The play-to-earn (P2E) industry has been gaining traction in the crypto world, and its growth rate is spectacular. According to a recent report, about 1.4 million different wallets engage with the gaming sector, representing 49% of blockchain usage.
A similar upcoming model — move-to-earn — rewards users for their steps in cryptocurrency.
Fitness Fi(nance), FitFi, is a new trend in tokenized earning that employs a basic move-to-earn model. Its main goal is to motivate users to leave the house and earn through being active.
STEPN, a Web3 lifestyle app, is the frontrunner of this trend, rewarding its holders for simply jogging, running, or walking.
So far, the app has gotten a lot of attention because it is one of the first move-to-earn projects. In an interview at the start of the month, the platform’s developers said that STEPN has around 500,000 active users and 100,000 daily active users.
The Concept of Fitness Fi (FitFi)
FitFi is a way to make money that uses a “move-to-earn” system to reward people for being healthy and active. Several projects, like STEPN, have been developed from FitFi’s ideology.
Step.app is currently looking to raise $3.3 million on DAO Maker to fulfill its goal of leading the industry. Both projects are quite similar in their outlook and working.
However, there is another project based on the concept of FitFi that is a bit more creative. Genopets is an NFT-based move-to-earn RPG that features monster-like pets. Here, players level up characters through movement and enjoy rewards.
STEPN: Background
In 2021, Australian businesspeople Jerry Huang and Yawn Rong started a company called Find Satoshi Lab. This company criticized the direction of projects such as Axie Infinity. They also talked about how they could add value to the system.
Jerry and Yawn talked about their passion for carbon neutrality and a sustainable healthy lifestyle. Also, the term “move-to-earn” was just starting to catch on as an alternative to “play-to-earn,” which is used by other blockchain gaming projects. All these factors brought together led them to develop the concept of STEPN.
In September 2021, the STEPN team participated in a recruitment drive and won fourth place at the Solana Ignition Hackathon. This move resulted in a public beta test in December.
According to a report by Currency.com on April 5, 2022, STEPN had made substantial gains during the first quarter of the year. The company’s NFTs had generated over $26.8 million in sales.
The STEPN app has over 100,000 downloads on Google Play, and it is currently ranked 27th on the App Store’s health and fitness chart with a 4/5 rating.
What Is STEPN?
STEPN is a blockchain-based NFT game platform powered by Solana to provide a healthy lifestyle. It features a variety of Game-Fi and social-Fi elements. In STEPN, players can earn tokens by running, walking, and playing outdoors.
STEPN has a goal to inspire people to live healthier lifestyles while contributing to carbon neutrality. To start making money in STEPN, users must put Solana’s native token in the game’s in-app wallet and buy a pair of sneakers in NFT form from the marketplace.
They then wait for 24 hours for their “energy” to be replenished. In this case, the “energy” is the number of minutes users get for exercising with the sneaker NFT. Walking can earn you $30 per day for even the most basic sneakers. Notably, your shoe’s level determines how much you earn.
STEPN Unique Features
Game Modes
In STEPN, players can choose to play in three different game modes: Solo, Marathon, and background mode. In the Solo mode, users earn tokens by moving around the environment. The earnings are computed by the intensity of their activity and the rareness of their sneakers.
Depending on the schedule, players can perform various activities weekly or monthly in the Marathon Mode. Before they can participate in the game, users must register. The weekly marathon lasts for a week, while the monthly one lasts for three weeks.
In the background mode, which is currently in development, users can earn even when the app isn’t in use. According to the website, this mode will allow users to collect additional steps by taking them from their mobile device’s Health Data app. There is no energy cost associated with this game mode.
Dual Token Model Economy
The STEPN ecosystem has a dual-token economy model, which means that there are two different types of tokens available for users to earn.
The native token of the STEPN project is the GMT, which has a limited supply of 6 billion. On the other hand, the Green Satoshi Token is an in-game utility token used to buy goods in the app. Notably, it also has an unlimited supply and is mintable through basic movements in the game.
STEPN Marketplace
The STEPN Marketplace is where users can rent or lease their NFT Sneakers, Gems, and Badges. It features a simple filter and sort function to allow ease of use for users.
Rental System
Users can rent a pair of sneakers in the marketplace. The transfer is done after application, pairing with a leasing party, and users agree to the terms of their rental contract. Each contract lasts for 24 hours, and the sneakers are returned to their original owner.
A rental agreement can last up to seven days, depending on the tenant’s credit rating. If the terms are not met, the agreement will be void, and the credit rating will be downgraded.
When a renter finishes a Solo Mode session in the Smart Contract, the money is split up according to the terms of the rental agreement.
Credit System
Renters must complete a series of “scholar” quizzes to increase their scores to improve their credit rating. The process ensures they are fully aware of all the ins and outs of the app. Only until a rating of 2/5 is reached can the user rent.
Burning Mechanism
STEPN has a burning mechanism that ensures lesser GMT and GST tokens circulation. When the supply goes up, there is high demand hence a higher price of the tokens.
