STEPNwas developed by Find Satoshi Lab, an Australian FinTech firm. Jerry Huang and Yawn Rong are co-founders of Solana (SOL) based STEPN (GMT). STEPN, which won the “Solana Ignition Hackathon Gaming Track” competition, took its first notable step here. This was also the only mobile project to receive an award at the Hackathon. The hackathon jury appreciated STEPN’s game design, easy-to-use interface, wallet and convincing millions of non-crypto users to adopt the app. The project started to attract more attention with the partnership it established and the innovations in the ecosystem.
How does STEPN work?
Users who want to use STEPN need to download the mobile app. They then need to sign up for STEPN using their email address. After verification, users must link their wallets to discover the STEPN cryptocurrency.
Sneaker-themed NFTs are worn by users on STEPN’s Game-Fi system. Users need to deposit Solana’s native SOL token into STEPN’s in-app wallet to purchase NFT sneakers. Users can earn more by waiting for their energy to regenerate after 24 hours. The number of minutes a user can exercise with a sneaker NFT is measured in energy.
Flexibility, efficiency and comfort; The different sneakers that users can choose from come to the fore as the NFT feature. All the features of your sneakers contribute to the energy limit. Limiting energy plays a critical role in acquiring tokens on the under-supplied network.
There are two tokens in the STEPN ecosystem: Green Satoshi Token (GST) is the game’s unlimited supply utility token and Green Metaverse Token (GMT) management token. There are 6 billion tokens in total.
The price of GMT rose from $0.01 on March 9, 2022 to $3.45 on April 19, 2022, up 34,000% in just 41 days.
Users can sell, buy or rent NFT sneakers, jewelry and badges in the marketplace. He can earn game money by running, walking or running outside, turning these money into cash for profit or using them in the game.
For example, once your sneakers are ready, you can start running and earning GST utility token rewards (rewards are distributed from 30% of the supply set aside for this purpose). However, it should be noted that STEPN has not yet activated the leasing and credit system.
What Makes STEPN Unique?
The STEPN move-to-earn crypto app has Social-Fi and Game-Fi elements. STEPN’s Game-Fi initiative relies on the Social-Fi component to create a stable platform that promotes user-generated Web3 content while aiming to encourage users to tackle climate change, lead a healthy lifestyle, and engage the public with Web3.
Users wearing NFT sneakers can earn GST by walking or running outside. GST can be used to print new sneakers or level up in-game. In the in-app marketplace, players can rent or sell NFT sneakers, and GST revenues are stored in the in-app wallet, which has a built-in exchange function.
Due to the limited amount of tokens, a burning mechanism is required to help people lead a healthy lifestyle, which is another unique feature of STEPN. Through various in-app actions, the burn mechanism is used to reduce the circulation of both GMT and GST tokens.
What Is STEPN Cryptocurrency Used For?
As mentioned earlier, there are two tokens in the STEPN ecosystem. The various use cases of GST and GMT tokens are covered in the following sections:
Green Satoshi Token
The GST token can be obtained and minted in a variety of ways, including participating in the Token Generation Event (TGE). When a DApp developer officially releases individual tokens of a blockchain-based network, this is known as a token generation event.
This utility token requires no investment other than the time and effort required to participate in various gaming activities such as running, walking and jogging.
Moreover, sneakers can be leveled or repaired using the GST token. Users can also upgrade their jewelry items and print sneakers through the GST token, which is also widely used to exchange USD coin (USDC).
Green Metaverse Token
As a governance token, GMT can be used to rename sneakers or level up to a high point. In addition, premium game content or high-level events and profits can be distributed via GMT.
It is important to note that only sneakers that have reached Level 30 are eligible to exchange GMT for USDC. However, to start earning GMT, you must have at least three Energies, also referred to as the “rule of three requirements”.
How to Earn Cryptocurrency by Running?
Users can access three STEPN game features: solo, marathon and background modes to earn money and participate freely in the game. While you need sneakers to start winning, you don’t need to own anything to start running. New users can try the app and all its features for free. If you’re ready to commit and have STEPN shoes, the gain meter will start to fill as you run.
You can buy it from places like Binance, Bithumb, KuCoin.