Friday, October 7

A Simple A-Z Guide for Starters On STEPN (GMT)?

STEPN is a popular Solana-based Move-to-Earn (M2E) mobile app that rewards users with crypto tokens for engaging in outdoor fitness activities such as walking, jogging, and running. Released in March 2022, Green Metaverse Token (GMT) is the governance token of STEPN that can also be used to make payment in-app buys and distributed to STEPN users as rewards for their activities. That is all to know about STEPN and GMT. In this article, you will get to know all about STEPN.

Read Also: What is Terra (LUNA)? Get To Your Skull Everything About Terra.

What Is Move-to-Earn? 

Move-to-Earn (M2E) is a term coined by Jerry Huang and Yawn Rong, co-founders of Find Satoshi Labs. The concept behind M2E is to encourage people to live a healthy lifestyle while at the same time allowing them to monetize this lifestyle.

In simple understanding, with M2E apps, you get paid in crypto for moving your body either by walking, jogging, /or running. The primary aim of the M2E concept is to motivate and incentivize people to functionally engage in exercise.

History of STEPN

STEPN came to existence by Find Satoshi Lab. The company became famous after it ranked fourth in the 2021 Solana ignition Hackathon Gaming Track. The popularity drew leading investors to the firm and due to this, it secured its first funding round in January 2022, which spiked the overall by $5 million.

Irked by the bad environmental effects of the Australian bushfire in 2020, Huang and Rong commenced discussing ways to improve a healthy yet rewarding way of life for humans. The discussions gave rise to the  “Move-to-Earn” concept, which birthed the STEPN app.

The first design of the application was released in August 2021 and the beta test was finished in November that same year. A month after the test, the app was released to the public.

Although STEPN is up and running and has garnered millions of users, the developers intend to release more features such as a multi-chain wallet upgrade and a rental and achievement system by the end of 2022.

What Is the STEPN App?

The STEPN app is a fitness app that is built on the Solana blockchain. To enhance engagement, the mobile app features an incentive – rewarding users with cryptocurrencies whenever they walk, jog, or run outside. So as long as you move, you get rewarded. STEPN uses GPS to track users’ whereabouts. If the GPS signal indicates white, then it is not working at all. When it shows red, it means the signal is poor. When it indicates green, then the signal is strong. The signal is very significant as it determines whether you will be rewarded with tokens as you move.

To commence using STEPN, users need to buy a pair of sneakers from the app’s marketplace. These sneakers are NFTs that can as well be upgraded. Once you get these sneakers, you can start using the app and then have access to the rewards.

The STEPN app encompasses three elements that make it unique and attractive to the crypto community.  It is a Web 3.0 application that combines two major components namely, GameFi and SocialFi.

Read Also: How To Get A Bitcoin Address

Via the in-app game it gives, which makes moving much more easier and exciting for users, the GameFi initiative plans to aid users to combat climate change and live a healthy lifestyle by exercising their bodies. More also, the SocialFi component (still under development) aims to introduce and link users of STEPN to Web 3.0 by making specific parts of the app a stable platform that promotes user-generated Web 3.0 content. 

On the Google Play store, STEPN is one of the top-ranked fitness apps and has recorded more than one million downloads since its creation.

STEPN: App Features

The major features of STEPN are: 

Sneakers

Sneakers are the primary feature of the app. Without it, users can’t earn rewards. STEPN Sneakers are non-fungible tokens (NFTs) purchased by users and upgraded from time to time. Attributes, type, quality, level, and customization are what define a sneaker. When you successfully purchase a pair of sneakers, you can choose to mint a shoebox. However, the cost of minting is determined by the type of sneakers you have.

Game Modes

STEPN offers three game modes to users — Solo mode, Marathon mode, and Background Mode. For now, though, only Solo mode is available to users. Marathon and Background modes are yet to be released.

Gems

Gems are used to enhance the attributes of sneakers. Users can however access it only after they reach a particular level in the app.

Badges

Users receive badges as rewards for completing in-game challenges. These badges can offer benefits such as extra energy/bonus, lower mining costs, extra changes to leasing a sneaker, or special governance perks. 

