STEPN is a revolutionary addition to the gaming and workout community, and it comes at a time when the mainstream internet is increasingly accepting blockchain-based games. STEPN aims to shape the nascent web 3 gaming ecosystem, with an innovative user experience that spans the much talked about GameFi and SocialFi space.
Since its launch in Mar. 2022, the sale of StepN and its native GMT and GST tokens has sent the crypto market into a frenzied spiral with thousands of enthralled users flocking to crypto exchanges to get access to the new move-to-earn game.
To learn more about the innovative move-to-earn game, or answer the question, how does StepN work? You can continue reading our comprehensive overview on STEPN, the DeFi app that helps users earn passive income from exercising and running.
StepN: All You Need To Know About The New Move-To-Earn Web 3 Game
StepN is a web 3 lifestyle app that combines SocialFi and GameFi elements in its gameplay. StepN players can earn crypto tokens from simple activities such as walking, jogging, or running outdoors. As a result of its physical requirements, the pioneering move-to-earn game encourages its users to earn money for living a healthy lifestyle.
StepN was founded and further developed by Australia-based Jerry Huang and Yawn Rong after finishing 4th at a 2021 Solana hackathon event. According to details on the official STEPN website, the founders, who have earlier started a fintech company named FindSatoshi lab have a strong background in crypto, gaming, and entrepreneurship.
STEPN is built on the Solana blockchain, an avid rival of the popular Ethereum blockchain. As a result, STEPN requires SOL to buy or mint NFT sneakers from its marketplace. However, native tokens like the GST and GMT are required to access in-game features such as sneaker upgrades, equipment sneakers, increase energy cap, and more.
In addition to its exciting and unique user experience, the STEPN platform employs a dual token economy model – Green Satoshi Token (GST) for purchasing upgrades and items on the app and Green Metaverse Token (GMT) for gas fees payment.
The move-to-earn model adds a layer of complexity to the GameFi space. Each game, especially in the web 3 metaverse, needs a value-creating activity to function. For most games, this activity only exists within the virtual world of the game. However, with the help of blockchain technology, the move-to-earn model stretches this concept to include the real and physical world. A clear example of this can be seen in fitness tracker apps.
Furthermore, the move-to-earn model takes fitness tracker apps a step further by adding incentivized token rewards, resalable NFT collectibles, social interaction, and progress/completion badges. These addictive ingredients, with their rewards, milestone, and achievement incentive are the basis of the blockchain’s version of the move-to-earn model.
In addition, the move-to-earn model includes geotagged NFT technology, which is adapted from already existing games like Pokemon Go. STEPN is taking this idea to another level and is one of the pioneers to watch out for in the new move-to-earn space.
What Is STEPN?
STEPN (GMT) is the native governance token of the fast-rising move-to-earn web 3 lifestyle application. The coin can also be used for in-game earnings from activities such as walking, running, and jogging. Since its launch, the coin has been performing fairly in the market and has amassed over $1.4 Billion in market capitalization according to CoinMarketCap.
What Is The STEPN Platform?
The STEPN platform is designed for an easy-to-use user experience. Every feature is easy to spot, access, and use without any prior experience. To get started, you need to purchase NFT sneakers connected to your SOL wallet address.
After purchasing the NFT sneakers, all that is left is to go outdoors and start running, walking, or jogging to earn some in-game GMT and GST currencies. You can cash out or reinvest in your sneaker collection to increase your chances of making more profit.
Notably, STEPN combines GameFi and SocialFi elements on its platform. The SocialFi component, whose aim is to foster user interaction and workout culture in web 3 is still in the works while most of the GameFi components have been released to the users on the app. On the other hand, GameFi components, whose ultimate aim is to incentivize users towards a healthier lifestyle, while reducing the net carbon emission associated with transport vehicles, are outlined on the STEPN official website as:
- Game modes: These include solo mode (which is now fully available), marathon mode, and background mode (both of which are still under development)
- Sneakers: The sneaker GameFi component consists of sneaker attributes that can be bought and upgraded using in-game GST tokens. The sneaker attributes that can be upgraded include Efficiency, Luck, Comfort, and Resilience. Investing in these attributes translates to an increased earnings rate.
- Gems and Socket: The four available gems represent each sneaker attribute discussed earlier. As a result, you can unlock Gem Sockets once your sneakers reach a certain level, and can enhance your sneaker attributes by inserting the corresponding Gems into the unlocked Sockets.
- Shoe-minting: Shoe minting events (SME) occur when users use 2 NFT Sneakers they already own as a blueprint to “breed”, producing a Shoebox in the process. The cost of minting depends on the attributes of the sneakers.
- Badge: Badges are earned by completing in-game tasks, and the harder the task, the better the badges you get (badges are ranked on 5 qualities). Earning badges comes with in-game perks that could affect gameplay, shoe-minting, and governance.
