What is STEPN? Making buzz in Crypto Community
STEPN is an app that rewards you for every step you take, and its cryptocurrency has been a game-changer over the last few months.
STEPN is a web 3.0 lifestyle application with social-fi and game-fi components. Outdoor walking, jogging, and running can produce generous profits for players. This app promotes physical exercise by rewarding users with cryptocurrency.
To play, you must purchase NFT shoes, however, a sneaker rental system is in the works. STEPN is now accessible on Coinbase and Kraken, after a strong March and April.
Find Satoshi Lab, the parent firm of STEPN, was created in 2021 by the Australian team Jerry Huang and Yawn Rong. They were concerned about the trajectory of play-to-earn metaverse initiatives like Axie Infinity.
Up until now, things have only continued to improve. STEPN recorded significant gains in the first quarter of 2022. First-quarter sales of STEPN’s shoe NFTs generated more than $26.8 million, while the number of unique accounts on the platform increased steadily.
How does STEPN work?
Step one in boosting STEPN is minting your own NFT using the in-app wallet (SOL must be imported into the wallet to make a purchase). Users may pick from a variety of footwear characteristics, including performance, comfort, and durability.
Through the marketplace, users can also rent shoe NFTs and split the benefits with the owner. Once your sneakers are on, you may begin jogging and receiving GST utility token rewards (30 percent of the supply is set aside for rewards distribution).
STEPN earns from a tax imposed on all in-app purchases and mintings, despite the fact that “all assets in the Stepn app are held by individual users and the bulk of in-app revenues are produced by users.”
The features of your footwear all contribute to its energy cap. Since the supply of rewards is limited, the energy cap is a crucial component in distribution bottlenecks.
There are two crypto tokens used with STEPN
- STEPN (GMT) is a governance token whose supply is capped at 6 billion. Holders are able to stake it and vote on how STEPN spends its funds. It is also utilized as payment for STEPN users with level 30 or above footwear.
- Green Satoshi Token (GST) is an application-specific token. It is issued on a daily basis to STEPN users and has an infinite supply.
Typically, investors would purchase GMT tokens, which have a limited quantity and confer voting rights on the project. The application features anti-cheating safeguards, thus the system cannot be gamed.
How to Make Your Steps Count?
- Choose a sneaker that fits your fitness level
- Find a sneaker from the in-app marketplace
- Equip your sneaker, move outdoors, burn energy and earn handsome rewards
- Measure running outdoors with GPS
- Check your earnings + share on social
- Burn GST
- Level up the sneaker to make it more efficient
- Mint a new sneaker to sell or keep it
- Swap to USDC
STEPN is an intriguing idea that has so far proven effective. Obtain an account and start earning with your physical activities.