GMT and GST Tokens Explained

STEPN has a dual-token economic model. These native tokens are Green Metaverse Token (GMT) and Green Satoshi Token (GST).

What is GST?

GST is a utility token that can be used to purchase items in the app. The token can be used to purchase items in the app. The in-game token has an unending total supply and can be earned when you use the STEPN app to record outdoor physical activities. Simply put, GST is used for two main functions – to pay out rewards to STEPN’s users and make in-game buys and upgrades in the in-app marketplace.

You can get GST without buying it. All you need to do is give them,e an effort to walk, jog, or run using the STEPN app. Although the token’s supply is unlimited, GST has a burn mechanism that reduces the circulating supply whenever an NFT sneaker is minted, repaired, or leveled up and when gem items are upgraded.

Aside from earning GST as rewards, some users obtained the cryptocurrency when they participated in the Token Generation Event (TGE), where the token was minted.

What is GMT?

GMT is the second token on the STEPN app. The token has a maximum circulating supply of six billion units halved every three years.  Unlike GST, GMT is a governance token, meaning only GMT holders are allowed to vote on major decisions about the project.

Although rewards for activities are paid out through GST, STEPN users can still earn GMT tokens as rewards. Although, to start earning GMT, you must have at least three Energy (in the app), also called the “rule of three requirements.” Your Sneakers must reach level 30 or above before you can earn GMT. 

Although designed as a governance token, some specific activities can be carried out in the STEPN game using GMT. For instance, the token can be used to change sneakers’ names or level up to a very high spot. Also, premium game content, high-level activities, and profits can be accessed and distributed through GMT tokens.

Due to the increasing level of demand for installing STEPN, the team behind the app are concerned that uncontrolled use of the app “could potentially drag the token (GMT) down to zero” as “people could cash out and burn.” To sustain balanced growth, the team employed an activation code system within the application. To gain access to, explore, and start earning from STEPN, you must obtain one of these codes (which are limited in number).

In summary, GST is a utility token while GMT is a governance token on STEPN. It is worth noting that only users with level 30 and above Sneakers are eligible to swap their earned GMT and GST with cryptocurrencies such as SOL and USDC via the STEPN app. 

At the writer’s time, GMT and GST were trading at $1.39 and $2.37 respectively. 

How Does STEPN Work?

This section provides more details about STEPN’s features and the role each of them plays in the app. 

STEPN NFT Sneakers

The sneakers in STEPN are NFTs a user must purchase (with SOL) to earn rewards from walking, jogging, or running. 

Via the in-app marketplace, users can sell their sneakers, Users can also rent sneakers and share the rewards with the owner. The sneakers are defined by their qualities, type, attributes, level, and customization.

STEPN NFT Sneakers: Attributes

The attributes of a sneaker determine how fast or how slow a user earns tokens. When a Sneaker is minted, the minimum and maximum value of each of the below attributes will be chosen randomly:

  1. Efficiency: This affects the rate at which users earn GST tokens for every energy spent and helps users gather points faster.
  2. Luck: This determines the quality of a Mystery box and how frequently it drops.
  3. Resilience: This affects the decay rate of a sneaker’s durability. The more a user moves, the less the durability of their sneaker. A sneaker with high resilience will have slower durability decay and vice versa.
  4. Comfort: This attribute is still under development but will perform the same function as the Efficiency attribute.

STEPN NFT Sneakers: Types

There are several types of NFT sneakers, each designed to suit four different exercise intensity and/or fitness levels. The levels are:

  1. Walker 
  2. Jogger
  3. Runner
  4. Trainer

STEPN NFT Sneakers: Qualities

NFT sneakers on STEPN come in five different qualities. The qualities listed below are what determines the number of attributes each sneaker gets. The more unique the quality of a sneaker is, the more attributes it bags.

Sneakers with:

  1. Common qualities have 1–10 attributes.
  2. Uncommon qualities have 8–10 attributes.
  3. Rare qualities have 15–35 attributes.
  4. Epic qualities have 28–63 attributes.
  5. Legendary qualities have 50–112 attributes.

