How to Improve your Health and Finances with STEPN

[TL; DR]

🔹 Over 4.72 million users registered on STEPN web3 app within one year.

🔹 STEPN users have covered more than 67 million miles in outdoor movement-based physical activities that include jogging, running and walking.

🔹 The people who participate in walking, running and jogging while using STEPN app earn GMT and GST tokens.
STEPN promises to contribute $100 000 per month to carbon removal initiatives.




Introduction

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The success of a blockchain or decentralized application depends on the service it offers (utility) and the size of its community. If the size of the community grows, then stagnates that signifies lack of interest in the product or its digital assets. On the other hand, if a vibrant community backs a blockchain’s community it indicates a high level of support for its products. STEPN is an example of a web3 application with great community support, based on its membership growth and app usage.


What is STEPN?

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STEPN is a technology designed to improve the health status of people around the world through coordination of outdoor physical activities such as jogging, running and walking. More importantly, STEPN’s Web3 lifestyle app monitors various physical activities its users do. To motivate people to carry out the physical activities STEPN rewards them accordingly.

As a fact, STEPN, built on the Sonana blockchain, is a move-to-earn (M2E) game integrated with play-to-earn (P2E) features. However, the play-to-earn rewards are tied to the users’ physical activities. The amount of rewards the players get depend on the level of physical activities they do as well as the time they spend doing them. Of course, there are other dynamics that influence the type and nature of the incentives. An Australian finTech firm, Find Satoshi Lab, devised and launched the STEPN game in 2021. Significantly, this company generated over $5 million in seed fund after it became the fourth best fintech innovative project (2021) in the Solana Ignition Hackathon Gaming Track. It is important to note that Jerry Huang and Yawn Rong are its co-founders.


How STEPN Works

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First, the user should download the web3 fitness app and have certain cryptocurrencies including SOL and BNB chain token in the STEPN app crypto wallet. They use these cryptocurrencies to buy STEPN NFT sneakers which entitle them to participate and earn some rewards.
The users can also rent the STEPN NFT sneakers from the in-app marketplace. Note that there are different types of NFT sneakers which include Walker, Jogger, Runner and Trainer. They have different speeds which determine the users’ earning capacities. As a fact, the faster the user moves the more GST tokens he/she receives.

The users should also create their profiles on the app and connect their wallets. Each app always shows the app holder’s current statistics such as the distance covered. The good thing is that the users can participate despite their geographical locations.

The user reward is in the form of STEPN’s cryptocurrencies. For example, the players can earn Green Satoshi Tokens (GSTs) and GMTs depending on their current gaming level. Specifically, between the levels 0 to 29 the players earn GST. Nevertheless, from level 30 upwards each user chooses the token he/she wants to earn between GST and GMT.

The game flows smoothly since most of the activities take place off-line, eliminating the chance of transaction congestion and high fees. There are three STEPN game features the players can use, namely the solo, marathon and background modes.

When you are running or jogging you do not need to wear any special type of clothes. Interestingly, once you begin running or jogging your application meter records the distance you have covered.


Key STEPN Milestone

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By standard, STEPN is one of the best performing blockchain-based projects at the moment. One reason for this is the way the users earn money while improving their physical health. Again, people earn from simple, daily activities such as walking. We can use a few notable metrics to support the view that STEPN is moving in the right direction. Its user base, the mileage covered and the revenue generated confirm its popularity.


STEPN has more than 4.7 million Users

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On 22 September 2022, the day it celebrated its first anniversary, STEPN announced key milestones; it has more than 4.7 million registered users from over 200 countries. In addition, the players have registered a total of more than 67 million miles (108,017,738 kilometers) on the move-to-earn app within the first year. Also, since June 2022, STEPN has recorded over 1 million daily active users.

As expected, STEPN has generated much revenue within the same period. It received a total of $26.8 million in the first quarter and $122 million in the second quarter of 2022, showing how popular it is.

However, STEPN has other significant developments. During this period it partnered several entities including The Spanish soccer team Atletico Madrid and WhaleFin, the crypto platform.

The other reason for its popularity is its stance towards the environment. In fact, it focuses on global sustainability, if its carbon neutrality plan is anything to go by. In April, for instance, it introduced its carbon neutrality plan which includes paying $100 000 per month towards carbon removal initiatives.

To this effect, STEPN co-founder, Yawn Rong, said “STEPN’s mission of pioneering a climate-positive Web3 space aligns with the Earth Day ethos. This technology and community power behind Web3 will be used to generate real-world benefits, from healthier lifestyles to reversing climate change.”

He added, “We whole-heartedly believe in harnessing the power of blockchain, Game-Fi and Social-Fi for the betterment of global health and sustainability. Working with Nori will allow us to lead the charge and be the change we want to see in our world.”


STEPN tokens

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STEPN is a dual token economy. Its two tokens are Green Satoshi Token (GST) and Green Metaverse Token (GMT), which have different contributions to the ecosystem, although they work in tandem.


Green Metaverse Token (GMT)

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This is the governance token for STEPN, although it has other functions. The players can use it to level up their NFT sneakers as well as accessing the game content and related activities. Also, a user who has reached level 30 can convert his/her GMT to USDC. The holders of GMT can stake them in the game profit pool which grants them more voting powers and the related yield. According to CoinMarketcap, the total supply of GMT is 6 billion.


Green Satoshi Token (GST)

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GST is the ecosystem’s utility token with various functions. For example, the users earn GST for the physical activities they do. Noticeably, this token has an unlimited total supply. To control inflation, there is a burn mechanism which removes GST tokens from circulation following shoe minting, sneaker repairs, leveling up STEPN NFT sneakers, unlocking sockets and upgrading gems.


How to buy GMT

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Apart from earning GMT from the STEPN app, you can also purchase it in selected exchanges. For example you can buy GMT at Gate.io using credit card, bank transfer and P2P trading.


Conclusion

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STEPN is an application that enables people to earn from making outdoor physical movements such as jogging and walking. To start, an individual should download the STEPN application and sign up. After that, he/she should connect his/her crypto wallet to the application. From there, the user can buy the NFT sneaker and start the outdoor activities.



Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.