Since the birth ofAxie Infinity, the undisputed leader in Play-to-Earn, many people have been seduced by this concept. As its name suggests, this system allows anyone to earn money simply by playing video games. Enough to turn the dreams of certain gamers into reality. But today, a new concept, inspired by Play-to-Earn, has appeared with STEPN.
Called Move-to-Earn, this concept allows anyone to earn money just by moving. Encouraging people to play sports, this system allows joggers to generate income just by practicing physical activity.
Like Axie Infinity a few years ago, the Move-to-Earn, which everyone is talking about at the moment, is the STEPN platform. A platform that we will discover without further delay in this article. We will thus see what is hidden behind this project and why it is considered, to date, as one of the most promising crypto projects.
Presentation of STEPN
STEPN: the advent of a Move-to-Earn leader
STEPN is a fitness application combining both NFT and Move-to-Earn. A system which, as indicated above, allows users to earn money just by moving around. Created in 2021 by the company Find Satoshi Lab, a fintech studio based in Australia, its purpose is to promote a better lifestyle for its users, by rewarding them in the form of tokens.
These tokens can be associated in some way with the application's native cryptocurrency. Once you manage to earn tokens, they can be exchanged for fiat currency (euro, dollars, etc.) using specialized platforms.
An extraordinary tour de force
In September 2021, the STEPN team won 4th place in the Solana Ignition Hackathon. A major event bringing together a total of 500 projects, which brings together cryptocurrency pioneers and developers from around the world, to build projects of all kinds on the Solana blockchain.
STEPN's tour de force during this event aroused growing interest from many investors. Following this, STEPN then began an ICO through the very famous Binance Launchpad and collected a sum of 3.45 billion dollars in just one week.
What is an ICO?
For those who don’t know, an ICO, or “Initial Coin Offering”, is an alternative fundraising operation using blockchain technology. The principle is simple. When a company needs financing, it issues its own token on a market, just like a share issued on a stock exchange. Once done, investors can then buy tokens from the company in question, only using cryptocurrencies.
If the company's project proves profitable over time, the token can increase in value over time. In which case, some investors will sell their tokens to obtain added value. Others will keep their tokens for the long term so that they increase in value. But also with the aim of benefiting, in the future, from exclusive products or services of the company.
The incredible rise of STEPN
During the STEPN ICO, its token, GMT, was sold at a price of $0.01. Only one month after its launch on the platform Binance Launchpad, its price rose to $3.11. That’s a performance of more than 30,000%. At the time of writing this article, GMT is worth $4.05.
For a large number of people, these results lead one to believe that the GMT could perform similarly to Axie Infinity. That is to say, reaching unequaled heights in record time, due to the innovative aspect of a project.
Indeed, the native token of the Play-to-Earn Leader, AXS, has also experienced a spectacular increase in the past. Going from $0.10 to $166.09 in just 1 year. An increase which can also be explained by the enthusiasm of many investors around his project. A project which, at the time, was the first to have paved the way for the democratization of NFTs in video games. But for now, this is all speculation. Now let's see how the STEPN platform works.
How STEPN works
NFT & Sneakers
To make money with STEPN, the user must first purchase a so-called “Sneaker NFT”. In other words, a shoe in the form of a NFT. Why should you buy this type of shoe? Because for STEPN, before you can walk or run, you must first put on shoes. Although it may seem fun at first, acquiring this type of shoe is mandatory if the user wishes to earn tokens.
There is a whole range of models directly available on the marketplace integrated into the application. Once purchased, using the Solana cryptocurrency, the user will be able to start jogging in reality. He will then benefit from rewards in the form of tokens, which will be given to him according to his performance and the type of Sneaker NFT he owns.
These tokens can subsequently be used to manufacture, repair or improve new sneakers. The user also has the option of renting or selling their Sneakers. The winnings collected are stored in a wallet directly integrated into the application. Within it is a swap function allowing you to convert your tokens.
Green Satoshi Token (GST) & Green Metaverse Token (GMT)
STEPN’s economic model is based on the following two tokens:
- The Green Satoshi Token (GST) is a utility token, whose function is to pay users through rewards. Having an unlimited money supply, GST tokens are destroyed every time a shoe is created, repaired or improved. This system makes it possible to balance the value of the tokens, in order to prevent them from falling in the long term.
- The Green Metaverse Token (GMT) is what we call a governance token. That is to say, it allows holders to take part in certain decisions concerning the application. With a money supply limited to 6 billion, GMT is STEPN's main store of value. It records a daily trading volume of over $3.4 billion. Exceeding its own capitalization of $2.1 billion.
Solana: a foolproof blockchain
It is also important to specify that STEPN is a decentralized application based on the Solana blockchain. Although this information may seem insignificant at first, think again. Because this means that transaction fees are very low. Indeed, the Solana blockchain is known for having exceptionally low fees.
Especially since it demonstrates very great scalability. Namely that in the event of high demand on the network, the network representing its blockchain, it is capable of maintaining its functionality and performance. This while maintaining a higher than average transaction throughput.
Therefore, you will be able to buy or resell your NFT Sneakers at a lower cost. You will also be able to manage your tokens as you wish (creation of sneakers, improvement, repair, conversion, etc.) without having to incur exorbitant fees. The fact that STEPN is based on Solana is therefore excellent news. Especially when you know that other blockchains generally have very high transaction fees. Ethereum is the perfect example.
