STEPN: A new web 3 lifestyle app

Heard about STEPN, the step-to-earn lifestyle game that took the crypto space by storm? Well, STEPN is a web 3 lifestyle app with social-fi and Game-fi elements. The app is quite simple, players earn by walking, jogging, or running outdoors. It is just like an exercise companion that rewards you in crypto for consistently working out.

How to start off with STEPN

How do you start off with STEPN? It is pretty simple. The first step is getting the sneaker which is in the form of an NFT. and then by walking or jogging or running outdoors you will earn in-game currency that can be used in-game or cashed out for profit.

To get started with the game, you have to go through the following steps.

1. Download the STEPN app

2. Sign up for STEPN from the app

3. You then need an application code which you can get from the game’s Discord server.

4. Create a new wallet: You can create a new wallet by clicking on the top right corner of the screen. 

5. Transfer SOL into your in-app Wallet. Because the project is built on the Solana blockchain, purchases are made in SOL.

6. Now you are ready to purchase a sneaker! Head over to the in-app marketplace and pick a sneaker of your choice. Note that to purchase a sneaker you need to invest at least $1,200 in Solana. Which is the lowest price you can pay for a sneaker.

After you have done this, you are all set to start moving and earning. To be able to earn you need enough energy, and energy restores at a rate of 25% every 6 hours. This happens at certain fixed times 0:00, 12:00, 6:00, 12:00, 18:00 AEDT. So, you can start your first movement immediately after the first 25% energy restoration.

Game Modes

The game has several modes

1. The solo mode. Which is the only mode available at the moment.
2. The Marathon mode is still under development 
3. The background mode like the marathon mode is still under development.

To start the solo mode which is the only available one at the moment, you press start at the top of your screen and select a sneaker of your choice. Then make sure you have enough energy before moving because energy is required to earn Green Satoshi Token (GST). The GST is paid out for every minute of movement. But this is dependent on four main factors:

1. The type of sneaker

2. The sneaker’s efficiency attribute

3. The sneaker’s comfort attribute
4. The speed of movement.

Breeding STEPN Sneakers

You can breed sneakers through a process known as shoe-minting. Shoe-Minting Event (SME) is when users use 2 Sneakers they own as a blueprint to “breed”, producing a Shoebox in the process. You can do this by clicking on the mint tab, choosing a sneaker to breed, and then clicking on mint to proceed. You will instantly receive a shoebox that can be opened immediately. However, there is a cap to the shoe minting activity. You can only perform a maximum of seven per sneaker.

The game has three mechanics to prevent cheating.

1. A GPS tracker
2. Motion sensor and health data. So, it only reads when you are actually walking or running with the sneaker.
3. Machine learning to detect cheating through data stimulation.

STEPN’s Estimated ROI

Let’s see what the ROI looks like as of today if you decide to start. So, if you start with a level 5 common sneaker, you get to earn approximately 8 GST per day by moving. If you factor in an approximately 1.7 GST repair cost your net earning will be about 6.3 GST. Based on the current price of 1 GST = $5.1, the daily reward is $32.13. 

The floor sneakers cost 12 SOL which is about $1,206 as of today. Now at this daily rate, it will take about 38 days to break even. Provided the price of GST does not drop.

In case you are unable to make the over $1000 purchase of the common sneaker, there is the option of renting a sneaker. You can rent a sneaker and split the earnings with the owner.

STEPN’s Twitter Testimonial

You may ask if the game is legit. I mean how can I earn from just walking? Well, a look at the STEPN website shows that it has about 278,000 members and 315,00 followers on Twitter.

Numerous positive reviews on Twitter show that the game is legit.

Apart from the positive testimonies from Twitter, the GST token is also doing well in the market. This is not financial advice but it isn’t a bad token to invest in for the long term. Also, investing in the NFT sneaker is not a bad financial decision, apart from the positive health benefits. The STEPN project came top in the ranking of the top move-to-earn projects second to only DOTMOOVS. It appreciated by a whopping 134.1% in the last seven days.

The Amazing STEPN Team

The website is quite tight with nothing fishy. The names and images of all the team members are available. The team which is comprised of Australians and Asians finished 4th in the Solana Hackathon 2021. 

Here are their profiles.

The project was co-founded by Jerry Huang and Yawn Rong. Huang has spent over a decade in game development and marketing. While Rong is an entrepreneur and a crypto angel with vast experience in scaling small start-ups to national brands. The has Jessica Duan, who has a decade of experience and a proven track record in consulting as its Chief Strategic Officer (CSO). and then Ryan Turner, a seasoned graphic designer and the founder of Malicious Delicious as its lead designer.

The Advisory board is also fully doxxed. It even has a VP at Adidas Scott Dunlap as a member of its advisory team. And it is backed by big names like Sequoia Capital, Solana Ventures, and Binance among others!

The only issue with the app is the funding. It is not funded by ads, there are no subscription services. The only possible way it is funded is by new users signing up and purchasing sneakers and this looks like a Ponzi scheme. Because revenue will drop when the hype is over and new users stop signing up. But I don’t think that should be a problem, judging from how well the project is performing in the market. I also think that the introduction of the rental system where players who cannot afford the common sneakers can rent from already established players.

Conclusion

Finally, it is too early to call because the project is in its infancy and the team will still work out ways to generate revenue. I don’t see the demand for this project dropping anytime soon anyway. Come to think of it, STEPN connects web3 to our common daily routine of walking and jogging to keep fit. People will always take walks and jog to keep fit, who wouldn’t want to make some money carrying out these basic routines?