Juliet BSTEPN is indeed The first Web3 game pioneered the model of “ Move to Earn" To progress, you will simply have to walk! The more you move, the more tokens you earn! A promise all the more tempting since the latter (the GMT), saw shas increased by 138% in the last week !
Even if this type of project does not suit everyone or all budgets (count 9 SOL to start), STEPN is already experiencing great enthusiasm.
Try the prospect of make money while losing calories? Focus on STEPN and its tokens!
STEPN: the application that wants to get you moving!
The STEPN team's bias is rather clever. The concept is original and intriguing.
The Web 3 project is clearly riding the fitness wave, and our ever-increasing enthusiasm for sport. After several months of confinement, many of us wanted only one thing: to move!
STEPWOMEN also exploits the dynamics of communities, which were created in part around sport. We think of Nike, with its dedicated running events. We also think of the numerous applications that track our sporting performances. This allows us to brag about it to as many people as possible on social networks.
But the little new thing with STEPN is that you can now move around. Burn calories, brag about your exploits to anyone who will listen… But above all, make money!
“When we set out to create STEPN, we believed that almost anyone could run or walk. Cowl, right? If we can convert this into move-to-earn, or rent-to-earn, then we actually have the opportunity to reach a very large audience. “, explained Kwong, one of the founders of the project.
But the Move to Earn is not the only interesting facet of this project (although it is decisive for encourage the uninitiated to immerse themselves in the world of crypto). For its creators, it is even secondary!
That said, a similar application had already generated a lot of favorable reaction: it is Sweatcoin. This is a great app that is completely free. YOU win Sweat tokens while walking. The application does not use your battery additionally. The idea is basically the same: Earn money by walking/running.
Understanding the different STEPN tokens
Like any Play to earn, STEPN runs on a blockchain and issues its own utility token. In this specific case, the game was put online on the Solana blockchain..
So you can use SOL to purchase any STEPN product.
There are 3 different types of tokens on STEPN:
- GST (green Satoshi Token): The tokens you can win! 1 GST is worth a little more than 3,90 euros.
- GMT (Green Metaverse Token) which is worth 1,90 euros (at the time of writing) and is used for end-game content. You can earn GMT every time you level up. Depending on the type of sneakers you use, you have the opportunity to earn GST or GMT (both convertible to SOL).
Taking your first steps with STEPN
Concretely, how to start earning tokens with STEPN?
The game is a GPS application that will track your movements. A bit like any other tracking app (like FitBit) would do.
There is therefore no real basketball linked but a virtual pair (this is important to know).
To start running (after the money?), you must buy a pair of virtual sneakers. Minted NFTs, which you can therefore resell. If possible make a profit to buy a better pair.
Each pair of STEPN sneakers functions a bit like a two-dimensional Pokémon, having its own particularities (or statistics) and strengths. The stats determine how long you can run without needing to recharge your sneakers. Finally, they can also grant you a speed bonus. Plus, it allows you to earn more GST every time you run.
If you already have SOL in your wallet, purchasing your STEPN sneakers should be pretty easy. Otherwise, you can simply exchange your coins for SOL from any bank. However, it is more advantageous to configure a new wallet directly in STEPN and transfer your SOL there.
Understanding the different game modes:
The STEPN application has 3 different modes:
- Single player mode : Users can earn tokens by moving around. Their income depends on two things: their level of physical activity and the rarity/attributes of the Sneakers they own.
- Marathon mode : STEPN organizes weekly and monthly marathons. Users must register separately for each race 24 hours before the marathon starts online.
- Background mode : Users can earn GST even without being on the app if they have at least one pair of sneakers in their inventory. When the STEPN app is disabled, background mode extracts step counts directly from their smartphone data. Steps taken in background mode (walking or jogging) will not reduce the endurance of the sneakers.
STEPN’s Move to earn model
Even if you have to invest in a pair of sneakers to start making money, you can get acquainted with STEPN for free.
New users can try the app and all its mechanics for free. When you are ready to commit and as soon as you have your STEPN sneakers, the win counter will activate and start filling up every time you run.
What are the limits of STEPN
😝 Which leads us to mention the Achilles heel of STEPN, and certainly one of the least appreciated mechanics of the game: time gating.
The app actually has a cap that defines how far you can travel each day. Which means that your earning prospects are automatically limited!
On STEPN, this limit is called Energy. You get a small amount for free every day, not counting the amount your sneaker model gives you. The best sneakers logically give you the most energy. But there is still a general ceiling that you cannot exceed: i.e. approximately 100 minutes of daily running (which is already a lot for some!)
If you feel up to it, you can continue after this time... However, your winning counter will stop (until the next day) and youou won't win a kopec!
Another difficulty: STEPN has a speedometer that you need to follow to continue earning money. This is actually one of the most difficult aspects of the game... If you imagined that you could run around and fill your pockets, you might as well lower your ambitions!
