What you need to know about STEPN

This article explains the popular web3 fitness app: STEPN. It also explains the mechanics, future prospects of the game, and an analysis on it's goverance token GMT.

What you need to know about STEPN

Ever since the blockchain set its foot in emerging industries, it has changed the game to its core. From supply chain to digital banking, automotive to media, art to gaming and what not! Opening up endless opportunities for investors, manufacturers to users, the rapid growth of the industry is progressing towards completely revolutionizing the experience for everyone. One that significantly impacts the lifestyle of the user is – STEPN!

Play to earn is a thing of the past! STEPN is the first Web3 NFT game that came out as a boon for fitness enthusiasts and a rewarding tool for those finding excuses before putting effort into exercise. For all the modern-day gamers, it’s a daunting task to spend time in moving their body. With STEPN, enjoying benefits will need a lot more than using fast fingers. The more you move, the more tokens you earn. As long as you are earning more tokens, you will get closer to winning valuable items! In a way, this becomes a Move-to-earn game.

Taking charge over the NFT’s industry and already ruling the blockchain industry with its soaring GMT, read out to know what else STEPN has to bring out for you.

STEPN - Step into Metaverse with the GameFi app

STEPN is the brainchild of the Australian-based fintech studio- Find Satoshi lab. It is widely popularized that STEPN is the first-ever project to implement the “move-to-earn” concept in everyone’s life. With this ideology, STEPN aims to engage millions of users towards a healthier lifestyle using the web3 technology with inbuilt Social-Fi as well as GameFi elements.

Users are rewarded with in-game and native currencies of STEPN incorporating ‘Gems’and Non-fungible tokens ‘NFTs’. While the project itself has two of its currencies GMT (Green Metaverse Token) and GST (Green Satoshi Token) which can be used within the game or exchanged for real profit.

How Does STEPN Work?

STEPN aims at incentivizing healthy choices allowing players to make handsome earnings by walking, jogging and running. Featuring its native token GMT, which can be purchased and burned in the STEPN app is used to access the offered benefits and features. Once downloaded, the user needs to add their wallet transferring Solana (SOL) cryptocurrency to buy NFT sneakers from the in-app marketplace. On a similar note, players can also choose to trade or lease their NFT sneakers on the same in-app marketplace. All the earnings of a user are stored in the in-app wallet itself, which is also known to have a built-in swap function.

So, the main tool to win over every function of the app goes around the acquired ‘NFT sneakers’.

All you need is to just connect the app with the sneakers and run. Run and earn! Sounds fun, right? Physical movements made by the user will make them earn points in the form of ‘Game currency’ that can be used for several rewards for leveling up, minting high-quality sneakers, upgrading new Gems, participating in governance or simply exchanging for USDC/ any other currency.

If you are still wondering how the app actually works, just think of the functionality of Fitbit!

Similar to that, STEPN is also a GPS-based game that tracks your movements and steps. After completing your sign-up procedure you need NFT sneakers to start earning but the bonus point is you don’t need to buy anything to start running.

Further, following the instructions the initial journey of the user starts with acquiring free GST tokens and additional benefits on a daily basis. Let’s look at the mechanism of gaining profits with STEPN.