STEPN NFT Sneakers: Levels

NFT sneakers have different levels. Each of these levels has a constant time frame. Each time a sneaker is upgraded to a higher level, it becomes more expensive and consumes more time to take it higher again. Simply, the more the level of a sneaker increases, the more expensive it becomes to upgrade. Regardless of the most, users will receive access to additional features anytime they level up their sneakers. Between four and 12 attribute points are awarded o users with each level up.

Users need  GMT tokens to level a Sneaker to 29 and 30. Also, users with Sneakers between levels 0 and 30 can earn rewards only through GST. From level 30 and above, however, you are no longer limited to the token. You can choose to earn GMT instead. 

STEPN NFT Sneakers: Customization

When a Sneaker reaches level 30, users have the option of customizing their shoes by burning GST or GMT tokens. Customization can be in the form of adding attribute points to sneakers and changing their name among other things The degree to which users can customize their sneakers is still limited though. More customization options are still under development.

Minting Shoes

When you successfully purchase a pair of Sneakers, you can choose to mint a shoebox. However, the cost of minting is determined by the type of sneakers you have.

Users can mint a shoebox when they have two NFT Sneakers. The cost of minting and type of received Sneakers depends on the type of the initial Sneakers (common, uncommon, rare, epic, or legendary).

Game Modes

There are three game modes on STEPN: Solo mode, Marathon mode, and Background mode. For now, though, only Solo mode is available to users. The remaining two are still under development and are yet to be released to the public. Let’s understand these modes better:

Solo mode

Here, users earn tokens by moving around while “wearing” their NFT sneakers. Energy is required to earn these tokens. No energy, no token gain, which is why you must always check your Energy level before you start moving.

In solo mode, five minutes of rest/no movement equals one energy gain. Your energy can also be recharged when you buy a Sneaker.

Rewards will be paid out every minute of movement and are dependent on factors such as your Sneaker’s efficiency, speed, etc. 

Also, from level 0 to level 29, users can only earn GST, whereas, at level 30, users have the option of continuing to receive GST or switching to GMT. 

Background mode

In background mode, as long as users have at least one pair of sneakers, they will earn tokens without actively using the app.

This mode will count users’ walk thought steps directly from their device’s health data. As such, even if the app is turned off, the sneakers will continue to function and token rewards will be forwarded to the user’s address based on the amount of activity recorded.

Marathon mode

Once launched, this will require users to complete weekly and/or monthly race tasks (marathons) to earn rewards. In weekly marathons, users can choose to run 2.5, 5, or 7.5 kilometers. Monthly marathons, on the other hand, are between 5, 10, and 15 kilometers. It is worth noting that users will be allowed to run only one marathon at a time. 

To participate in these running events, users will be required to register for it under the “Marathon Tab” at least 24 hours before the commencement of the event. They’ll then lock up the registration by paying a small fee. If they can complete the task, their registration fees will be refunded. If not, the fees will be gathered together and used for leaderboard awards.

Upgrading Shoes With Gems

Gems are an in-game feature to boost sneaker attributes. When sneakers reach a certain level, gem sockets are unlocked and the gems connect to the sneaker attributes they stand in for, to enhance the shoes, This can be explained as follows:

  • Yellow Gem: Efficiency
  • Blue Gem: Luck
  • Red Gem: Comfort
  • Purple Gem: Resilience

Game Badges

Still being developed, Badges are another in-app reward that users will earn by completing in-game tasks. Some of the special benefits that will come with the Badges are extra energy and leaderboard points, lower minting costs, extra advantages for governance, higher chances of leasing out sneakers, and so on.

How to Play STEPN (Step-by-Step)

Step 1: Download and install the STEPN mobile application (supports Android and iOS devices.)

Step 2: Sign-up using your email address. A verification code will be sent to you, input it in the appropriate bar.

Step 3: Once you’re granted access to use the app, create a wallet inside it.

Step 4: Purchase an NFT Sneaker from the in-app marketplace The average price of a Sneaker is 13 SOL, approximately $630 as of the time of writing.  