STEPN started its journey to renown in August 2021. After its trailblazing move-to-earn concept was born on the 10th of that month, feasibility studies and mockup designs followed closely before the end of the same month. Throughout 2021, more features like motion-sensing modules, GPS calibrations, and more were added to the app before rounding up the year with community events, which included a public beta testing in December.
This year, STEPN plans to keep adding more beneficial features to its app. In Q1 alone, features like In-App trade functions, In-App marketplace, and IEO/IDO were added. Currently, crucial app features like In-App wallets, Multi-Chain wallets, and Multi-chain marketplaces are undergoing important upgrades. For the rest of the year, users should expect the SocialFi element to become implemented alongside other elements like the Quest and rental system.
How Does The STEPN App Work?
STEPN is a blockchain-based, web 3 fitness application that incorporates SocialFi and GameFi elements into its gameplay. To play, users are required to buy NFT sneakers with which they can access the game’s different modes.
Follow the steps below to get started with the STEPN app:
- Download the STEPN app here
- Sign-up for STEPN: Open the app on your device, then sign up for STEPN with your email address. You should receive a verification code that gives you access to the main app.
- Create a new Wallet: Click on the Wallet icon on the top right corner of the screen to create an SOL wallet address with a new 12-word recovery secret phrase.
- Transfer SOL into your in-app Wallet: After setting up your new address, you can transfer SOL into the in-app wallet to buy NFT Sneakers in the Marketplace. It is advisable to always keep some SOL as gas in your Wallet account.
- Purchase a Sneaker: Head over to the in-app Marketplace and pick out a Sneaker! You can use the Filter tool to look for a Sneaker type of your preference. Ensure you have enough SOL for the purchase.
- Practice on any of the GameFi modes: After purchasing your sneaker, you can check out game modes, shoe-minting, acquiring gems, and badges.
The STEPN app has three game modes namely, solo, marathon, and background. The Solo game mode is already available on the app for users to play and earn with, while marathon and background modes are still under development.
In the solo mode, players are equipped with purchased NFT sneakers to earn GMT and GST tokens. Players are initially paid in Green Satoshi Tokens (GST) if they have enough energy in their NFT sneakers, and GMT later on as their level rises. Notably, STEPN does not pay any reward tokens if your sneakers have zero energy.
When you press start on the app interface to signify the beginning of your move-to-earn session, you can monitor your progress through a status bar in the app background which automatically indicates walking or running. The app has an in-built sensor that penalizes users for moonwalking – a term used in the STEPN Whitepaper to denote fraudulent users who may cheat by simulating movement using an electric scooter or even strapping phones to dogs.
The dual reward tokens, GST and GMT, which are paid out for every minute of movement in STEPN depend on four main factors sneaker type, sneaker’s efficiency attribute, sneaker’s comfort attribute, and speed of movement. Also, while you are moving in solo mode, mystery boxes that contain gems from levels one through three are dropped in the 4 mystery box slots allotted to each user during the solo run.
Although still under development, the marathon mode when it is launched will hold weekly and monthly marathons for users with a registration period of 24 hours before the commencement of each event – these events usually last the whole duration of the stipulated time. When implemented, users will be able to compete in 2.5km, 5km, and 7.5km weekly marathons and between 5km, 10km, and 15km monthly marathons.
Also under development, the background mode will allow users to be able to continue earning GST as long as they hold a sneaker in the app. The STEPN app will draw daily steps-taken data from the users’ device mobile health app to determine rewards. However, this reward will be capped at 3,000 steps and will not affect the earnings or in-game costs generated from other game modes.
The STEPN NFT Sneakers can be differentiated by five key attributes, which are:
1. Sneaker attributes
The attributes of a sneaker can significantly affect the performances and rewards of different NFT sneakers used in the STEPN game. These NFT sneaker attributes can be further classified into the following modes:
- Efficiency: This sneaker attribute affects GST earnings directly in the solo and upcoming marathon game modes. In solo mode, having a higher efficiency attribute will result in better GST earnings per energy spent. In marathon mode, a higher efficiency attribute leads to a faster accumulation of leaderboard points.
- Luck: This sneaker attribute determines the quality and frequency of a mystery box drop during solo runs.
- Comfort: This attribute affects your GMT earnings in solo and marathon modes as well as staking and governance. This attribute is still under development.
- Resilience: Also known as durability/repair, resilience in solo mode positively affects the decay rate of durability. For example, a 50/100 durability drops a sneaker’s efficiency to 90%, while a 20/100 durability drops efficiency to 10%.
2. Sneaker types
STEPN’s sneakers come in four distinct types, with each specifically designed to suit a certain intensity and fitness level.
It is important to note that the GST return for each of these sneakers is not static and the factors that could cause it to constantly fluctuate are sneaker efficiency, GPS signal strength, mobile data signal stability, and randomization.
