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The crypto industry has had the ambitious goal of redefining how companies operate since the launch of Bitcoin. Years later, after blockchain technology burst into the limelight, many possibilities opened up, each highlighting the untapped potential of the crypto industry.
Over the years, crypto has come into contact with countless industries, from supply chains to art, from digital banking to gaming, and more. However, the following discussion covers a project that strives to have a more direct positive impact on the lives of users, and its name is STEPN.
STEPN is an app designed to reward users for taking steps – walking, jogging and running. STEPN aspires to inspire millions of people to adopt better lifestyles by bringing them into the Web3 space while helping to achieve carbon neutrality.
What is STEPN?
STEPN is a web3 mobile fitness app based on the Solana (SOL) blockchain that aims to keep you active. It works by allowing users to purchase non-fungible tokens (NFTs) that last for a certain amount of time. During this time, users can engage in physical activity and earn the platform’s native Green Metaverse (GMT) Token as a reward.
It was created by Satoshi Labs, an Australian fintech company, and co-founded by Yawn Rong and Jerry Huang. STEPN’s story began when the app won first place in Gaming Track at the Solana IGNITION Hackathon. STEPN was the only mobile game to win the Hackathon award, and it was praised by the judges for its unique game design, simple user interface, integrated marketplace, and goal of persuading millions of unsuspecting users. encrypted to adopt the application.
STEPN secured a $5 million seed round. Leading investors including DeFi Alliance, Morningstar Ventures, and Solana Capital have invested in STEPN’s vision. The funds will go toward STEPN’s mission to inspire millions of people to live healthier lives by bringing them into the Web3 space while helping achieve carbon neutrality.
How does STEPN work?
While fitness enthusiasts believe that exercise is a reward in itself, many people find it difficult to motivate themselves. STEPN encourages people to exercise and rewards them with real money. People can be rewarded with GMT for taking a calm evening walk or light jogging with friends and family. Before winning, users must download the STEPN app and register using their email address. After verification, users connect their wallets to explore the STEPN cryptocurrency.
NFTs in the form of sneakers are worn by individuals in STEPN’s GameFi ecosystem. NFT sneakers must be purchased or rented using Solana’s native SOL token. The number of minutes a user can exercise with an NFT sneaker is measured in energy; however, the energy is not unlimited and must be replenished.
Efficiency, resilience and comfort are the key elements that users can choose from, which contribute to the energy ceiling of the sneakers. The energy cap is important for bottlenecking in the distribution of rewards.
The STEPN ecosystem offers two tokens – GMT is the governance token, with a maximum supply of 6 billion, and the Green Satoshi (GST) token is the game utility token, which has an unlimited supply.
Users can buy, sell, rent or rent sneakers, gems and NFT badges in the market and earn GST by jogging, walking or running outside, which can be used in the gambling or cashed in for profit. GST does not require any investment other than time and effort. Alternatively, GMT can be purchased or burned into the STEPN application to access features supported by the project. Perks include upgrading high-quality gems, crafting high-value sneakers, and earning the right to participate in project governance. You can help determine the future of the project by voting on important proposals and decisions or by submitting your own proposals and asking the rest of the community to vote.
How to make money with STEPN
Users can take advantage of three STEPN game features – single player, marathon and background modes – to earn money and easily participate in the game. Although you need NFT sneakers to start earning money, you don’t have to have them to start exercising. New users can use STEPN’s free trial of the app and its features and can purchase STEPN shoes when they are ready to commit.
Single player mode:
In single-player mode, users ride in NFT sneakers to earn GST; however, energy is required to earn these tokens. Five minutes of movement gained equals one unit of energy, which can be recharged by purchasing an NFT sneaker. You want to get into the habit of checking your energy before you move; without it, you will not earn rewards.
Additionally, you need to make sure that your GPS signal is not too weak and that you are moving organically. In STEPN, GPS signals are classified as follows:
Source – STEPN
Users can participate in monthly or weekly marathons by registering under the Marathon tab. However, registration must be completed 24 hours before the start of a marathon. Users can choose distances of 2.5, 5 or 7.5 kilometers (1.5, 3.1 or 4.7 miles) in weekly marathons; however, they can only participate in one race at a time.
GST tokens can be earned offline if you have at least one pair of sneakers in inventory. Background mode collects step count directly from mobile device health data when STEPN app is turned off.
GMT Price History
From March 9, 2022 to April 19, 2022, the price of GMT skyrocketed 34,000% from $0.01 to $3.45. This meteoric rise has been fueled by the hype surrounding decentralized finance (DeFi) projects and tokens that have helped people get more active. Currently, GMT is trading below $2 and ranks among the top 75 cryptocurrencies by market capitalization. The current circulating supply of GMT is 600 million.
Although STEPN is one of the most popular apps to earn money, there are many other similar apps available. Some of the best STEPN alternatives include:
- Step: a Web3 fitness app that aims to inspire users to walk more and use vehicles less.
- DotMoov: the first mobile crypto competitive environment. Users can challenge and challenge each other in their favorite sport and earn $MOOVs, exclusive NFTs, and other rewards.
- Genopets: a winnable NFT game on Solana that rewards users for getting up off the couch and going about their day. Genopets are your digital spirit animal encoded with your personality evolving through daily activity.
- Dustland runners: the world’s first audio fitness blockchain game, where your fitness activity helps you get virtual rewards.
- SweatCoin: a free app that rewards you with in-game cryptocurrency with daily steps, which can be spent on cool goods, donated to charity, or converted into crypto.
How to buy GMT
Coinbase is one of the largest cryptocurrency trading platforms on the internet. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally easy to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Although Coinbase doesn’t offer the most affordable prices or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single transaction.
- New Cryptocurrency Traders
- Cryptocurrency Traders Interested in Major Pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to use
- Full mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto to learn more about available coins
- Higher fees than competitors
GMT can be traded on major exchanges such as Coinbase Global Inc. (NASDAQ: COIN), Gemini, KuCoin and Kraken. Many of these platforms allow you to buy cryptocurrency using your credit card, through exchange features, or through different trading pairs such as BTC/USDT.
Cryptocurrency Market Outlook
The cryptocurrency market is inherently volatile, often fluctuating significantly over a short period of time. Extreme volatility results from prices that are highly dependent on shared beliefs and market sentiment. Refer to the table below to see the latest prices:
Is STEPN a good investment?
Like all altcoins, STEPN is a high-risk investment, driven primarily by speculation. Whether you consider STEPN a good or bad investment will largely depend on the correlation between your goals and the app’s vision and its financial goals. Otherwise, you might want to think twice before committing your hard-earned money to something you don’t believe in.