StepN - run and earn cryptocurrency

On April 16, 2022, there was a draw for 1000 pairs of STEPN digital NTF sneakers on the Binance platform. This event drew the attention of a whole army of fans of the application and was timed to the integration of the STEPN project with the Binance blockchain.

What is the essence of the STEPN project?

STEPN is a project that has created a new trend of blockchain-based Move-to-Earn games. The project can be called revolutionary because its concept is radically different from the traditional Play-to-Earn model: the application encourages the user to lead an active lifestyle and spend less time playing computer games.

The project is based on digital NTF sneakers that the user buys and then walks, runs, rides a bike, and earns cryptocurrency - GST and GMT tokens. These funds can be used in the game or exchanged for fiat (i.e. real) money.

NFT is a non-fungible token, that is, a certificate of ownership of an object in a digital format. This can be pictures, clips, songs, works of art, or, as in this case, sneakers.

The developers do not send users real sneakers. They are virtual shoes in the form of NFT tokens that exist only in the blockchain. Despite the fact that the shoes are virtual, they are able to track the user's real movements and reward them with cryptocurrency for physical activity.

The user's income depends on a number of factors: the type of sneakers, their level, and other characteristics. You can buy virtual shoes on the app's marketplace, with the cost of a pair starting at 10 SOL ($876,7 at the exchange rate on May 3). The developers chose the Solana platform as the main blockchain because of the high network bandwidth and low fees.

Player activity is rewarded with internal GST tokens. The game also has a GMT control token, which allows you to pump up your sneakers to the maximum level. In addition, this token allows you to participate in voting on key decisions in the project.

It is not possible to earn a lot at once, you need to increase the load gradually, as with any physical training. There is a limit to the amount of energy in the application: when it runs out, you have to wait for it to be restored. As you pump the NFT sneakers, the amount of energy increases, and so does the income.

To prevent sudden changes in the cost of sneakers, the developers have limited the number of invitations per day: only 2 000 people can become new members. The app plans to integrate a rental option to help new members. Through rentals, they will be able to access NFT sneakers for a period of time. Over the first quarter of 2022, the project's total revenue was $26 million. The founders are determined to play it long term and note that they have made every attempt to limit the surge in users in the initial stages and token inflation. The project has strong tokenomics and a well-thought-out marketing model.

Who created the project

The creators and co-founders of STEPN are experienced professionals who already have a track record of creating apps:

• Jerry Huang. Co-founder. Ten years of experience in game development.
• Ryan Turner. Lead designer, head of Malicious Delicious studio, known for the monumental murals that decorate buildings in Australian cities.
• Scott Dunlap. Advisor and part-time vice president of Adidas.
• Jason Kam. Advisor, head of Folius Ventures.
• Jessica Duane. CSO (chief security officer), consulting specialist with 10 years of experience.

The project raised $4,5 million during IDO (Initial Decentralized Token Offering on the exchange). As of May 2022, the capitalization of STEPN is about 1,9 billion. The project managed to achieve these results in less than six months, which is one of the most impressive growth figures in the history of smartphone applications. On April 28, the GMT token reached an all-time high of $4,1 in value (CoinMarketCap's data).

The popularity of the app is growing. The project attracts not only fans of innovative technology, but also an audience that adheres to a healthy lifestyle. STEPN has a contract with Asics and a partnership with Adidas.

Mechanics

There are 4 types of virtual sneakers in the game:

• Walkers, walking shoes.
• Joggers, shoes for race walking.
• Runners, running shoes.
• Trainers, universal sneakers for moving from 1 to 20 km/h.

The player can walk to earn only a certain amount of time per day. Every 6 hours the player earns energy up to 2 units per day. This is enough for 10 minutes of motor activity.

Those who want to earn more can buy 3 pairs of sneakers. In this case, the time of motor activity increases proportionally. Tokens are earned when the user spends energy. For each type of shoe, there are restrictions on speed. For example, wearing walkers, you can move at a maximum speed of 6 km/h. As for runners, it is necessary to run in the range of 8 to 20 km/h. No tokens are awarded for running at speeds outside this range.

Income is affected by the NFT parameter of rarity. The gray sneakers are the least rare (common), followed by green (uncommon), blue (rare), purple (epic), with orange (legendary) being the most exclusive. The cost increases sequentially, with the higher the rarity, the higher the player's income.

Each pair has individual attributes: efficiency, luck, comfort, and resilience:

• efficiency is considered one of the main characteristics, as it affects the number of tokens that NFT sneakers earn;
• luck determines the number of special gems falling out of the Mystery Box - they can be used to improve NFT sneakers;
• comfort increases the earnings of GMT control tokens starting from level 30;
• resilience reduces the cost of repairing sneakers.

Just like real sneakers, their digital counterparts are worn out as they are used. And you have to repair them at the cost of tokens, too. When the wear and tear of sneakers reaches 50 units, their efficiency is reduced to 90%, which affects income. For example, the owner of common sneakers will receive 1 GST instead of 8 GST. By gradually gaining points and pumping their shoes, the user receives more and more tokens and various artifacts. In the game, you can sell all items - both the sneakers themselves, and the received rewards, as well as artifacts (gems).

New NFT sneakers appear with a release (Shoe-Minting Event), for which the user must own two different NFT sneakers. To participate in the creation of new NFTs, the virtual shoes must meet the following conditions:

• having a level 5 or higher;
• the sneakers are fully repaired (100/100 in terms of resilience);
• are not in the cooling period (it lasts 48 hours after the purchase or transfer to the account).

Each pair may be used for release a maximum of 7 times. It is easiest to release common sneakers, there are special conditions for rarer pairs. GST tokens are enough to create sneakers of the 1st and 2nd level of rarity, rarer pairs can be created only with control tokens available from the 30th level of progression.

How to start playing

DeFi and Web 3.0 technologies are positioned as accessible and easy for everyone, so it is really easy to get into the game:

1. Download the STEPN app on your smartphone (on Google Play and AppStore).
2. Enter your email, get a one-time code and enter it.
3. Select NTF sneakers.
4. Create an internal wallet, and transfer SOL to it in the amount needed to purchase.
5. Buy the sneakers.

If there is no SOL cryptocurrency, you will have to buy it on an exchange - Binance is the easiest way to do it, especially since the platform is now integrated with STEPN.

Players benefit from the project in many ways. They lead a more active lifestyle, and go out for walks and jogs more often. In addition, game participants earn - they get tokens for activity and can create new NFTs and sell them.