What Is STEPN? Free Crypto Earning APP

Editorial
12 Min Read

What will you find more enticing? Going to work daily and earning a predictable amount of income? Or simply downloading an app, allowing it to track your exercising time and let you earn crypto? Of Course the latter! Who wouldn’t want to earn crypto by simply walking and running in real-time?  A chance to step outside, do some exercise, and make something profitable that you have to do anyway evidently has its appeal. 

Stepn sneakers
Source: Medium

This is the idea that Jerry Huang and Yawn Rong had in mind when they co-founded and launched STEPN, the activity-tracking app that lets you earn crypto while exercising, in December 2021. The aim behind developing STEPN is to inspire millions to adopt healthier lifestyles, bringing them into the world of Web 3.0, and making a positive contribution to carbon neutrality. Users must purchase NFT sneakers to earn crypto tokens by walking, jogging, or running, which determines how long you can train for and how much you can earn. 

However, it is not as simple as it sounds. Users must need to put in some effort as well. Want to know, how? To abreast yourself with the knowledge of STEPN, how it works, and most notably the worth of coins that it offers; continue to read. 

What is STEPN?

You must wonder what exactly is STEPN? How do you play and earn through this game? Are there any hidden complications attached to this game? Well, hold your horses and let us explain to you all about it.

STEPN is the first non-fungible tokens game, powered by the Solana blockchain, reshaping the ‘move to earn’ concept. It is a web3 lifestyle app that combines AR with tokenizing your daily walking, running, or jogging. Built on Ethereum competitor Solana and created by app developer FindSatoshi Lab, STEPN is a smartphone app that lets users earn money by walking, jogging, or running for a narrowly delineated time period that refreshes every 24 hours. 

How Do Players Receive Rewards?

The rewards come in STEPN’s native cryptocurrency, the Green Satoshi Token or GST, and are credited to a wallet created in-game or imported externally. Players must buy an NFT sneaker to play the game, then can boost the amount of GST earned per session by upgrading their sneakers. The sneakers, which are non-fungible tokens (NFTs) and are tradable on secondary markets, already command high prices, ranging from $400 to $100,000. 

How does STEPN work?

STEPN: move-to-earn app operates on Solana blockchain, which is Ethereum’s biggest competitor. Through this app, users earn points for the distance they cover. This app tracks the distance and time of exercise through GPS, users receive points and earn crypto tokens against their progress. However, your earnings depend on a range of factors such as each NFT sneaker comes with its own activity level. If your speed exceeds or drops below the sneakers, you won’t earn tokens.

Stepn
Source: Medium

Well as a potential player of this game, you must know how much you can earn with STEPN. So, at the time of writing, STEPN token GST was valued at $0.029416. On average, a basic sneaker can earn 5 GST per Energy. Therefore, for starters, you can earn $0.44 for your every move. With that being said, GST is a volatile token, just like other cryptocurrencies.  

The game proposes two modes currently: 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”.

Token Model Used By STEPN

As you are aware the STEPN follows a dual-token model with a utility token called GST and a governance token called GMT. The game offers an unlimited supply of GST and is the currency that is earned for movement. However, you can earn GMT after you have leveled up sneakers to 30. GMT has a total supply of 6 billion and is distributed as follows:

  • Move and Earn: 30%
  • Ecosystem and treasury: 30%
  • Private sale: 16.3%
  • Launchpad sale: 7%
  • Team :14.2%
  • Advisors: 2.5%

Unique Features Of STEPN

Primarily, two features are crucial in understanding how STEPN works: the first is the sneaker, which has a profound effect on how much money a player can earn and explains why some of these NFTs go for such astronomical sums. As in any other roleplaying game, you may set your armor or essential accessories, while playing STEPN you upgrade your sneakers in order to maximize one or more of five different characteristics: 

  • Resilience: which slows down wear and tear; 
  • Luck: which increases the chance of random prizes during a session;
  • Comfort: which increases the intake of another kind of token called GMT which relates to governance; and 
  • Efficiency: which increases the amount of GST made per “energy” spent. 
Stepn feature
Source: stepn.com

Efficiency brings us to the second key feature of this game: Energy. In STEPN, Energy is the unit of time allocated to a player for a move-to-earn session; one unit represents five minutes. Each player starts with a mere two energy units which reload every 24 hours. New players can have only ten minutes per day during which they can earn GST. To fetch more energy, a player must keep purchasing or upgrading the sneakers. 

