StepN concept - Go and Earn
Recently, move-to-earn (move to earn) crypto applications have become popular. Users of these applications are rewarded for performing physical activities - for running, walking, cycling, etc.
The market capitalization of move-to-earn projects, according to Coinmarketcap, is $ 2.1 billion and is growing rapidly. For comparison, the capitalization of play-to-earn projects (play to earn money) is $16.4 billion.
The lion's share of the move-to-play segment is occupied by the GMT token of the StepN project . The GST token also belongs to the StepN project. This is a project created on the Solana blockchain, rewarding with its tokens users who purchase NFT sneakers of the project and “walk or run” in them.
Where to begin
To get started, the user needs to download the StepN app to their phone. To register in the application, you must enter an activation code. You can find it by clicking on the link in the social networks of the project at the bottom of the registration window. Currently, the developers have limited the number of activation codes issued - they issue no more than 2000 codes per day, incl. you have to try to catch them. This was done to prevent an avalanche-like influx of users and related inflationary processes in the project tokens.
Next, the user gets to the main page, where he can buy NFT sneakers. There are four types of running shoes:
- Walker - designed for quiet walking at speeds from 1 to 6 km / h.
- Jogger - designed for fast walking or easy running at speeds from 4 to 10 km / h.
- Runner - designed to run at speeds from 8 to 20 km / h
- Trainer - universal sneakers for any kind of walking or running at speeds from 1 to 20 km / h.
Trainer, due to its versatility, are much more expensive than the rest. And Runner is the cheapest, because. active running people are much less than just walking.
A unit of energy allows you to earn 4.5 or 6 GST depending on the sneaker. While walking or running, the energy ends and “transforms” into GST tokens. Each shoe contains 2 units of energy, which is enough for 10 minutes of walking or running.
The cheapest Jogger sneakers cost approximately 11 SOL or $1155. All in-app purchases are made with SOL.
Walking with such a shoe, you can earn about $ 30 a day. Walking or running is rewarded in the project's GST token, one token of which is worth approximately $4.50.
You need to walk or run in NFT sneakers in an open area, because. the application tracks the user's movements via GPS. Running or walking on a treadmill will not be counted as in this case, there will be no movement of the user in space.
How to choose the best running shoes at StepN
Optimal in terms of load and reward for non-runners are Joggers. You can walk in them without straining and at the same time earn money.
The parameters of sneakers can be improved with the help of gems (precious stones). They affect the parameters of sneakers, of which there are 4 types:
— efficiency: how many tokens can be earned per unit of time
- luck: among those who walk or run for more than 20 minutes, the application randomly distributes boxes that can contain gems. The higher the luck, the higher the probability of getting such a box.
- comfort: responsible for farming tokens, this option is available upon reaching level 30.
- wear resistance: when walking or running, the sneaker “wears out” and needs to be “repaired”. Repair costs money and is paid in GST. The higher the wear resistance, the lower the cost of repairing the sneaker.
Of these four parameters, efficiency and wear resistance are the most important. When choosing sneakers, you should pay attention to them. If they are above 12 in total, then the shoe can be considered optimally balanced.
Beginners should choose sneakers with a minimum cost, but with good parameters of efficiency and wear resistance.
Also, sneakers differ in rarity - common, unusual, rare, etc. The higher the rarity, the better the parameters of the sneaker.
Optimal earning strategy in StepN
The StepN app has the ability to cross (mint) sneakers.
Two sneakers can be crossed with each other, paying a commission in GST for this, and get a third sneaker. The resulting sneaker can also be crossed with one of the first and get a fourth sneaker. This process can be done indefinitely, each time paying a commission in GST. In order to recoup this commission, the received sneakers can be sold and thus earn on the "production" of sneakers.
The optimal earning strategy is as follows.
The user needs to have three sneakers - one of them is the main one, for walking or running. The other two are for mints. At the same time, since there are three sneakers in the application, all together they will have 4 units of energy (two units for the main one and one unit for each additional one), which will allow you to earn while walking or running for 20 minutes. Thus, the profitability from active actions will double.
Mints will also generate income. Buying two simple shoes, upgrading them, minting them, getting two new shoes, and finally selling 4 shoes is usually a profitable series of transactions.
In general, you can pay back your investment in sneakers in one month. Thus, from the second month, the user begins to receive net income. In addition, sneakers are pumped and their value is growing.
Withdrawing funds from StepN
Earned GST tokens can be exchanged in the app for USDC, which can then be withdrawn to an external crypto wallet.
What is GMT for?
If GST is an in-game cryptocurrency, then GMT is the token of the StepN project itself, which is not involved in the game itself. The value of this token has grown more than 20 times over the past two months. The main triggers for growth were the release of this token on Binance and the popularity of the StepN application.
Underwater rocks
Let's ask ourselves a question, due to which users and the project itself receive income.
The project sells sneakers, charges a commission for sneaker repairs, mints, upgrades, etc. This project earned $26 million in the first quarter of 2022.
Users are rewarded for walking or running, as well as for selling sneakers obtained through mint. New sneakers are bought by new users. Where does the money for walking or running come from? The project pays them out of proceeds from new users. In a sense, the StepN financial model resembles a pyramid scheme. If the number of new users stops growing, then the payback time of sneakers will decrease.
For the sake of justice, it should be noted that the organizers are determined to work seriously and for a long time. They note that they studied the sad experience of the play-to-earn game Axie and tried to take into account all the nuances. To prevent a sharp increase in the number of users and inflation of the token, as well as a subsequent sharp decrease in its value, the developers limited the number of invitations (activation codes) to two thousand per day.
Recently, the project released sneakers in partnership with Asics, which led to an increase in the value of the GMT token by 26%. The project plans to enter into partnerships with Adidas and Nike.
Also in September, an update is expected, after which it will be possible to rent and receive sneakers. Thus, users who do not have the initial funds to purchase sneakers will be able to participate in the project.
