What if you could make money while running, jogging, or going for a walk? If earning while exercising sounds appealing, then the move-to-earn Web3 lifestyle app, STEPN is just what you need. A popular mobile NFT game in the GameFi space, the app lets holders of STEPN NFT sneakers earn tokens by walking, running, or jogging.
In this guide, we’ll cover what STEPN is, how the app works, how you can earn using the app, and more.
What is STEPN?
STEPN is a Solana-based Web3 lifestyle app featuring in-built GameFi and SocialFi parameters. A move-to-earn app, STEPN launched in December 2021 with a bang. Essentially, the app aims to encourage users to adopt a healthier lifestyle, all the while helping to offset carbon. At the same time, thanks to STEPN’s SocialFi elements, users can also access user-generated Web3 content.
Can I really earn crypto by walking?
In short, yes! Much like the regular fitness apps in the market, STEPN tracks your daily activity, be it running, jogging, or walking. However, STEPN has one major difference—it lets you earn crypto while keeping yourself fit. However, the amount of crypto you earn depends on a range of factors. For one, each NFT sneaker comes with its own activity level. If your speed exceeds or drops below this level, you won’t earn tokens.
Let us explain…
How Does STEPN Work?
Basically, users “wear” digital sneakers represented by NFTs. These sneaker NFTs earn the user a coin called Green Satoshi Token, or GST. Users receive GST simply by walking or running. Then, they can level up their NFT sneakers or mint more. And all the while, they are keeping fit!
Coins in the STEPN Ecosystem: GST vs GMT
Actually, there are two tokens in the STEPN ecosystem: Green Satoshi Token (GST) and Green Metaverse token (GMT).
About Green Satoshi Token (GST)
Green Satoshi Token, or GST, is awarded to users mainly for running, walking and jogging. However, users can also mint GST in a Token Generation Event (TGE). With this token, users may upgrade gem items. Plus, if you want to mint new sneaker NFTs, you’re going to need GST. You can also earn GST by lending or selling your STEPN sneakers.
Green Metaverse Token (GMT)
On the other hand, Green Metaverse Token (or GMT) is a governance token. In short, GMT allows users to level-up and change sneakers’ names. To start earning STEPN’s governance token, you must have at least 3 “energy”. However, bear in mind that only those who get their NFTs to level 30 may swap GMT with USDC.
How to get started with STEPN
- Download the STEPN app from Appstore or Google Playstore.
- Then, sign up on the app using your email address.
- Once you are in, click the “Wallet” icon on the app and follow the prompts to create a new wallet.
- Make sure that you have enough SOL in your wallet to buy your NFTs.
Now you can buy your first sneaker and start your move-to-earn journey!
How to buy a STEPN Sneaker NFT
You can get one on all of the leading marketplaces compatible with solana such as Magic Eden. Right now, the floor price is around 1.5SOL (or around $42 at the time of writing). But choose wisely! Each STEPN Sneaker gives the user a choice of certain attributes which influences its energy.
This is how each attribute works:
- Efficiency: Higher efficiency sneakers will earn you more tokens per Energy spent.
- Luck: Luck determines your chances of getting a “Mystery Box”. These boxes come with gems that can add features to your sneakers.
- Resilience: Essentially, Resilience increases your sneaker’s durability by reducing wear and tear. If you don’t repair your sneakers, it will diminish their earning potential.
- Comfort: Finally, Comfort determines your sneaker’s ability to earn GMT, STEPN’s governance token. You can not only use GMT to exercise your voting rights but also to rename and level up your sneakers, among others.
But what is Energy in STEPN…and what’s an energy cap?
The amount you can earn depends depends on your sneaker’s ‘Energy’—the unit for a set period users may earn whilst exercising per day. The Energy, in turn, depends on the number and types of NFT sneakers you own.
For example, if you are a new user, you may start out with the Common sneaker with 2 Energy. 2 Energy allows a user to earn for ten minutes of your work-out per day. Then, you’ll also have to wait 24 hours for the Energy to replenish. However, the more NFT sneakers you have, the more earning time you will get. For example, three sneakers will get you four Energy.
Accordingly, the energy cap is a limit on the amount of rewards each user can make. The more sneakers you have, the more money you can make…but only until the 20 energy cap.
How Much Can You Earn With STEPN?
So, how much can you actually earn with STEPN? At the time of writing, STEPN token GST was valued at $0.02. On average, a basic sneaker can earn 5 GST per Energy. Therefore, for starters, you can earn $0.1 for your every move. That said, GST is a volatile token, just like other cryptocurrencies. In fact, previously, GST’s value was much higher—around $8.51 in April. To be sure, some users have even reported earning $400 a day.
Can you cheat in move-to-earn games?
If you think you can easily earn using STEPN (maybe even cheat) and cash out, you are in for disappointment. Apart from its intricate move-to-earn mechanics, STEPN has several anti-cheating systems in place. For one, the app tracks your movement using GPS. So, no—running on treadmills won’t count. Similarly, the app has motion sensors to detect your movements. That is to say, taking your STEPN app on a ride outside isn’t going to work.
How The STEPN app works
In total, the game now offers three modes: Solo , Marathon and background.
Solo Mode
For Solo mode, you can wear your digital sneakers to earn for every movement. Then, each aspect of the sneaker (like efficiency or comfort) might affect the rate of GST you can earn. Then, as previously mentioned, this will cost the user “energy”. Only users with sneakers above level 30 may choose whether to earn GST or GMT. But no matter your level, once you’re out of energy, the earning comes to a halt.
Marathon Mode
You can participate in weekly or monthly marathons by registering at least 24 hours before under the “Marathon tab”. However, you should note that users can only take on one marathon at a time.
Weekly marathons come in 2 lengths: 2.5km and 7.5km. Then, Monthly marathons come in 3 lengths. Users have the choice to run km, 10km or 15 km for the month.
Background mode
STEPN also allows users to earn GST offline with Background mode. With just one pair of NFT sneakers and no repair charges, STEPN accesses your phone’s health data to find out your step count. Plus, it doesn’t impact the sneaker’s endurance, meaning you can earn passive income with the STEPN app working in the shadows.
Where can I buy STEPN (GMT)
STEPN’s Green Metaverse Token, or GMT, is available on most popular exchanges, including: Binance, Coinbase and Gemini. Plus, at the time of writing it’s a total steal at just 0.02 per coin.
Is STEPN a good investment?
All in all, STEPN is a unique move-to-earn app that brings together both fitness and Web3 enthusiasts. However, the key is to balance the cost of buying new NFT sneakers and the potential gains of working out. Besides, given the volatility of the STEPN tokens, not to mention their current decreasing value, there are ample risks involved. Therefore, make sure to do your due diligence before making any investment decisions.
The Founders of STEPN
Australian fintech firm, Find Satoshi Lab, created the STEPN app. Founded by Jerry Huang and Yawn Rong, STEPN made its debut at the Solana hackathon in October 2021. While Huang is a serial entrepreneur, Rong is a blockchain venture capitalist. As soon as the app officially launched in December, thousands of users started signing up, so much so that the team had to limit the number of daily registrations.
“My business partner and I were talking about how awesome Axie Infinity is for what they did,” Rong told NFTevening in a recent interview. “But then we realized there’s still room to improve, and we can take it into an alternative form, or a new genre of play-to-earn. Which is basically when we proposed move-to-earn.”
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
