What is Stepn?Learn more about apps that let you earn cryptocurrency while you work out

What is Stepn?Learn more about apps that let you earn cryptocurrency while you work out

Stepn is the evolution of two concepts that have gotten a lot of attention over the years: augmented reality (or AR) and “playing for money” games.

Generally speaking, AR games have a virtual world superimposed on the real world. The concept became popular in 2015 with Pokémon Go, which spreads virtual Pokémon on real maps and allows users to track and collect little monsters via GPS.

Stepn took this element – accumulating points based on progress made through GPS – and added it to a new game earning mode pioneered by crypto games like Axie Infinity that rewards players with crypto tokens . The result is a game that tracks users’ real-world workouts and accumulates points for them in the form of cryptocurrency.

Also, the game earning model has become a “money earning” model with GPS tracking: think a mix between Fitbit watches, Pokémon Go, and Axie Infinity.

What is Stepn?

Developed on Ethereum network rival Solana and created by app developer FindSatoshi Lab, Stepn is a mobile app that allows users to earn money by walking, walking, or jogging for a well-designed period of time, updated every 24 hours. .

Rewards are issued in Stepn’s native cryptocurrency, Green Satoshi Tokens (GST), and are credited to wallets created in-game or externally connected.

First, players must purchase shoes in the form of non-fungible tokens (or NFTs) to interact with the game and increase the amount of GST earned per session by upgrading shoes. These sneakers are NFTs and are traded on the secondary market for between $400 and $400,000.

How does Stepn work?

There are two resources that are critical to understanding how Stepn works. The first is tennis, which has a big impact on how players earn rewards and explains why some of these NFTs are worth astronomical amounts.

In contrast to standard role-playing (or RPG) games where you upgrade your armor to defend against certain attacks, in Stepn you upgrade your sneakers to maximize one or more of five different traits:

– Elasticity – decreases with usage, thus reducing rewards;

– Luck – increased chance of getting random prizes during the session;

– Comfort – added another type of token related to governance called GMT; and

– Efficiency – Increases the amount of GST accrued per ‘Energy’ consumed.

The fifth basic resource is energy. In Stepn, energy is the unit of time allotted to a player for a “move-money” session. One unit represents five minutes.

Each player starts with just two units of energy and is replenished every 24 hours, meaning new players only have ten minutes a day to earn GST – the app will also ensure you progress your tennis balls at the right pace type.

To get more power, you’ll need to buy more shoes – which can be expensive – and players must balance the cost of buying new power gauges with the potential benefits of longer earning time.

They also had to factor in volatility – the price of GST went from $0.52 to $2.30 in a very short period of time. But successful combinations are possible: Players are reported to make $400 a day; most start at $5.

Who works at Stepn?

Alchemy Payment: Crypto/fiat payment developers who recently added support for GMT.

ASICS: Recently, major sports brands have added their own NFT sneaker collections to the Stepn catalog.

What are Stepn tokens?

Mastering Stepn requires three tokens:

– Solana network’s native token, SOL, used to buy new sneakers – this can also be done using Binance Coin (BNB), but NFT sneakers are on Solana;

– GST, tokens earned by walking, walking or running, to acquire new upgrades; and

– GMT, Stepn’s governance token, guarantees holders the right to vote in the future of the platform.

The GST supply is unlimited, while the GMT supply is capped at 6 billion, only rewarded to users who upgrade their shoes to level 30 or above.

Where to Buy Stepn Tokens

Both GMT and GST Stepn tokens are available on cryptocurrency exchanges such as Binance, OKX, Bybit, CoinTiger and FTX.

Stephen’s future

Although Stepn was initially a huge success, it ran into trouble in China due to the turmoil in the crypto market in 2022.

A broad crackdown on the industry — and a Chinese data law that bans the storage of citizens’ GPS data — has drawn the ire of the country’s regulators, forcing Stepn to block Chinese users. Depending on data protection laws — and your attitude toward cryptocurrencies — other countries may do the same.

The platform also suffered a series of distributed denial-of-service (or DDoS) attacks a few months after its launch, forcing the team to warn its users that “exercises will not be properly recorded” during maintenance.

If Stepn can overcome these initial hurdles, the “make money” model could become a successful industry in the cryptocurrency space. If your financial incentives can get some people off the couch and get them running, Stepn isn’t a bad thing either.

*Translated by Daniela Pereira do Nascimento with permission Decrypt the website.

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