On the platform, the tokens are burnt by:
- shoe-minting
- unlocking sockets
- gems upgrade
- leveling up sneakers, and
- repairing
Shoe-Minting
The Shoe-Minting Event (SME) is a process where users create two pairs of shoes that they own in the form of an “original design” for their creations, dubbed Vintages. To start an SME, the minting party must have complete ownership of both the shoes (not leased) and full durability.
After selecting a sneaker, STEPN will prompt the user to breed a new shoe by pressing the Mint tab. The platform will instantly open this new shoe.
The maximum number of SMEs that a user can perform with a single pair of shoes is seven. The cost of the shoe-minting process is also calculated separately for each Vintage.
During the 48-hour cool-down period, players can only use the shoes for movement.
How To Start Using STEPN
After downloading the app, you need to connect their wallet to the STEPN app and transfer Solana SOL cryptocurrency to buy NFT sneakers. This crypto is the main currency that the app uses.
The NFT sneakers are the first item you need to start your journey with STEPN. There are four types of shoes that people can choose from runners, trainers, walkers, and joggers. The price of each pair varies depending on their style, level, and rarity.
You can connect the app with these sneakers and start walking, running, or playing outside. The points you earn through playing the app are called game currency, which you can use for various rewards such as:
- leveling up
- cashing out, or
- upgrading sneaker NFTs
After completing the registration process, you can buy a pair of NFT sneakers from the app’s marketplace. Then, you can start earning GST tokens daily through the steps taken daily. Notably, one energy amounts to five minutes of movement.
After completing the app’s initial sign-up process, you should be able to see your current status on the app’s screen.
However, if you are using another mode of transport that is not using muscles, such as a vehicle, the status says “moonwalking.” In this case, you do not earn any of the app’s tokens, as it undermines the purpose of STEPN.
STEPN Tokens and Utility (GMT and GST)
STEPN has two tokens; Green Metaverse Token (GMT) and Green Satoshi Token (GST). The GST token is a utility token that users can use for various activities without requiring any investments.
Players can use it for various purposes such as repairing, upgrading, and even leveling up their shoes. They can also use it to swap USDC.
Unlike the GST, the GMT token is a governance token used for various activities. The token can also earn it through various game activities. Like the GST, players can also use the GMT token to level up and alter the name of their sneakers.
It can also be exchanged with USDC when the shoes reach a certain level, slated at 30 or above.
In total, there are 6 billion GMT tokens available, with 600 million GMT currently in circulation. Its supply is allocated to 30% goes to in-app rewards, and 16.3% is reserved for private sales.
Another 30% is retained in the treasury. The rest, 14.2% goes to the team, 2.5% goes to advisers, and the last 7% goes to the Binance launchpad sale.
GMT Token Price and Prediction
The price of GMT has been on the rise. It can be attributed to the increasing number of users of the STEPN app. Users are minting sneaker NFTs and receiving new profit opportunities using the app.
When it was first launched on March 9, 2022, it traded at around $0.13 on the first day of trading and is now more than 2,300% higher, trading at $3.23.
The four-hour chart of the STEPN price shows that it has been in a strong bull trend over the past few days. It managed to break through the resistance level of $3.14. GMT has also been rising above the 20-day and 50-day moving averages.
In addition, the money flow index has moved above the overbought level. Hence, the bulls are expected to continue pushing the price of GMT higher as they target the next resistance level of $4.
Roadmap Details
STEPN roadmap: Official website
Last year, from August to December, the team focused on creating the STEPN app and its website. It also launched its public beta and started the marketing for ita services.
This year’s first quarter was focused on:
- in-app trade function
- in-app marketplace, and
- IEO/IDO development
The team is currently working on an in-app wallet upgrade, multi-chain wallet upgrade, and multi-chain marketplace upgrade in the second quarter.
STEPN is progressively working on an achievement system, a quest system, and a rental system from July to September for the third quarter. In Q4 of 2022, there will be an online marathon in October, a Social-Fi element in November, and a community event in December.
Upcoming Partnerships?
Speculation about the company’s partnership has been rampant on social media. Many users are looking for clues as to what the partnership might involve.
In response to the recent hacking of the website Ronin Network, STEPN shared a piece of artwork that featured various brand logos. A logo that looks like a Binance logo is also shown.
Since STEPN used the launchpad of cryptocurrency exchange Binance to sell 7% of its GMT token supply in March, some believe that a partnership between the two could be on the horizon.
In an interview with Solar Eco Fund, a spokesperson for STEPN suggested that the company could partner with a major sports brand.
The spokesperson would not confirm or deny the partnership when asked if the company would partner with a major sports brand. Instead, he said that an announcement regarding the project would be made soon.
STEPN: The Next Axie Infinity?
STEPN is a kind of game that allows people to earn money while taking care of their health. The game has a high entry threshold, starting at $1200.
At the moment, the return on investment is quick, and it’s also constantly growing. The game also has a large and friendly community, and it’s also constantly adding new features.
Despite being called the next Axie Infinity, many people are skeptical about STEPN. This decision can be attributed to the number of tokens sold during its seed round. Early buyers who purchased GMT tokens at current prices may also have difficulty unlocking tokens in the future.
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