STEPN Price (GMT)

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Before discovering the critical details about the STEPN blockchain game, it is important to know its details. STEPN is the world’s first NFT game with a move-to-monetization model, which rewards participants for moving and participating in activities. Users can earn rewards in the form of tokens for walking, running or running outdoors in NFT sneakers. The use of the STEPN logo can introduce users to the web3 ecosystem and encourage more people to live a better life. At the same time, STEPN also promises better opportunities to achieve carbon neutrality.

The beginning of STEPN

” Also curiously calls the launch of the world’s first NFT currency application. The founders of STEPN are Jerry Huang and Yawn Rong, who created the Australian fintech company Find Satoshi Lab. STEPN emerged victorious on the Solana Ignition Hackathon Gaming Track as it was the only mobile game to achieve the feat.

Judges praised the STEPN app during the hackathon. Some of the key strengths of the app that the judges took into consideration during the review included game design and integrated marketing. On the other hand, it also has an easy-to-use tool in a small pocket, which promises to use. In addition, STEPN can also attract a large number of non-crypto users to the app.

As one of the first Web3 apps to run, STEPN managed to raise about $5 million in a seed round. STEPN Basics explains how to grow with a solid financial foundation. Most importantly, you will also see players investing in the STEPN vision. Notable names like MorningStar Ventures, Solana Capital, Sequoia Capital, and DeFi Alliance are among the biggest participants in the seed funding round. With the help of the funds raised, STEPN can get closer to its vision of driving carbon neutrality and connecting users to web3 for a better life.

Business model analysis

STEPN is an open source ecosystem that includes: wallets, token exchanges and markets. STEPN has the following main functions:

Move-to-earn: Use the Sneaker NFT to go outside and earn tokens (use a multi-level anti-cheat system). Purpose: Releasing or upgrading Sneaker, each Sneaker has many different styles, quality (quality), character (character) and space (Gems).
Marketplace: where users can rent/rent or sell/buy sneakers, badges and gems. Everything is in Stepn’s environment.
Exchange: An exchange that allows users to trade tokens. Initially, the change will only serve users of the Solana network. It will expand for Multichain assets.

How StepN works

Like other fitness apps, all you have to do is open StepN before you walk, jog or run. For now, you have to choose Solo mode (two more modes are currently open). Because the app uses GPS to track your movements, you can’t use it on bikes or ellipticals, so try to get outside for your workouts.

Before you start moving, you’ll want to choose a digital sneaker that fits your intended career level. If your speed exceeds or falls below the selected sneaker performance criteria, you will stop receiving points, so choose your shoes carefully. You can walk (1-6 km / h), jog (4-10 km / h) or run (8-20 km / h). During your exercise, you will earn StepN gaming budget token, GST (Green Satoshi Token), for every minute of movement. The app is designed to detect natural movements, so there’s no jumping on an e-scooter to try to make money and cheat on your fitness goals (of course, there are many anti-cheat systems on Square). The length of time you earn money is your ability, which determines how long you can use the app and earn GST at a time. Your power bank is tied to the number (and type) of Digital Sneakers you own. If you have one normal sneaker, for example, you have two energy, which means that you can win only 10 minutes (one energy = 5 minutes of winning time). The more sneakers people buy and have, the more you can move and earn money. Three sneakers give you four energy, or 20 minutes of time gain, nine sneakers give you nine energy, or 45 minutes of time gain, and so on.

Unique and high-quality sneakers also give you more power. Uncommon, Rare, Epic, and Legendary sneakers add one, two, three, and four energy respectively to your power-up. So if you have two rare sneakers and one common sneaker, you will have a total of eight energy (four starters plus four bonus energy) and can earn GST for 40 minutes per session.

How to get started with StepN

After downloading the StepN app, you will need a pair of NFT sneakers to start winning, which you can buy in the in-app market. You can also buy them on Binance – in fact, in 2022 ASICS has joined forces with StepN to create a group of NFT sneakers that will be available for sale on the platform. It is possible to find StepN sneakers in markets such as OpenSea and Magic Eden, but users have reported cases such as shoes that do not appear in the kit after purchase, so it is best to use the StepN store to avoid these problems.

As StepN is based on the Solana blockchain, you will need SOL to do this. A cheap sneaker will cost you about 1.5 SOL in October 2022 (about USD 50). After the price was high and could drive people away from the app, StepN announced an upcoming rental feature where users can rent other users’ sneakers and share the crypto earned. Another potential barrier to entry is access to the activation code, which you will need to obtain from a current StepN user. These can be difficult to find, sometimes appearing on the StepN Discord, but it is recommended to do it according to the document and get the code from the current user. After getting the activation code, you have to set up your wallet in the app and submit the SOL to it. You have the option of importing an existing wallet, but if you are concerned about security, it is best to choose the in-app option. You will transfer your SOL from your wallet to your spending account, which you will use to spend GST on gambling.