3. Sneaker qualities
In the STEPN metaverse, sneaker qualities are one of the determinants of the attributes of a newly minted NFT sneaker. There are five different types of sneaker quality available. Each of which is listed accordingly below:
- Common: Sneaker attribute ranges between 1-10
- Uncommon: Sneaker attribute ranges between 8-18
- Rare: Sneaker attribute ranges between 15-35
- Epic: Sneaker attribute ranges between 28-63
- Legendary: Sneaker attribute ranges between 50-112
4. Sneaker level
Sneaker levels are another attribute determinant for sneakers in the STEPN world. To level up sneakers, users are required to burn GST for a fixed period. Upon level-up, users can attain between 4 to 12 additional attribute points depending on their sneaker quality.
However, to level up sneakers beyond level 29, users are required to burn GMT in addition to their GST.
5. Sneaker customization
This is one of the more fascinating attributes of the STEPN metaverse. Although still under development, sneaker customization will allow users to have the option of customizing their sneakers when they attain level 30 through burning GST, GMT, or NFT. This customization feature will allow users freedom of name changing, adding a quote, adding extra attribute points, and many more.
STEPN is also working with top sneaker brands to release customized and co-branded sneakers with Binance, and Genesis sneakers on Solana and BNBChain. Youtuber, Solana Gaming with Barndog explains more about the Genesis sneakers.
Gem and Sockets
Once users reach a certain level (starting from level 5), users will be able to unlock gem sockets. When gems are inserted into unlocked sockets, users enhance their sneaker attributes. However, gems and sockets are unlocked in corresponding pairs (for example, efficiency gems are inserted into efficiency sockets)
There are four types of attribute gems (Efficiency, luck, comfort, and resilience), and each of these can be upgraded by burning GST and combining 3 gems of the same level and type. It is important to note that GMT is required to upgrade a gem from level 4 and low-level gems have a higher chance of failure. You can check more on gems and sockets on STEPN’s official website.
When the badge element is completed, users will be able to earn badges for completing in-game tasks. The badges are given to users according to task difficulty, with the hardest tasks awarded a 5 quality badge.
Acquiring badges gives users some in-game perks in gameplay, shoe-mining, and governance.
- Gameplay perks
- Solo Mode – Extra Energy
- Marathon Mode – Leaderboard point bonus
- Shoe-Minting perks
- Rental and sales-related – Higher chance of leasing out Sneaker
- Shoe-printing related – Lower Minting cost
- Governance perks
Dual Token Economy
STEPN uses a unique dual token system to help users, token holders, and developers to secure and get the best from the network. STEPN makes use of GMT and GST Tokens, which are both built on the Solana blockchain to do this.
GMT is the stacking token
- The main validation token of the network
- GMT is a deflationary coin with a max supply of 6 Billion tokens
- After attaining a very high level in STEPN, users can start earning GMT coins
- to become validators who secure and govern the network
GST is the spending token
- GST is used for settling transaction fees and other in-game fees
- The token is used as the in-game reward for users below level 29
- GST is inflationary and there is no cap on its issuance
STEPN (GMT) Price and Price Prediction
Although the entire crypto market is in a bit of a downturn, experts and speculators are expecting GMT, which is currently trading below the $2 price mark, to bounce back and reach new price heights in the coming months. CryptocurrencyPricePrediction, a popular crypto price forecast site expects GMT to finish 2022 with a $7.7 prediction, and hit $120 before the end of the decade.
However, due to uncertainties associated with the volatile crypto market, you are advised to do your research and due diligence before you invest in any crypto coin.
Where To Buy GMT
You can buy STEPN (GMT/GST) from any popular cryptocurrency exchange available online. Popular exchanges like Binance, Swapzone, Coinbase, FTX, PancakeSwap, Huobi, and more list GMT among the trading pairs available on their site.
How To Buy GMT
Are you looking to begin your STEPN journey? Or do you want to invest in a promising move-to-earn crypto token?, then head to Swapzone to exchange $GMT and $GST for low fees with more than 700 cryptocurrencies at the best rate on the market.
With Swapzone, you can easily swap GMT tokens with any other crypto coin through a wide range of instant cryptocurrency exchange providers, and review the providers, their offers, speed, and exchange rates. To get $GMT, follow the steps below.
- Select Coin in the Send section.
- Enter the amount you wish to swap.
- Choose GMT in the Get Up To section.
- Select an exchange offer to proceed with.
- Enter your wallet address to receive your GMT.
- Send your GMT deposit to a generated address.
- Receive your GMT Tokens.
Start Earning Crypto Rewards For Your Routine Workouts
The STEPN app is the future of exercising and workouts. Since the announcement of GMT to the market, the coin has drawn massive interest from admirers and investors, which has resulted in huge trading volumes and positive speculation for the future.
In addition, considering the increasing development of useful web3 apps and tools in the Solana blockchain, experts expect a growing interest of developers to keep adding GameFi and SocialFi features that will keep users interested in the long term, thereby extending the benefits to the entire web 3 ecosystem.
In sum, STEPN’s proposition of exercising for a double-package of health and daily passive income crypto reward is a little bit too good to turn down.