What is STEPN?
But instead of incentivizing online gaming, the game is "move-to-earn", as you'll earn cryptocurrency tokens by moving. Move-to-earn game Genopets and Wirtual are NFT games that follow a similar game mechanic.
The game does this by leveraging the GPS in your smartphone. It tracks your movements and steps similar to how a FitBit works.
At around March of this year, user adoption reached around 100,000 daily active users, and that number has increased dramatically since then.
The creators of the game (Find Satoshi Lab) built the game to essentially be a web3 lifestyle app fitness game that allows users to earn rewards while running, walking or jogging.
Players use their sneakers to collect tokens and other items while earning points. A portion of the profits go towards buying carbon credits (through governance voting) on the blockchain. The team wants to encourage people to develop a healthier lifestyle, to get out and exercise more.
You can rent sneakers from other players for free via the game's built-in rental system. The earnings can be split so that 30% of the profits goes to the renter (shoeless users) while the rest (70%) goes to the owner. When you earn enough money, you can buy your own sneakers.
The game operates within the SOLANA blockchain, which means you'll need SOL cryptocurrency to purchase STEPN's in-game items and tokens.
Like some NFT games, STEPN implements a 2-token system:
STEPN Governance Token: GMT (governance and value token)
STEPN Game Token: GST (token you spend in-game)
To earn from STEPN, you do it by acquiring GST by playing the game. For each minute of activity playing it, you will gain GST.
The amount of GST you’ll earn will depend on the efficiency of your shoe. But it also depends on the type of activity you do. In general (assuming both players have 0 efficiency), the player who ran for 1 minute will gain more GST compared to another player who walked for 1 minute.
You need GST to participate in the various aspects of the game like:
- Minting new sneakers
- Leveling up your sneakers
- Repairing your sneakers
- Faster opening of mystery boxes
- Creating better gems
- Unlocking gem sockets
The more you “progress” (e.g., level-up, upgrade) your items in the game, the better GST earning capacity you’ll have.
A level 0 sneaker will earn significantly less versus a level 15 sneaker, for example.
Repair is also crucial. Like real-world shoes, they lose durability the more you use them. In STEPN, this wear and tear translates to a reduction in earning power:
Below 50% durability = -10% GST earning efficiency
Below 10% durability = -90% GST earning efficiency
But aside from earning efficiency, there are 3 other stats that are factored in when it comes to how much you can earn in STEPN. Here are all 4 stats:
- Efficiency - determines your GST-earning efficiency
- Comfort - determines how much GMT you can earn after level 30
- Luck - Your chance of getting a mystery box (the higher luck the better)
- Resilience - determines how fast your sneaker will degrade
Note: At Level 30, users can opt to stay earning GST or switch to earning GMT. Players are allowed to switch between these two token-earning modes freely.
The part of the game which will cost you the most GST though is minting new shoes. A new sneaker created from 2 commons costs 200 GST as of the moment (Apr 2022).
Minting 2 uncommons (more rare), costs 800 GST! The current price of GST is around $4 as of April/18/2022.
What is Energy in STEPN?
Energy in STEPN is needed to earn GST.
1 Energy = 5 minutes to move and earn.
Once energy is consumed for a certain sneaker in your collection, you will stop earning GST. If you have more than one pair of sneakers, you can move on to the next pair and start earning again.
As you can see, the more shoes you have, the more energy you’ll have, so the more potential for earnings.
Do note that the energy you’ll get from the sneakers you own will be reduced as the numbers go up. Which means succeeding sneakers you own will generate less energy than the first couple of ones you got.
Energy generated per sneaker
Types of Sneakers
The game offers 4 different sneaker types, each designed to suit a particular exercise intensity or fitness level.
Other factors that can affect earning efficiency:
- Sneaker Efficiency (Low Durability affects Efficiency).
- GPS signal - users will earn less if GPS signal is poor.
- Mobile Data signal strength and stability – if data signal is choppy, it could also reduce earnings.
Efficiency (GST Earning) – Solo Mode, Marathon Mode In Solo Mode, Efficiency affects how much GST you'll earn. A higher Efficiency Attribute will result in better GST earnings per Energy spent. In Marathon Mode, higher Efficiency helps accumulate more Leaderboard points.
Luck (Mystery Box) – Solo Mode, Sneaker Rental (TBA) Luck determines the type of quality and how often you'll receive the Mystery Box. Even if a player has leased his sneakers to a renter, they are still eligible to receive Mystery Box.
Comfort (GMT Earning) – Solo Mode, Marathon Mode, Staking/Governance (Under Development). The Comfort value is still being developed.
Resilience (Durability/Repair) – Solo Mode, Marathon Mode
In Solo Mode, Resilience determines how fast the Durability of your sneakers will be reduced. Higher Resilience is better. However, note that the higher the Sneaker's level or quality, the higher the repair cost. Think of durability as a Sneaker’s “stamina” bar. As a user moves, it's Durability will be reduced. Sneakers receive a “worn-out” penalty at 2 Durability touch points:
At 50/100 Durability, Sneaker Efficiency drops to 90%
At 20/100 Durability, Sneaker Efficiency drops to 10%
In Marathon Mode, resilience will allow users to earn more points as their Sneaker will stay above the “worn-out” penalty mark longer.
Users will be able to burn GST/GMT to reset the Sneaker's Attribute points. The more frequent the reset, the more expensive it will be, with the cost capping at a certain level (Under Development).
STEPN Sneaker Quality
How Do the Creators of STEPN Earn a Profit?
According to their STEPN litepaper:
“We take small taxes from in-app activities, such as NFT trading, Shoe-minting and Shoe-rental. All assets in the STEPN app are owned by individual users and the majority of earnings in the app are made by users”.
Last January, the project raised $5 million in a seed round through sales of 16% of GMT supply to some of the big names in the industry. The names include: Alameda Research, Solana Ventures, and Folius Ventures.
How to Make a STEPN Account
- Download the STEPN app. You can download it from the Google Play Store or Apple App Store. You can also download it from their official website here.
- Sign up for STEPN by completing the required information.
- You will be able to sign up using your email address. They will send a verification code to the email you used. Enter the code to get into the game.
- The next step is to create a new STEPN wallet. To do this, click on the Wallet icon on the upper right hand side of the screen.
- You will be provided with a 12-word secret phrase (similar to Metamask) that you can use for getting access in case you forgot your password or when you reinstall the app.
- You will need SOL cryptocurrency to purchase in-game tokens to play the game.
- Once you have SOL in your wallet, you can head over to the marketplace and pick a sneaker. Tip: Use the filter tool to narrow down the results based on your preference.
- Upon purchase, energy will be recovered at a rate of 25% every 6 hours. Once you have 25% energy, you can start playing and earning.