The activity-tracking app, STEPN, became a huge success at launch. It gained quick traction and became a top gamified move-to-earn in the Web3 space. Since its launch, STEPN has grown in popularity. The platform had over 700,000 active users at its peak but after its cyber attack experience in June 2022; its monthly active users have significantly reduced.
As of October 2022, monthly users on the app have dropped below 100,000. The trading volume of its native governance token, GMT also dipped from $77.45 million at the beginning of the year to $74.96 million at the time of this writing.
With the woes that seem to have befallen STEPN, do investors still make money? If they do, how much can you earn today if planning to invest?
STEPN Return on Investment: How Much You Can Earn
At the time of this writing, the price of STEPN’s GMT token is $0.45 and the GST token is worth $0.02. This is significantly down from a high rate of $8.51 in late April. When you buy a set of NFT Sneakers in STEPN, you earn 5 GST for each Energy feature you get.
That means you will earn $0.10 for every run or walk at the basic level. Although you can try to earn as much $GST as you can and cash out, STEPN has a tempting offer where you can reinvest your token to upgrade or repair your Sneaker NFT to earn more.
Return on Investment: How it Works
The first thing to establish is how much you earn with the app depends largely on four characteristics of your sneaker – Efficiency, Luck, Resilience, and Comfort. Higher-efficiency sneakers earn the holders more tokens per duration of movements. Luck brings in a component of randomness to earning on the platform.
For example, Sneakers with high Energy and Luck score have a better chance of getting a Mystery Box after a run. The Mystery boxes have gems that add new features to your Sneakers, such as increased Efficiency. Increased Efficiency means more earnings.
Resilience determines how fast an NFT sneaker degrades. You need to repair your sneakers regularly with GST to prevent them from losing their earning potential and becoming obsolete. While users earn when they move, the more they move, the quicker their sneakers wear out.
Comfort in STEPN is associated with the platform’s governance token, GMT. Sneakers comfortable enough to attain Level 30 with at least three Energy can earn the GMT token. You can switch to earning GMT or continue earning GST at this level.
STEPN is undoubtedly a unique move-to-earn NFT project, even as it continues to witness a decline in the value of its GMT and GST tokens. As it continues to navigate its way to surmount current problems and avoid new ones, the platform has the potential for huge success.
