September 26, 2022
Source: Switcheo

What Is STEPN?

STEPN is the first move2earn mobile NFT game powered by Solana where players can walk, jog or run outdoors with an NFT Sneaker to earn tokens. STEPN aims to inspire millions to engage in healthier lifestyles by bringing them into the Web 3.0 world while contributing positively to carbon neutrality.

With the goal of making walking more interesting, encouraging people to be more interested in health care as well as being active in the outdoors, STEPN is an application that combines both movement and economics, helping you walk that also earn money.

Studies show that more people are exercising now, which makes StepN a perfect market to scale.

Outstanding Features

STEPN is one of the top winning projects in the Solana Hackathon Ignition Gaming Track event. It is also the only mobile game to win the Hackathon. Through its user-friendly, easy-to-use interface, built-in Marketplace and Wallet, STEPN’s game design, and its goal of reaching millions of non-cryptocurrency users, the app won Hackathon Jury approval.

The STEPN team is looking to take advantage of fitness and the incredible social atmosphere behind the phenomena. There are millions of fitness freaks in the world who work with countless apps and programs. What STEPN is building will tap into the social and community elements to revolutionize how blockchain technology is used for earning.

 

The unique Move-to-Earn concept is something Kwong and his team believes can help onboard myriad new users to crypto. Kwong acknowledges the difficulties of initial entry but believes that users will flock to his app once these barriers are assuaged. But the Move-to-Earn will not be the only concept that brings users to the app––in fact, Kwong thinks it will be secondary.

Source: solscan.io

What can we do in STEPN?

  • Move-to-earn: Move outdoors with Sneaker NFT and earn tokens (with multi-layered anti-fraud mechanism).
  • Mint or upgrade Sneaker NFT (Minting): Each Snearker has different types, qualities, attributes and gem sockets.
  • Commodity Exchange (Marketplace): Where users can rent/rent or sell/buy Sneakers, Badges and Gems.

Game Modes

  • Solo Mode: Players are required to equip their Sneakers in order to earn $GST when moving around. Sneakers have Energy, which are also needed to earn $GST.
  • Marathon Mode: Players need to register under the Marathon Tab at least 24 hours prior to commencement, and can only take part in one Marathon at a time. There will both be Weekly Marathons and Monthly Marathons.
  • Background Mode: players will be able continue earning $GST while the STEPN app is not being actively used, provided the player owns a Sneaker in their in-app wallet.

Detailed information about GST/GMT Token

GMT and GST

  • Move & Earn: 30%
  • Ecosystem: 30%
  • Private Sale: 16.3%
  • Team: 14.2%
  • Public Sale: 7%
  • Advisory: 2.5%
GMT Allocation

Token Release Schedule

Token Release Schedule

Token Use Case

  • Governance: Stake participates in governance, the longer the lock time, the higher the voting power.
  • Staking Reward: GMT stakers can vote to decide the distribution of staking rewards.
  • Accrual of protocol revenue: GMT is burned to access in-app features, such as athletic shoe upgrades and new athletic shoe molding.

How To Buy GMT Token?

Currently, GMT is in the process of being distributed to the market via Binance Launchpad. In the future, users will be able to buy GMT when it is listed on Binance

Roadmap

STEPN Roadmap

Currently, the project has launched versions on Android and iOS platforms (iOS will be released in Q1/2022). According to the announcement from the project, as of February 21, 2, STEPN has achieved 2022 daily active users and 21 monthly active users.

The next stages of development will follow the following roadmap:

Q1 / 2022

Rental system

  • The credit system uses the test to train tenants to understand how STEPN works.
  • In-market matching system for pairing between landlords and tenants of sneakers based on the credit rating of the lessor.
  • The rental system uses smart contracts to settle the rental agreement.

Multi-chain wallet

  • Users can deposit and deposit crypto assets according to Solana and EVM standards.

Q2 / 2022

Charts

  • PvP leaderboard is linked with Marathon mode, player ranking, player group on leaderboard.

Marathon Mode

  • Host a weekly or monthly marathon. Users need to pay a subscription fee to join.
  • The highest ranked players or groups of players will receive PvP rewards.

Administration

  • Users can stake GMT (STEPN’s native token, which we will learn more about later) in the app to participate in the governance role.

Q3 / 2022

Achievement system

  • Based on the user’s activity, the app will issue an achievement badge to the user. Some achievement badges have in-app perks.
  • Achievement badges can be traded on the NFT marketplace.

Quest System

  • The daily, weekly quest system allows users to earn extra rewards through completing certain tasks.

Background mode

  • Background mode allows users to earn tokens without actively participating in Solo mode. To put it simply, it’s like holding tokens for passive interest.


Q4 / 2022

Fiat on/off Ramp (exchange fiat for crypto and vice versa)

  • Connect non-crypto users to the STEPN app.

Social Network

  • STEPN will implement social interaction functions in the application through location-based services (LBS).

Team, Investors, and Strategic Partners

Core Team Members

  • Jerry Huang (Co-founder): Decades of experience in game development, operation, and marketing. Developed some of the highest-ranking games on the iOS app store.
  • Yawn Rong (Co-founder): Entrepreneur, crypto angel investor, and start-up incubator. Experience in business scaling and start-ups.
  • Jessica Duan (CSO): A holistic executive with a background in design. Experienced in operational strategy and management, senior customer consulting, marketing, and business development.
Core Team Members

Investors & Partners

STEPN Raised $5 million in seed round from Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund and WelindersShi Capital.

Notable angel investors also participating in this round are Republic Zhen Cao’s Asia Partner, Santiago R Santos.

Investors & Partners

Octopus Network’s Official Website

Website: https://www.stepn.com/

Reddit: https://reddit.com/r/StepN

Twitter: https://twitter.com/STEPNofficial

Discord: http://discord.gg/stepn

Telegram: https://t.me/STEPNofficial

Conclusion

STEPN is a lifestyle application combined with the Move and Earn model to help users both practice sports and earn money through that activity. It’s basically the same way as the model Play-to-Earn that we often see. The difference in the way it works may be what makes it attract a certain number of users after only a short time of launch.

Hopefully, this article has given HotQA readers the most basic information about this project. See you in the next posts.

Disclaimer: This is not financial advice. This article is for informational and sharing purposes only.