What if you could make money while running, jogging, or going for a walk? If earning while exercising sounds appealing, then the move-to-earn Web3 lifestyle app, STEPN is just what you need. A popular mobile NFT game in the GameFi space, the app lets holders of STEPN NFT sneakers earn tokens by walking, running, or jogging.
In this guide, we’ll cover what STEPN is, how the app works, how you can earn using the app, and more.
What is STEPN?
STEPN is a Solana-based Web3 lifestyle app featuring in-built GameFi and SocialFi parameters. A move-to-earn app, STEPN launched in December 2021 with a bang. Much like the regular fitness apps in the market, STEPN tracks your daily activity, be it running, jogging, or walking. However, STEPN has one major difference—it lets you earn crypto while keeping yourself fit.
Essentially, the app’s aim is to encourage users to adopt a healthier lifestyle, all the while helping to offset carbon. At the same time, thanks to STEPN’s SocialFi elements, users can also access user-generated Web3 content.
Who Created The NFT Game?
Australian fintech firm, Find Satoshi Lab, created the STEPN app. Founded by Jerry Huang and Yawn Rong, STEPN made its debut at the Solana hackathon in October 2021. While Huang is a serial entrepreneur, Rong is a blockchain venture capitalist. As soon as the app officially launched in December, thousands of users started signing up, so much so that the team had to limit the number of daily registrations.
“My business partner and I were talking about how awesome Axie Infinity is for what they did,” Rong told NFTevening in a recent interview. “But then we realized there’s still room to improve, and we can take it into an alternative form, or a new genre of play-to-earn. Which is basically when we proposed move-to-earn.”
How Does STEPN Work?
To embark on your move-to-earn journey, you have to first buy a digital sneaker on the STEPN app. For every minute of movement, you can earn STEPN’s native in-game currency, the Green Satoshi token (GST). However, the amount you earn depends on a range of factors. For one, each NFT sneaker comes with its own activity level. If your speed exceeds or drops below this level, you won’t earn tokens.
Now, the game offers two modes: Solo and Marathon. In Solo, you can wear your digital sneakers to earn for every movement. Under marathon mode, you can participate in weekly or monthly marathons by registering at least 24 hours before under the “Marathon tab”.
Next, your earning time depends on your Energy—the number of minutes you can use the app and earn tokens in a single session. The Energy, in turn, depends on the number and types of NFT sneakers you own. Further, each unit of Energy corresponds to five minutes.
To explain, if you are a new user, you’d start out with the Common sneaker, which has 2 Energy. This means that you will only be able to work out ten minutes per day and have to wait 24 hours for the Energy to replenish. Similarly, the more NFT sneakers you have, the more earning time you will get. For example, three sneakers will get you four Energy.
How Much Can You Earn With STEPN?
As with most play-to-earn games, the amount you earn in this fitness app largely depends on the sneakers your own. The STEPN NFT sneakers come with four characteristics—Resilience, Luck, Comfort, and Efficiency. This is how each attribute works:
- Efficiency: Higher efficiency sneakers will earn you more tokens per Energy spent.
- Luck: Luck determines your chances of getting a “Mystery Box”. These boxes come with gems that can add features to your sneakers.
- Resilience: Essentially, Resilience increases your sneaker’s durability by reducing wear and tear. If you don’t repair your sneakers, it will diminish their earning potential.
- Comfort: Finally, Comfort determines your sneaker’s ability to earn GMT, STEPN’s governance token. You can not only use GMT to exercise your voting rights but also to rename and level up your sneakers, among others.
So, how much can you actually earn with STEPN? At the time of writing, STEPN token GST was valued at $0.088. On average, a basic sneaker can earn 5 GST per Energy. Therefore, for starters, you can earn $0.44 for your every move.
That said, GST is a volatile token, just like other cryptocurrencies. In fact, previously, GST’s value was much higher—around $8.51 in April. To be sure, some users have even reported earning $400 a day.
Nonetheless, if you think you can easily earn using STEPN (maybe even cheat) and cash out, you are in for some disappointment. Apart from its intricate move-to-earn mechanics, STEPN has several anti-cheating systems in place. For one, the app tracks your movement using GPS. So, no—running on treadmills won’t count. Similarly, the app has motion sensors to detect your movements. Meaning, taking your STEPN app on a ride outside isn’t going to work.
How To Use The STEPN App?
Here are the steps to start using STEPN:
- Download the STEPN app from Appstore or Google Playstore.
- Then, sign up on the app using your email address.
- Once you are in, click the “Wallet” icon on the app and follow the prompts to create a new wallet.
- To start purchasing STEPN NFTs, you need some SOL. For this, transfer enough amount of SOL required to buy NFTs and cover the gas fees.
- Finally, head over to the STEPN marketplace to buy NFT Sneakers of your choice. Once 25% sneaker energy is restored, you can start your move-to-earn journey!
Is STEPN a good investment?
All in all, STEPN is a unique move-to-earn app that brings together both fitness and Web3 enthusiasts. However, the key is to balance the cost of buying new NFT sneakers and the potential gains of working out. Besides, given the volatility of the STEPN tokens, not to mention their current decreasing value, there are ample risks involved. Therefore, make sure to do your due diligence before making any investment decisions.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.