Metaverse is expanding every day and platforms with exciting innovations are being unveiled. One of the most attractive platforms is the STEPN project. The health and lifestyle-related dApp, STEPN has attracted many people in a short period, with a wide range of innovative features, and multiplication of its cryptocurrency.
What is STEPN?
It is a blockchain-based gameFi, which is designed to encourage people to be more careful about their health and fitness. During the game, people walk and receive GMT, the platform’s native cryptocurrency, instead.
a glimpse into the past
STEPN’s main company, Find Satoshi Labs, was founded in 2021 by an Australian couple, Jerry Huang and Yawn Rong, to promote a healthy lifestyle. Inspired by Play-To-Earn projects such as Axie Infinity, they launched the game and coined the term “Move-To-Earn”.
To start the game, just download the application from the official website of STEPN or App Stores. First, you need to mint a suitable NFT sneaker on this platform. Then, by running and walking, you can earn money from the STEPN game. Users can cash in on revenue from in-app services or as an investment.
Given this, it can be said that STEPN is a multipurpose game. Insofar as an app in the field of lifestyle, it encourages its users to have a healthier lifestyle, hard work, and health promotion. Next, introduce a way to invest and monetize to motivate and, ultimately, STEPN promotes the Web 3 Internet as a leading platform.
In solo mode, users with the sneakers get their cryptocurrency in pairs by doing physical activity. Energy is needed to earn GST cryptocurrency. Each unit of energy is equal to 5 minutes of basic physical activity and the level of movement and energy. To start the game, users must select their favorite sneakers and click on the start button.
If the internet ping or GPS signal is weak, or the user does not move normally and uses devices such as scooters, etc., or even locks the device on a dog or cat, an error will be displayed to the user in the application. During steady-state walking, users do not gain any GST. And depending on the circumstances, they may even lose energy.
GPS signal status indicators
White: No signal
Green: Strong signal
Red: Weak signal
Always make sure you have enough Energy before you start moving. Otherwise, you will not be rewarded with any cryptocurrency.
Minting NFT sneakers is a definite prerequisite for using STEPN, which needs to pay some Solana cryptocurrency equivalent to $ 1,000. Instead, you will be rewarded GMT and GST cryptocurrencies for every minute of physical activity.
Receiving these bonuses depends on four factors:
Speed of movement
To maximize rewards, users need to use the best sneakers’ speed range. If the user goes a little higher or lower than the appropriate range, the reward may be reduced by up to 90%, depending on the speed difference with the ideal range. If the user’s energy level reaches zero, the game will no longer give any coins. In this case, athletes can continue to move or manually exit the solo mode by selecting the “Stop” option.
The higher the GST per minute, the higher the efficiency. Users can only receive the GST level, 0-29. When users reach level 30, they can choose between receiving rewards in GMT or continuing with GST.
GST efficiency varies depending on the type of sneakers.
The more GMT per minute, the more convenient.
Users can also rent NFT sneakers and share the proceeds of the walk with the owner. Once your sneakers are fitted, you can start running, earning, and receiving rewards. 30% of the tokens of these cryptocurrencies are dedicated to rewards.
The box is actually a page that is randomly displayed when a user is walking alone. This box may contain GST, precious stones, or empty. If players reach their daily GST level, they will not get the GST in the box. Each user has a maximum of 4 empty boxes.
STEPN game features
Move to Earn mechanism
Players will receive a STEPN cryptocurrency as a reward for entering the game by running or walking.
NFT sneakers and gemstones
NFT sneakers can be upgraded with tokens. Players can spend their NFTs and diamonds to improve the performance of their sneakers.
Any user can progress in the game and earn money with digital currencies. Also, as mentioned earlier, the Lucky Box is a great opportunity for users to receive NFT diamonds.
In STEPN, users are allowed to trade all assets, including sneaker boxes, diamonds, and badges as an NFT.
Players can rent sneakers for free and share the proceeds with the owner.
By consuming some digital currencies and pairing two NFT sneakers, users can create a sneaker box. When the box is opened, users randomly receive NFT sneakers.
The STEPN economic model
The STEPN economic model relies on two tokens. First is Green Satoshi Token (GST) which is used to pay in-app rewards. GST has an unlimited resource, but every time a sneaker is repaired, upgraded, or minted, it burns out and disappears.
The second token of this project is called the Green Metaverse Token (GMT). with a $6 billion supply, it is STEPN native token. GMT digital currency runs on the Solana network.
Uses of GST
Reset sneaker features
Uses of GMT
Customization of sneakers
Level 30-28 sneakers
Level up 9-4 Diamonds
Reset sneaker features
STEPN Digital Currency Distribution (GMT)
According to the divestiture scheduled until March 2030, the GMT release will be as follows:
30% to in-app prizes
30% inside the collection
16% for private sales
2% for STEPN game team
7% for Binance Launchpad
5% to consultants
STEPN game modes
This application has 3 modes for playing, participating, and earning money. These modes include Solo, Marathon, and Background modes.
Solo Mode (SOLO)
In this mode, users can earn tokens and get rewards by moving and walking. The income from STEPN’s game in this case depends on two things: Level of physical activity Rarity and unique features of the sneakers
There are weekly and monthly marathons in this game and users must register for each race separately 24 hours before the start, online.
Users can receive GST digital currency with at least one pair of sneakers in their account, even without doing the games and repair costs. When the STEPN app is turned off, the background mode receives the number of steps directly from the device’s health data. Note that in the background (slow walking, brisk walking, and running), the durability and features of sneakers will not reduce.
STEPN is an application game that is designed with the “Move to Earn” game model to help users earn money while exercising. Leading millions to a healthier lifestyle, combating climate change, and developing Web 3 gives us a promising vision for digital currencies and STEPN gameFi. But how much will the STEPN platform and its cryptocurrencies be accepted in the crypto community? Tell us if you figure it out.