games|
|Yawn Rong||Co-founder||Algorand ambassadorCrypto SA|
|Jessica Duan||CSO||Soko Design Study|
Roadmap: what are the future plans?
STEPN has shared a roadmap with the world for the year 2022. This roadmap is divided into four quarters, with each month within the quarter having a specific goal. For example, the first three months of 2022 were intended for the in-app trading function, marketplace, and the IEO/IDO. With the goals for the entire year clearly stated in STEPN’s future plans, you can use the roadmap below to check whether the team is delivering on the plans each month.
STEPN on social media
Of course it is important for an app to be seen. It is not self-evident that potential users will find STEPN just like that. The project is therefore active on various social media platforms, where many followers receive various updates about STEPN on a daily basis.
The vast majority of people are reached via Twitter. About 200,000 people follow the various Tweets and Retweets that the team sends via their Twitter account every day. In addition, Discord is also a widely followed platform. With almost 140,000 followers, Discord is the social media channel with the most followers after Twitter. Most crypto projects reach the majority of their followers through these two channels, so the numbers are decent but not eye-catching.
In addition to Twitter and Discord, you can also stay informed about the latest updates about STEPN via Telegram, Reddit, and Medium. On Telegram, there are several channels of STEPN. For example, there is a channel that focuses specifically on announcements, but also a large general group with more than 80,000 followers.
A lot fewer followers are reached via Reddit and Medium. Both platforms together account for less than 15,000 followers. Nearly 6,000 people follow Medium. This number may seem low, but it is relatively high for this platform. With this number, STEPN beats, for example, large crypto projects such as Litecoin and Chainlink. It is striking that Solana has the same number of followers on Medium, while STEPN is a dApp on the Solana blockchain.
|Social media platform||Number of followers|
STEPN is a refreshing project in the crypto market. In principle, the project is a well-known concept, but mainly outside of blockchain technology. There are countless apps where you can earn money by being on the move, but STEPN is seen as the first app that, thanks to its 2 proprietary tokens, takes crypto and NFTs seriously.
The app contributes to reducing CO2 emissions and stimulates people’s health. In addition, this app contributes to the adoption and development of the Solana ecosystem and non-fungible tokens. If you have always taken walks or like to run, you can see the income at STEPN as passive income!