Stepn: all about the Web3 app that makes you money on the go

Stepn, or more commonly known as GMT, is a web3 lifestyle app known for its playful design and various gamification elements. It focuses on introducing the Move-to-Earn concept to the general public.

Stepn, this health and fitness app, has seen tremendous adoption in record time. It offers a range of innovative features and has been valued at over $1 billion by its native GMT coin. This article has examined the basic principles of this project and its cryptocurrency.

Stepn: presentation of this mobile application

Stepn is a NFT game application based on the Solana blockchain incorporating Game-Fi and Social-Fi elements. This company focuses on promoting the Move-to-Earn concept to the general public. In fact, it aims to encourage citizens to opt for a more balanced lifestyle by bringing them into the world of Web 3.0. This contributes positively to carbon neutrality.

Stepn was created by Find Satoshi lab, an Australia-based fintech studio. This company has brought several significant innovations in the past, including its dominance as the first team in the 2021 Solana Ignition Hackathon Gaming Track.

Recently, the price of the GMT token climbed over 2000%. This makes it one of the best performing web3 crypto tokens of 2022.

Stepn: unique features of the platform

Combustion mechanism

As tokens are available in limited supply, a burning mechanism is required. It helps more and more users to lead a healthy life. This process allows reduce the circulation of GMT and GST tokens through various in-app activities.

Double token model

The Stepn ecosystem operates on a dual token economy model. This model is based primarily on the need to raise funds and be useful. In this case, there are two tokens that can be earned by users through different methods.

Green Satoshi Token (GST)

The Green Satoshi Token is a in-game utility token which can be used to purchase goods within the app. Unlike the GMT token, the GST enjoys an unlimited supply and can be minted in-game by basic moves. It does not require any investment other than running or participating in various game activities. It can be used to repair, unlock/reset or even upgrade sneakers.

Green Metaverse Token (GMT)

The GMT, unlike the GST, is a governance token. GMT can also be earned by easily participating in multiple game activities and running. These tokens allow you to level up and change the name of the sneakers. Moreover, they are also used to distribute the profits of the game and high-level activities which can also be considered premium content.

stepn app

Stepn: the different game modes

The application has 3 modes that allow users to participate freely and earn money: single player, marathon and background mode.

Single Player

In single player mode, users can earn tokens by moving. Their income depends on two elements, in particular their physical activity level and rarity/attribute sneakers they own.

marathon mode

There are weekly and monthly marathons. Users must register separately for each race 24 hours before starting the online marathon.

Background Mode

Users can earn GST even without the app and repair costs with at least one pair of sneakers in their inventory. When the Stepn app is disabled, the background mode extracts step count directly from health data of the mobile device. Steps taken in background mode (walking, jogging or running) do not reduce the endurance of the sneakers.

It should be noted that solo is the only mode available in the Stepn app. The other two are under development.

Also, to earn GST tokens, one must supply energy. This is calculated based on the number of steps taken in the application. The formula states that one energy equals 5 minutes of movement or movement gain.

However, the energy can only be replenished if the user purchases an NFT sneaker. To start the process, users can select a pair of NFT shoes in the application of their choice and start the process.

Stepn: how does this lifestyle platform work?

Download the app

First of all, you have to install the application on the smartphone. Depending on the phone model, this can be done from the App Store or Google Play.

Create an account

To create a user account, you must enter email address to receive a registration confirmation code and click on the “Send Code” button. This must then be entered in the corresponding field.

Choose a cryptocurrency wallet

After entering the activation code, the application opens and the tutorial begins. Several screens explain how to use the application.

Then you have to create a cryptocurrency wallet in the app. To do this, just click on the image of the wallet in the upper right corner of the application.

When creating the wallet, a passphrase appears. It should be noted and kept in a safe place. Once the cryptocurrency wallet has been created, the main application window is displayed again.

start the game

After downloading the application successfully, the user must connect your wallet to transfer or buy ethereum. In fact, it should be pointed out that Solana (SOL) is the main currency on which the Stepn app operates.

For this purpose, users are required to have SOL in their wallet to acquire NFT sneakers and start his journey with Stepn. To do this, you have to buy it on platforms like Etoro.

Stepn: NFT sneakers

The NFT sneakers (acquired with SOL) are the necessary item to begin the journey with Stepn. They are available on their integrated marketplace.

Users can connect their app to the sneakers to walk, jog or run outdoors anywhere in the world, earning points. These are equivalent to in-game currency. They can then be used to get various rewards like sneaker upgrades or NFT. They also allow you to level up or cash out in the real world.

Along the same lines, players can also choose to trade or rent their NFT sneakers from the in-app marketplace. All earnings of a particular user are stored in the in-app wallet itself.

Rent the NFT sneakers

Users can also rent an NFT basketball on the marketplace and share the rewards with the owner. Once equipped with sneakers, the user can start to run and earn GST utility token rewards. 30% of the offer is reserved for the distribution of rewards.

Stepn benefits from a tax applied to all achievements and in-app purchases. However, all Stepn app assets are owned by individual users. Additionally, users generate the majority of the app’s revenue.

The sneaker’s features all contribute to its energy ceiling. Since the supply of rewards is limited, the energy cap is a critical factor in the distribution of bottlenecks.

Stepn: how to win on this space?

The following factors condition the number of GST tokens and then the GMT tokens paid.

The level and qualities of the trainers.

The most efficient ones cost more. Levels 0-29 only allow users to earn GST. Starting at level 30, they can earn GMT if they wish.

Trainer Comfort Adjustment

The higher this parameter, the more the number of tokens earned per minute increases.

running speed

Maintain the speed range recommended for the trainer. Too large a gap leads to a reduction in gains of up to 90%.

The gains stop as soon as the user runs out of energy. It is then possible to manually exit solo mode using the Stop button.

Stepn implements a careful energy system designed that helps balance rewards and engagement. Players start with 2/2 energy levels and can increase their maximum energy in different ways. For example, owning a legendary sneaker increases the user’s energy to 6/6/. As they engage in different activities, their energy level gets depleted. Energy replenishes by 25% every 6 hours up to its maximum.

Users are encouraged to increase their energy level so they can participate in more activities and earn more rewards. They can also engage in different quests to earn enhanced rewards, airdrops, and unique in-game rewards.

Quests usually break out on a daily, weekly, monthly, or special event basis. Each type brings its own reward and contributes to playability and long-term engagement.

Investing in Stepn: final thought

Stepn represents a particular concept in the GameFi Move-to-Earn space. He encourages users to exercise in a fun and motivating way. With future game mode developments and rental coming, this concept may attract many new players outside of DeFi. In fact, this mobile application allows them to get started without investing too much in the game before even trying it.

Finally, although Stepn is still in the public beta phase, the total number of users as well as the activities on the platform have skyrocketed. Daily active users on the platform managed to grow from approximately 1,500 users to over 100,000 currentlyan increase of more than 6,500%.

Today, Stepn’s price is around US$2.91, with a twenty-four-hour trading volume of $4,638,876,148. Moreover, its value keeps increasing with a current market cap of $1,744,942,679.

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Stepn: all about the Web3 app that makes you money on the go

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