In the first quarter of 2022, more than half of the active wallets observed by Dappradar were tied to blockchain-based games, indicating that play-to-earn (P2E) games continue to dominate the crypto market. Recently, a variant of the P2E paradigm known as move-to-earn (M2E) has piqued the interest of crypto enthusiasts.
Genopets and Dustland Runner are two examples of projects that employ the M2E concept; however, STEPN appears to be the most popular right now.
What is STEPN?
STEPN is a Web3 application that mixes Game-Fi and Social-Fi features and is created as a lifestyle on the Solana platform. You may earn rewards and an additional amount by owning a pair of NFT sneakers and participating in STEPN outdoor sports missions.
The Green Satoshi Currency (GST), STEPN’s in-game token, now trades for $7.30. STEPN has coded a few parameters that affect how much a person may make with their footwear. The token has increased by over 77% in the previous 30 days, but is this trend sustainable?
What’s happening with STEPN?
The project is presently in beta, and new users will need to enter a code to join. Nevertheless, STEPN acquired popularity among crypto and NFT commentators and had a parabolic surge in upward growth in branding and packaging move-to-earn.
At the current GST rate, a STEPN shoe may earn a user up to $20 per day on average, while a premium tier sneaker can earn users hundreds of dollars. The strength of a user’s GPS and the endurance of cellular connections are also essential factors in earning. There’s no assurance that data will be collected if the GPS or signal is choppy and STEPN relies on knowing how far a person has traveled to get incentives.
Many users are tweeting about their views on social media platforms, as well.
In principle, move-to-earn applications like STEPN have a good intention of focusing on health and fitness. The success of these methods, on the other hand, is based on motivating and, in effect, seeking to influence behavior to establish habits.
