A few months ago, STEPN was the first move-to-earn application to make the buzz. Lots of guys on Twitter were explaining how they were earning the equivalent of a salary by walking, while some other ones were considering STEPN as a Ponzi scam. What is the situation today? Let's make an update.
How much can you earn using STEPN?
Let's assume I just want to buy a common walker. If I go on the app, I will find a good walker, with 20 in efficiency and 10 in resilience, for 1.082 SOL, i.e., around $40 USD. Not bad! The question is: How much money can you make with this small investment? We will use a simple tool called stepn.guide:
That sneaker can generate a daily income of 6.12 GST, i.e., $0.34 USD per day, assuming the GST price will not dump further, which cannot be guaranteed since there is no max supply for the GST token - i.e., the team can mint as many GST tokens as they want...
With this daily income (which is the best case), it would take 118 days - i.e., around 4 months, to pay back your initial investment.
As you all know, you can earn as much money without any investment by writing and reading articles on Publish0x....
What STEPN team has done to develop further the game
The team has made many updates to change its economics and save the GST token. However, none of these updates has been really efficient so far. The main changes have consisted in adding new blockchains, called "realms": After having started on Solana, STEPN has added the Binance Chain, and more recently Ethereum.
What are the next steps for STEPN (GMT)?
The team is not totally transparent about the next steps... And that's a euphemism. There are two major upcoming updates:
- GMT earning: From level 30, in the near future, you are supposed to earn GMT instead of GST, which is much better since GMT token has a max supply. However, as I can read on the web that "GMT Earning is here so be prepared for it !", it probably means that they have not announced any official date yet... Be prepared for what is supposed to happen in the next few days / months / years? If you have any info, please let me know...
- Rental system: The STEPN Rental System allows owners of Sneaker NFTs to earn passive income by lending out their sneakers to players who cannot afford to buy one themselves. Renters can play STEPN at zero upfront cost and the earnings are split 70:30 between lenders and renters. Regarding the timeline, according to tokenizedhq.com:
It is unclear when the Rental System will launch. It was originally scheduled for September 2022, however, more recent roadmaps have provided mixed signals regarding the final launch date. It seems unlikely that it will be before the end of 2022.
In summary
STEPN should be considered as a game, not as a real way to make money, since the only money you can earn is what has been invested by the players, including yourself... The next updates which still need to be more precisely scheduled might bring new users to the game and change its economics. However, to generate more cash, STEPN would need to find sponsors who could inject fresh cash into the game, from which all users could profit.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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