  • Your 5 minutes of movement equals 1 energy point noted on the app. Another way of replenishing the energy is to purchase an NFT shoe, which can simply be the choice of the user.
  • The status of movement is displayed on the top of the screen, whether the user is walking, running or jogging every micro-detail is effectively acquired by the app.
  • There are plenty of opportunities for the user to collect tokens, which are segmented on the factors like sneaker type, efficiency, comfort and speed of the movement.
  • Moving a step ahead, the unique feature of “moonwalking” indicates the disloyalty of the user. Any incidence of using a vehicle or covering up miles through a mode of transportation is well-detected by the app.
  • If the intent of popularizing a “healthier-community” is hampered, the user has to bear the loss of not attaining any units. The anti-cheating capabilities of the app restrict the user to earn any GST or GMT tokens.
  • The user can either burn GST to level up their sneakers to make earning more efficient or have an open option to swap GST to stablecoins.
  • Unlocking gems is the other way round to flex the fitness goals. These gems are categorized in four colors, i.e, Yellow (Efficiency), Blue (Luck), Red (Comfort) and Purple (Resilience) representing each attribute.
  • Upgrading gems is no big task! It can be done by burning GST and combining 3 gems of the same level or type to a higher level. One requires GMT to upgrade a gem from Level 4 onwards. However, it should be precise as there is a major chance to fail and lose all the gems in one go.
  • Badges come with a sense of entitlement! These are earned after completing a task. The rule is “the harder the task, the better badge”. The in-game perks attained can be extra energy (solo energy), lower sneaker minting cost, governance, leaderboard point bonus (marathon mode), renting out a sneaker and others.

Talking about solo energy and marathon mode, these are the gaming modes available in STEPN. With each mode, the user has an opportunity to benefit from a different reward system.

STEPN - Game Modes

By far the simplest one to use and interact with, the STEPN app has three modes allowing users to participate without any burden. These modes include;

1. Solo Mode

In solo mode, the players earn tokens by simply moving around! The level of physical activity and attributes of the sneakers are needed to earn GST/GMT. Players stop earning tokens once the energy is depleted.

2. Marathon Mode

Here, in this mode registering 24 hours prior to the online tournament is necessary. There are weekly and monthly marathon competitions and players are ranked using points. These are calculated based on participant’s running speed and their Sneaker Attributes.

3. Background Mode

In Background mode, the user can earn GST without being active on the app, but owning a pair of NFT sneakers in their inventory is a must. The background app pulls the step count from the device's health data (walking, jogging or running) that will not affect or reduce the endurance of the sneakers.

STEPN (GMT) - Price prediction and Future Growth prospects (2022)

The idea of promoting healthier life is the need of the hour! Somewhat the concept to incentivize people to live an active and healthier life with cryptocurrency is not new. Earlier, the concept was introduced by Sweatcoin, which is already listed as one of the popular fitness apps in the industry. The mechanism is similar but in the present scenario, the sharp rise in the GMT price has turned the table for STEPN.

Within a month, the project has attracted millions of people around the world making it the fastest-growing blockchain built-in Solana’s ecosystem. Furthermore, it is aggressively moving towards changing the dynamics of the new Non-Fungible Token (NFT) industry. The existing multi-billion dollar fitness industry has seen a sudden surge. As of 19th April, the price of GMT remarkably accelerated which measured the all-time high rise of STEPN with $3.29, becoming the best-performing cryptocurrency.

As per the crypto experts, it has risen by more than 32,000% since it was launched in March, 2022. The analysis showed that the StepN price was bullish for the past few days. Looking at the records of the past two weeks, the GMT price has surely witnessed parabolic gains of over 2378.6% from it's all-time low of $0.100826 to moving upward with an all-time high of $3.11, (five days ago).

Everyone is pretty much aware of the volatility of the industry! When Bitcoin goes up, the total crypto market cap and altcoin prices follow the same. But as the uncertainty tags along, it is highly important to understand the fact that like any other currency, STEPN does have its own risk. The user should move ahead after calculating the risks and must be able to bear the losses, if by any chance that occurs.

However, the recent participation indicates the joining of Scott Dunlap, VP at Adidas is the new addition to the team of STEPN advisors. In this booming time, the idea of collaborating with Adidas is giving a positive signal to institutional investors. However, as per the current scenario, there is a likelihood that the GMT price will continue the bullish trend as it targets the next key resistance level at $4.

Final Thought

No doubt, StepN is an interesting concept, in both the SocialFi and GameFi space. Most importantly, even non-crypto users can earn the benefits before learning the structure of a decentralized wallet, which is going to make a crazy contribution to the Web3.0 industry. With new developments, it may keep attracting new players as it allows users to make the most of it without making too much investment!