STEPN really wants to get your butt moving. It is therefore in your interest to be in Olympic shape if you hope to win tokens!
STEPN Tokenomics
A little of tokenomics now. STEPN has therefore developed 2 types of tokens: GST (Utility Token, Rewards) and GMT (Government Token).
- The supply in GST is unlimited, that in GMT defined at 6 billion dollars.
- Total tokens allocated to Binance Launchpad are 420 GMT (000% of total token supply)
- The token sale format is only by subscription and BNB is the sole session of the support.
Token Allocation and Release Schedule
What are the two STEPN tokens used for?
GST is
- a mining token (Creation)
It has an unlimited supply and is hit when a user moves in Solo or Background mode.
- a burning token (Destruction)
GST is burned by:
- Basketball minting
- Sneaker repair
- The sneaker upgrade
- Upgrading Gems
- Socket unlocking
- Resetting sneaker attributes
GMT is a Minting token ; it is minted during the Token Generation Event (with a total of 6 issued).
Burning
GMT is burned via:
- Participation in governance
- The option-taking vote
- Customizing sneakers
- The Sneaker Upgrade (from level 28 to level 30)
- Minting rare to legendary sneakers
- Leveling gem level 4 to 9
- Resetting sneaker attributes
How to explain the success of STEPN tokens?
So why such enthusiasm around STEPN and such a valuation of its tokens?
Although the game is still in public beta, it has already accumulated over 100 downloads on the Google Play Store and has more than 139 subscribers on Twitter (a great proof ofsocial commitmentl).
🏃🏼♀️ A first clue to explain the success he is currently experiencing is the similarity of his model with another play to earn ultra popular: Axie Infinity.
(Besides, some people have declared that STEPN was a Ponzi scheme (there must be new entrants for the token to gain value) precisely because of its link with Axie Infinity).
In STEPN, GMT plays a similar role to AXS. It has a limited supply and is needed to level up and mint new pairs of sneakers. As for the GST, it looks more like Axie's SLP. It has unlimited supply, it can be used to repair sneakers after use. And it is also consumed when the sneakers are upgraded or minted.
However, STEPN deviates from the Axie model by providing more use cases for its GST token. In Axie Infinity, the supply of SLP exceeded the demand and thus the price of the token collapsed. STEPN is trying to remedy this problem by making its sneakers degradable. Reason why players need GST to repair them and continue playing.
With STEPN's public beta only launching last December, its pioneering token model is still relatively new. However, this did not prevent several large venture capital companies from investing in STEPN. The app raised $5 million by selling more than 16% of its token supply last January.
The mysterious STEPN partnership and possible physical sneakers?
Since its beta launch, STEPN has also updated its road map, which again can explain the recent growth of its tokens.
The STEPN spokesperson recently alluded to a possible partnership with a major sports brand. When asked if STEPN sees companies like Nike and Adidas as future competitors, he hinted that an announcement very soon should clear up the matter...
Are they bluffing? Nothing less certain...
Speculation about this mysterious partnership spread like wildfire on social media. Many users have started to look for clues in STEPN's latest Twitter posts.
And the hype was logically reflected in the GST and GMT prices.
The final word on STEPN
If the enthusiasm around STEPN and the new features that the game could soon announce is palpable, it is dIt is difficult to assess whether the recent surge experienced by its tokens will be lasting or not. 🏃Similarly, the euphoria around move-to-earn applications still needs to stabilize…There is ever greater competition. Only the best apps will remain in the race. No bad pun intended, hehe.
While many do not hesitate to describe STEPN as the " next Axie Infinity", there are also many skeptics. Particularly with regard to the large number of GMT tokens that were sold to investorss institutional investors during its first seed round.
However, future unlocked tokens aimed at first-time buyers could also cause problems for those purchasing GMT at current prices.
Another sticking point: the Move-to-earn model, much more limited that its creators might suggest. Many early adopters complain that they earn very little with STEPN, which could have a deleterious effect on the app's ability to retain its players.
The valuation of its NFTs also appears to be another bubble ready to burst. Also, the price of its sneakers is indeed strangely unrelated to their quality (and their ability to increase their owner's income). So, for example, you can find a pair with average statistics for 9 SOL, and another with much less advantageous statistics for the modest sum of 1500 SOL (i.e. more than 160 euros at the time of writing this article) !!
We can indeed now ask ourselves the question of profitability…And, we are preparing that for a future article.
🏃 If you are looking for a similar and free app, try Sweatcoin 😉
- Discover theSTEPN application to download on your mobile
- Buy SOL on Binance (with 10% reduction on your fees).
- Upload your phantom wallet Solana compatible.
- Learn more about the Solana blockchain
If you want to invest in a Play To Earn game, also discover the 10 most interesting P2E games !
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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