Launched in December 2021, STEPN has gained massive traction among users across the world. The NFT-based activity-tracking app is designed to encourage fitness.
The best part is you get paid while exercising. Well, isn’t that cool? Within a year of its launch, STEPN has made a name in the gamified exercise-to-earn space of Web3.
What is STEPN?
STEPN is a fitness application that maintains a record of the distance covered by the user during an exercise session. The app offers users an opportunity to earn crypto while exercising. At its peak, STEPN witnessed over 700k active users monthly but reduced significantly to about 100k in September 2022.
The market cap of the native governance token of STEPN is currently a little over $25 million. This is a drop from its value at the start of the year at $77.45 million.
STEPN has undoubtedly experienced many challenges like other game projects in the GameFi space. However, it has remained strong and continued to chart a way forward in the competitive market.
How STEPN Works
Using the app requires a digital sneaker that suits your activity level. Using the right sneaker helps you to earn more tokens. For instance, if your speed falls below or exceeds the activity range of your chosen sneaker, you will not earn tokens. STEPN uses GPS for tracking movements.
Therefore, users cannot use it on treadmills. You have to go outdoors to exercise. As you exercise, you earn GST, the in-game token, for each minute of your movement. It is worth noting that your earnings are determined by your Energy.
This also determines the duration you can use the application and earn GST during a session. The level of your Energy determines the number and type of digital sneakers you own.
How much is Sneaker NFT?
As mentioned, you need a pair of NFT sneakers to become active and earn. These sneakers are available through the in-app marketplace. They are also available on Binance, Magic Eden, and OpenSea.
When buying STEPN from the marketplace, you need the Solana token, SOL, for the transaction. The cheapest digital sneaker costs about 1.8 SOL, which is $23.99.
While many gamified projects are experiencing downtime, the industry still has good potential. In years to come, many are optimistic that the tide will turn. It is believed that these tokens, including STEPN NFT, will become more valuable than they are today.