Yawn Rong and Jerry Huang had the idea to make money while doing something people already enjoy, like walking their dog. They co-founded and launched StepN based on that idea in December 2021.
StepN is an activity-tracking app that rewards users with cryptocurrency for exercising. The app quickly gained popularity in the gamified “Move-to-Earn” industry. It reached over 700,000 monthly active users at its peak, despite a cyberattack in June 2022.
This article comprehensively explains what StepN is and how it works.
What is StepN?
StepN is a Solana-based smartphone app developed by FindSatoshi Lab. The app allows users to earn by walking, jogging, or running for a narrowly defined period that refreshes every 24 hours.
The rewards are given in Green Satoshi Tokens (GST), one of the game’s native tokens. Players are credited with the tokens on an in-game or externally imported wallet.
To play the game, players must first buy an NFT sneaker, which they can upgrade to increase the amount of GST that can be earned per session. The NFT sneakers can be traded on secondary markets and are already selling for high prices ranging from $400 to $100,000.
How StepN Works
Simply open StepN before you go for a walk, jog, or run. For the time being, you will select Solo Mode (two other modes are currently in development). Since the app uses GPS to track your movement, it cannot be used on treadmills or ellipticals, so users should exercise outside.
Before you start moving, you must select a digital sneaker that is appropriate for your planned activity level. If the user’s speed falls below or exceeds the activity range of the chosen sneaker, they will not earn tokens. Hence, users should pick their shoes wisely. Users have the option of walking, jogging, or running.
Users will earn GST for every minute of movement. The app knows if the movememt is not natural. Hence, users shouldn’t think of using an e-scooter to achieve their workout goals. The length of time users can use the app and earn GST in a single session is determined by their energy. The amount of energy users expend is proportional to the number and type of digital sneakers they own.
For instance, if a user has two energies and a single common sneaker, they can only earn for 10 minutes (1 energy equals 5 minutes of earn time). The more sneakers users buy and own, the longer they will be able to move and earn.
More distinctive, high-quality sneakers will give users more energy. Also, users add one, two, three, and four energies to their earning ability if they have Uncommon, Rare, Epic, and Legendary sneakers respectively.
What Makes StepN Unique?
StepN comprises GameFi and SocialFi elements. StepN’s GameFi initiative aims to encourage users to combat climate change, live a healthy lifestyle, and connect people to Web3, all while building a stable platform that encourages user-generated Web3 content.
Players earn GST by walking, jogging, or running outside while wearing NFT sneakers. The earned GST can be used to buy new sneakers or to advance in the game. The GST earnings are saved in the in-app wallet, which includes a built-in swap function. Players also can lease or sell their NFT sneakers on the in-app marketplace.
This dual-token economy model meets StepN’s utility and fundraising needs. The main goal of token generation is to divide the ecosystem of the project into two tokens for easier use and also to avoid regulatory issues.
Due to the limited supply of tokens, a burn mechanism is used to help people live a healthy lifestyle (this is another unique feature of StepN). The burning mechanism is used to reduce the number of GMT and GST tokens in use via different in-app actions.
How to Earn With StepN
Users can earn money and freely participate in the game by accessing three StepN gameplay features: solo, marathon, and background. While users will need sneakers to start earning, they will not need anything to start jogging or running. New users can try out the app and all of its features for free.
In this mode, users can earn GST tokens by moving around while wearing NFT sneakers. However, this requires energy. One unit of energy is supported by 5 minutes of Move-and-Earn movement, which can be recharged by buying an NFT sneaker.
Users must always check their energy before moving. This is because there is no way to gain tokens if they don’t have any.
Furthermore, users must also ensure that their GPS signal is not weak and that they are moving naturally. Hence, users will not earn GST tokens if they are moving with a low GPS signal.
The token payment is determined by different factors, such as the type of sneakers and the attributes of the sneakers (like efficiency, comfort, and speed of movement). In the case of the sneaker’s efficiency attribute, the greater the efficiency, the more GST a user earns per minute.
Users can register for weekly or monthly marathons under the “Marathon tab.” They must, however, do so at least 24 hours before the start of the preferred marathon.
In weekly marathons, users can choose from 2.5, 5, or 7.5-kilometer marathons, but they can only participate in one race at a time.
Monthly marathons, on the other hand, can be 5, 10, or 15 kilometres, but users can only run one at a time. Sneakers can be repaired during the marathon.
Users can earn GST tokens offline and without paying repair costs if they have at least one pair of sneakers in their inventory. While the StepN app is turned off, the background mode gathers the step count directly from the mobile device’s health data without affecting the sneakers’ endurance.
There are several cryptocurrency tokens associated with the app that you may be unfamiliar with. Here’s a breakdown of the tokens you’ll need to have to use the StepN app:
SOL is Solana’s native token. It is the coin used to buy new sneakers in the app. Users will need to buy SOL with their in-app wallets before they can use the coins to buy sneakers.
Green Satoshi Token (GST)
These tokens are earned by walking, jogging, or running for a specified period per day, which is determined by the energy cap of users’ sneakers. GST can be used to upgrade or repair sneakers.
Green Metaverse Token (GMT)
GMT tokens are StepN’s governance tokens. They can be used to rename sneakers or to vote on important issues affecting StepN’s future. They can also be used to gain access to restricted content and activities.
Holding GMT tokens:
- Increases users’ chances of winning additional sneakers when minting sneakers.
- Helps users reach levels 5, 10, 15, 20, 25, and 30.
- Increases the success of gem upgrades after level 4.
- Helps users in minting rare, epic, and legendary sneakers.
- Increases users’ chances of winning rare NFT sneakers.
- Allows users to redistribute attribute points.
- Covers users’ sneaker customization fees
In a nutshell, GSTs are always available, but GMTs are only made during the Token Generation Event. Also, GMTs have a limit of 6 billion and are only given to users who have upgraded their sneakers beyond level 30.
Is StepN a Good Investment?
Investing in StepN seems like a wise decision due to its numerous advancements. The project has already partnered with the popular sports brand Asics and has hinted at potential collaborations with other notable brands such as Adidas and Nike.
Also, the fact that StepN uses the popular GameFi and SocialFi trends in the cryptocurrency space makes it even more likely that it will be a good investment.
- StepN, despite its initial success, encountered difficulties in China following the crypto market turmoil of 2022. The market downturn, coupled with Chinese data laws that prohibit the storage of citizens’ GPS data, caused issues with Chinese regulators and resulted in StepN having to block Chinese users. Other countries may follow suit, depending on their data protection laws and attitudes toward cryptocurrency.
- In addition, since its launch, the platform has been subject to multiple DDoS (distributed denial-of-service) attacks, causing StepN to warn users that workouts may not be recorded properly during maintenance periods.
- If StepN can overcome these challenges, the Move-to-Earn platform has the potential to become a thriving sector in the cryptocurrency space. The idea of providing economic incentives to motivate people to get active is a positive one.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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