The success of STEPN suggests that the move-to-earn concept is gaining steam, but will it be a fleeting trend or the future of fitness?
Axie Infinity was a leader of the play-to-earn movement, and the initiative influenced numerous Web3 apps that strive to adapt the earning model to their particular ecosystems.
STEPN has coded a few parameters that determine precisely how much a person may gain with their shoes, and the Green Satoshi Currency (GST) is STEPN’s in-game token that presently trades for $7.30. The token’s price has increased by over 77% in the previous 30 days, but is this growth sustainable?
What’s remarkable about the move-to-earn movement is that it’s a type of P2E because it gamified exercise via a digital asset, the shoe. No matter how you look at it, NFT holders must participate in the application process to obtain the incentive.
While STEPN is now raking in some big money for investors, many rivals and new revenue models are on the horizon, which might eventually reduce it to a mere fad. Play-to-earn was all the rage in 2021, but today that movement is a mere shell of its former glory. It’s reasonable for this to make investors wonder whether the trend toward moving to earn will continue.
Move-to-earn DApps go parabolic
Incentivizing behavior is not unique, particularly in the health and fitness area. An early initiative to reward users for physical activity with digital cash is SweatCoin, a 2018 start-up.
Additional crypto fitness programs such as Dotmoovs, Calo, and Step, each with their in-app incentive currencies. This indicates that STEPN isn’t pioneering the movement, but it might be renewing it.
The project is presently in beta, with new users needing a code to participate. STEPN’s popularity among crypto and NFT analysts skyrocketed, and its move-to-earn branding and packaging saw a parabolic rise. Cumulatively, STEPN has gathered over 200,000 users during its lifespan with continuous traffic. In the previous seven days, almost 32,800 new footwear have been minted.
A user may earn up to $20 per day from a STEPN shoe, while a premium tier sneaker can earn consumers hundreds of dollars at the current GST rate.
Like Axie Infinity, players must first put up initial capital investment to begin collecting rewards. Users may breed their shoes during sneaker minting events, similar to Axie Infinity, where 99,999 NFT sneakers are available for minting.
The cheapest STEPN shoe is now available on Magic Eden, a secondary marketplace, for 16.56 Solana (SOL), or $1,628 at writing, while the most expensive is 300 SOL or $29,493 at the time of writing.
A selection of shoe varieties, along with layers of features and levels a sneaker gets, determines how much it may generate.
The endurance of cellular connections and the quality of a user’s global positioning system (GPS) are vital in earning. There is no assurance that data will be collected if GPS or signal is choppy, and STEPN depends on distance traveled to provide prizes.
Users must have a code to access STEPN while still in beta testing. The move-to-earn has grown in popularity among crypto and NFT commentators and had an uptick in growth due to the branding and packaging used to promote it.
Cumulatively, STEPN has accumulated over 223,500 users, and it presently leads the move-to-earn scene in total market value. GMT’s governance token is almost 20 times more valuable than all other tokens in the movement economy combined, making it a promising investment.
Hungry for more information?
For more interesting updates on NFTs, connect with NFTHI on Twitter.
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.