How to use and benefit from STEPN
The STEPN activation code
As we stated previously, to earn money with STEPN, you must first purchase a Sneaker NFT directly from the application. Which as a reminder is available on iOS and Android. But before you can do this, you will need to obtain an activation code.
Little mentioned in certain articles, this activation code is essential to create an account on STEPN, in order to access the marketplace where NFT Sneakers are sold. This famous activation code, shared by some users, is available on Telegram, Twitter and the project's Discord. But know that you will have to be patient to get one.
Indeed, when you carry out research on the STEPN or go to groups related to the application. Activation codes will be shared with you. But be careful, only the most recent codes are viable, the oldest are unusable. So if you find one, quickly enter it on the app. Activation codes represent a series of 8 digits. For example: 18765432. Once the code is validated, you can access STEPN to purchase a pair of Sneakers.
Buy NFT sneakers
To purchase a Sneaker, the creation of a wallet within the application will be necessary. Once done, you will need to send Solana on it. Since Sneakers can only be purchased with Solana. But before doing that, you should know that the average price of a Sneaker is between 9 and 10 Solana (SOL). Or between €800 and €1000 given current prices.
Repaying your initial investment and subsequently becoming profitable is then essential. Hence the need to choose a pair of shoes that will suit you best and maximize your chances of success.
Choosing the right pair of sneakers
The shoes each have several attributes (Rate of Gains, Resilience, Quality, Luck, Comfort etc. ) which define your style of activity and thus at the same time, your initial investment and your potential earnings. Selecting your sneaker based on your daily practices is therefore recommended. Because the performance and durability of your shoe will depend on your choices, but also on your performance.
Indeed, the basic performance of a sneaker is not stable. It varies depending on several factors such as the effectiveness of the sneaker (low durability affects efficiency and therefore long-term performance) or the GPS signal. If the latter turns out to be low, so if you do very little sport, then your income could be reduced.
Start a STEPN run
Now that you have chosen the ideal pair of Sneakers, all you have to do is go running or walking. To do this, simply go to the main menu and click on start. A race starts and you finally generate money just by moving. But be careful, before going for a run, you should not forget to look at your energy units. Because without them, you will not be paid for your jogging.
Energy units on STEPN
With a pair of shoes you have 2 “energies” maximum. An “energy” is in a way a unit of energy established by STEPN, to generate, then stop after exhaustion, the rewards given to users. 2 energies represent 10 minutes of walking or running. Once sold out, you will have to wait until you have more available. In particular to start a new race during which you will be rewarded.
To recover 1 energy, the wait is 24 hours. You will be able to see the charging progress on the home screen of the running section, this will be the blue bar. To increase the number ofenergies, you have to buy higher-level pairs of sneakers or improve your own sneakers.
But rest assured, on average, users who have just started still manage to make between $17 and $20 in just 10 minutes. A source of motivation not the least, which pushes you to climb the ladder to make more money.
The phase where we earn money
Once your two energy units are present, all you have to do is click start and start running. During your jogging, you will be able to see your speed, in the form of a green gauge which tells you where you are in relation to your type of shoe.
You will also see the distance traveled and below, the earnings you earn live. It is important to note that you must accurately maintain your running speed depending on the type of sneakers you have chosen. In which case your chances of making profits will decrease. Hence the importance of choosing your shoes according to you.
Obstacles to overcome
Whether the concept of Move-to-Earn finds appeal to the general public depends on several factors. With their valuation estimated at several billions, a marriage between the fitness sector and that of NFTs appears very attractive in the eyes of many investors.
However, it must still be admitted that the management of NFTs and cryptocurrency portfolios turns out to be far too complicated. Especially for older generations, who are the most skeptical of blockchain technology. Also note that the starting price of a Sneaker NFT being at least €800, this is a real obstacle to the massive adoption of Move-to-Earn among the general public.
The beginnings of a prosperous future?
Although the obstacles cited above are not negligible for STEPN, this should not prevent its project from having a bright future in the coming years.
STEPN, the earning platform in which Pin Up сasino invested not so long ago, is a place where you will not only have access to licensed games and interesting bonuses. The operator guarantees its users high-quality service, reliable and fast payment of winnings, user-friendly interface, timely work of the support team. Everyone will be able to play their favorite slot machines from their computer, mobile phone or tablet, whether in a mobile version or in an application.
Indeed, we must not forget that the latter was ranked 4th in the Solana Ignition Hackathon and secured a record $3.45 billion in funding. And it doesn't stop there. Since a major partnership with the Japanese brand, Asics, has just been concluded during the month of April. Enough to further lend credibility to its STEPN project. According to some rumors, there could even be future partnerships with Adidas and Nike. But for now, this is all speculation.
Should you invest in STEPN (GMT)?
Investing in GMT to take advantage of the Move-to-Earn craze, without necessarily paying more than €800 for virtual sneakers, may prove to be a good idea. However, as innovative as it may be, the cryptocurrency project is never safe from risk.
So if you want to invest in STEPN, it is recommended to invest in moderation to moderate your risk-taking. Being still in a fashion phenomenon, invest in this project by letting yourself be guided by your emotions (FOMO) would be a serious mistake. Hence the importance of taking a step back and exercising caution.