Users’ Utility Of Playing STEPN Game

The STEPN move-to-earn crypto app contains Social-Fi and Game-Fi elements. STEPN’s Game-Fi initiative intends to encourage users to combat climate change, live a healthy lifestyle, and connect the public with Web3 while counting on its Social-Fi component to create a stable platform that fosters user-generated Web3 content. 

Stepn game 1
Source: Medium

In simple terms, it is gamified fitness. The concept of the game has so much to offer its users in terms of personal benefits. You must wonder, how? Psychologists have known for decades that reward, achievement, and competition fuel motivation. STEPN is exactly doing this. Following are the benefits of playing this game:

  • Available on  iOS and Android
  • The Play-to-Earn system
  • One of the most popular NFT games
  • Opportunity to earn cryptocurrency legally for maintaining your fitness

How To Use The STEPN App?

Stepn app 1
Source: stepn.com

To play STEPN, you must adhere to the following steps created by the developers:

  • Download the STEPN app from Appstore or Google Play Store.
  • 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, a transfer of enough SOL is required to buy NFTs and cover the gas fees.
  • Finally, head over to the STEPN marketplace to buy the NFT Sneakers of your choice. There are four types of sneakers:
    • Walkers (1-6 km/h)
    • Joggers (4-10 km/h)
    • Runners (8-20 km/h)
    • Trainers (1-20 km/h)

You must know that the move-to-earn game offers two types of STEPN coins: in-game currency Green Satoshi Token (GST) and governance coin, Green Metaverse Token (GMT). You will notice an unlimited supply of GST within the StepN game, and the token is burned by: 

  • Shoe-minting 
  • Repair and restore HP
  • Leveling up NFT sneakers
  • Gems upgrade
  • Unlocking Socket

NFT Marketplace

Stepn NFT Marketplace
Stepn NFT

The Marketplace is where users can rent or lease or sell or buy their NFT Sneakers, Badges, and Gems. You will find a simple filter option available in the Marketplace for easy navigation. There are three main activities on Stepn’s Marketplace:

  • Trading System: Users can buy and sell shoes, gems, and other items on the marketplace.
  • Rental System: This is a shoe rental and rental system:
    • a rental agreement lasts 24 hours, and the tenant will need to agree to the terms of the contract.
    • A contract can also last up to 7 days, depending on the tenant’s credit rating.
    • Failure to comply with the terms of the contract will result in a deduction of credit points.
  • Credit System: Renters are required to complete a set of “scholar” quizzes to increase their credit rating. Once their rating reaches 2/5, they can start renting.

The Current Price Of STEPN Coins (GST & GMT)

Stepn Coin 1
Stepn Coin

The live price of STEPN is $ 0.6170432 per (GMT / USD) today with a current market cap of $ 370.23M USD. 24-hour trading volume is $ 142.03M USD. GMT to USD price is updated in real-time. STEPN is +1.33% in the last 24 hours. It has a circulating supply of 600.00M USD. Whereas, per STEPN GST on Solana price is $0.028797, up 0.78% in the last 24 hours, and the live market cap is $16.0M. It has a circulating supply volume of 557,690,712 GST-SOL coins and a max. Supply volume of 567,690,712 GST-SOL alongside $16.0M 24h trading volume. 

Conclusion

STEPN is a unique NFT project, however it always transmits mixed vibes of worry and optimism in the mind of an investor. If someone asks whether it is a good investment or not, one might not have confided answer. If we look at the current value of GST and GMT coins, the market seems unpredictable. However, it could end up being a massive success in the NFT world if it finds a way to avoid the problems that seem to afflict its value. 

If you’re willing to accept and absorb the amount of risk it involves in the pursuit of earning crypto while getting out and moving, STEPN is your game. But, make sure you do your research and invest wisely, never investing in more than you can afford to lose. 

Editorial

Keep up with latest news and announcements in Web3 world with NFTStudio24, Japan's first media platform built on blockchain technology revolutionizing the age of news and reporting.

Share This Article
Follow:
Keep up with latest news and announcements in Web3 world with NFTStudio24, Japan's first media platform built on blockchain technology revolutionizing the age of news and reporting.
Leave a comment