Crypto traders are typically not the fittest people around. They sit behind a computer all day long and stare at a screen. This doesn’t help with your fitness level. Stepn is about to change that. By walking, running, or jogging you can earn money with their app.
Welcome to Web 3.0 and earn money by starting to move. This lifestyle app is gaining serious traction. It’s a mobile app only, but it seems to have a big potential. Currently, there are already 500K+ downloads. Let’s find out what Stepn is all about.
What is the Stepn App?
Stepn is a Web 3.0 fitness app that combines SocialFi and GameFi. With this lifestyle app, you can earn a passive income by being active. Once you sign up to their app and either own or rent an NFT sneaker, you start earning. Oh wait, you need to move as well! You can do this by walking, jogging, or running outdoors. Each day, again and again. You earn GST, its game token, or GMT, its governance token.
However, there are some restrictions:
- The app is in Public Beta Phase III, so things can still change around. Due to overwhelming demand, signing up is currently not easy. Each day there are only 1000 activation codes available. Either on their Discord or Telegram. The codes renew each day at 13.00 UCT.
- Then, you need to set up a new wallet. You will receive a 12-word seed phrase, make sure to keep this in a safe place. Since they built Stepn on Solana, you need to transfer some SOL to the app. Now you can buy their NFT sneaker.
You can choose between four different sneakers. See the picture below to see which ones they are and which return they each give. Make sure to select a sneaker that fits your fitness level.
Source: Stepn website
How Does Stepn Work?
Once you have your NFT, and it’s recharged, you’re all set to start. Make sure that you check all stats on your sneaker NFT! Just know, in advance, that there are still many features under development. It means that not everything is available at the moment. On the other hand, there are still plenty of exciting features coming your way.
Currently, there is a Solo Mode with a Marathon and Background Mode under development. All modes will earn you GST tokens. That’s the in-game token with an unlimited supply. Also, the marathon mode only involves distances up to 15 km. For experienced runners, a piece of cake. For beginners, a good goal to have in your sights. However, you can also earn the GMT token. The max supply is 6 billion GMT tokens.
Moreover, earning depends on four factors:
- Type of Sneaker
- Sneaker’s Efficiency Attribute
- Sneaker’s Comfort Attribute
- Speed of Movement
Note: Your sneaker needs to reach level 30.
Therefore, the more sneakers you own, the more income you get. One pair of sneakers gives you two energy caps. Having more sneakers increases your max energy. With one sneaker, you earn 10 minutes per day. The next step-up is 3 sneakers. This gives you 20 minutes. Up to a magical 30 sneakers and 100 minutes. See the picture below for more details.
Source: Stepn website
Reaching higher levels opens up more attributes. However, during the minting, the sneakers receive a set of attributes.
Two Tokens and Your Earnings in STEPN
Stepn has two tokens, like Axie Infinity except that Stepn tokens have a lot more utility.
- GST token: The Green Satoshi Token is the game token. It has an unlimited supply. You earn it in Solo and Background mode. With this token, you can shoe-minting, repair, level up sneakers, gems upgrade, and unlock sockets.
- GMT token: The Green Metaverse Token is the governance token. There are 6 billion of them. To earn them, you need at least 3 Energy and be at level 30. During the last 24 hours, the price went up by 15.6% and is at $3.29. Over the last 30 days, it did 385.6%. Also, the market cap is just under $2 billion, with 600 million tokens in circulation. Out of a total of 6 billion tokens.
5 factors influence your GST earnings.
- Total Energy
- Movement Speed
- Shoe (Type, Attributes, Quality & Level)
- Gem (Type, Level & inserted Socket Quality)
- NFT Badges
On the other hand, there is an earnings calculator that you can use in this link. However, be aware that there are many variables in play. For instance, there is a halving, remember Bitcoin? Furthermore, there are also random earnings. In general, it seems that under the current price range, you can earn your sneaker back in 44 days. That is with just one sneaker and all more or less at low or cheap levels. Therefore, this includes all costs that you have, like shoe repairs. And guess what, more sneakers mean more income.
Then, once you reach level 5, you can rent out your sneaker. This is still under development, though. Two shoes at level 5 allow you to mint a new one. However, you can only do this seven times. Therefore, if you have the financial means, buy two sneakers, and get them up to level 5. Now mint the third one. You can use your earnings on upgrades or swap them for SOL or fiat.
Stepn is hot at the moment. Therefore, there is a high demand for the app and the GMT token is flying. Just like gaming, fitness is something that many people do. The combination seems to be a win-win situation. Work on your fitness and earn. There is still a lot to find out about this app, though. However, it seems to be working well.
Also, the tokenomics and gameplay might work out if new people keep minting sneakers. A drawback may be the price of the sneakers. Finally, the renting option may help with this. Now make your steps count and watch out for part 2.
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