Step 6: Wait 24 hours for your Energy to be replenished and start moving. 

How to Make Money With STEPN

Making money with STEPN is pretty straightforward. When you move using the app, you earn in-game tokens – GMT or GST. These cryptocurrencies can be converted to SOL or USDC, which you can then exchange for fiat. Don’t forget to make the necessary upgrades and buys over time because the higher your sneaker level, the higher you earn and the more access you have to certain features that make you gain more.

Where and How to Buy GMT Token

Not all crypto exchanges currently support GMT. Some popular exchanges that you can use to purchase the token include  Binance, Gate.io, Huobi, KuCoin, FTX, By bit, and PancakeSwap.

Here’s how to buy GMT from a cryptocurrency exchange. 

Step 1: Create an account (if you don’t already have one) with a cryptocurrency exchange that supports GMT.

Note that you will need to complete the KYC (Know Your Customer) process, especially if you’re opening an account with a centralized exchange like Binance. 

Step 2: Verify your account.

Step 3: Fund your account using a debit/credit card, bank deposit, peer-to-peer service, or any authentic third-party payment channels.

Step three: Search for STEPN (GMT) and complete the purchase. 

 

Apps Like STEPN (Alternatives) 

 

STEPN is not the only Move-to-Earn app in the market. Some of STEPN’s alternatives include: 

Walken

 Built on the Solana blockchain,  Walken is a lifestyle app that records and rewards users for physical exercise. Users can also play games, in the form of walking/running to earn cryptocurrency rewards.

Characters of the Walken game are NFTs known as “CATthletes.” The daily steps of a user are converted into GEM (1000 Steps = 1 GEM). The GEMs are then used to upgrade the strength, speed, and stamina of these characters to help players win game battles to gain the WLKN token as rewards.

Sweatcoin

Sweatcoin is a move-to-earn app created to make fitness tracking as simple as possible while also rewarding users who achieve certain goals such as weight loss and increase strength. Whenever a user of the app moves around, they are given Sweatcoins. The more steps you take, the more you earn.

Unlike STEPN, there are no GameFi elements in the Sweatcoin app. The team is planning to release the SWEAT cryptocurrency soon which will be used to award rewards in replacement of the Sweatcoins currently used.

Fitment

Fitment is a yet-to-be-released mobile lifestyle app that aims to reward users with cryptocurrencies and NFTs for walking, running, and/or working out. The rewards users receive will be available for conversion to fiat as well as to any other cryptocurrency of their choice.

Genopets

Genopets is another M2E app that runs on Solana. The physical movements and cognitive exertion of users are converted into game progression which is used to level up, develop and customize their in-game Genopet NFT (game character). 

GENE is the governance token of Genopets, which holders can stake to participate in voting rounds about the future of the game. $KI is a revenue token that is used by users to buy in-game items, evolve their Genopet, and fight other players among other things.

Step of Doge

Built on the BNB Chain, Step of Doge is a Move-to-Earn project that encourages users to take their pets (animals) out for a walk in exchange for the app’s native currencies as rewards. The cryptocurrencies are STEPD, which is a governance token, and STEPG which is an in-game utility token.

When users are done walking their pets, they use the NFT connected by a smart collar called STEPD-collar to convert the number of steps they took into earnings.

Other STEPN alternatives include StepG (Supe Infinity), METZ, Movey, and Step. App, FITFI, Drop, Dotmoovs amongst others.

Frequently Asked Questions

 

Who is behind STEPN?

Find Satoshi Lab is the company that developed and runs STEPN. It was co-founded in 2021 by Australian duo Jerry Huang and Yawn Rong.

Read Also: What To Know About NFTs – A Guide to the Latest Trend in Blockchain

How much can I make from STEPN?

There is no fixed amount of rewards you can earn from STEPN. The more you use the app, the more you earn.

What is the number of STEPN daily users?

STEPN presently has over 500,000 daily active users and over 2.3 million monthly active users

Share this:

3 Comments

Leave a Reply

Your email address will not be published.