Non-fungible tokens, or NFTs, showed everyone that it is possible to own digital assets without the fear of losing ownership. You create an image and convert it into an NFT to ensure that no one else can claim ownership. In addition, NFTs also ensure that no one can make any changes to the NFTs without your permission. With such unique advantages, NFTs have been evolving into dynamic variants.
One of the most notable examples in the form of STEPN crypto showcases another innovative use case of non-fungible tokens. It is a move-to-earn NFT game with the power of Solana blockchain. Considered a lifestyle app, STEPN encourages users to embrace healthier lifestyles. The following post offers a detailed introduction to the world of STEPN and how it works. You can also learn more about the games and types of tokens involved in the STEPN ecosystem.
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Definition of STEPN
Before identifying any critical details about the STEPN blockchain game, it is important to learn about its definition. STEPN is the world’s first NFT game with the move-to-earn model, which rewards participants for moving around and doing physical activity. Users can achieve rewards in the form of tokens for walking, running or jogging outdoors with NFT sneakers. The STEPN token uses can introduce users to the web3 ecosystem alongside encouraging more people to follow a better lifestyle. At the same time, STEPN also ensures better opportunities for achieving carbon neutrality.
Origins of STEPN
The answer to “What is STEPN crypto?” also invites curiosity regarding the origins of the world’s first-ever move-to-earn NFT application. The founders behind STEPN are Jerry Huang and Yawn Rong, who have created the Australian fintech firm, Find Satoshi Lab. STEPN emerged as the winner of the Solana Ignition Hackathon Gaming Track while being the only mobile game to achieve the feat.
The STEPN app garnered applause from the judges at the hackathon. Some of the crucial highlights of the app accounted for by the judges during evaluation included the design of the game and the in-built marketplace. On the other hand, it also features an easy-to-use user interface and a wallet, which guarantee usability. Furthermore, STEPN also features the necessary capabilities for drawing massive numbers of non-crypto users into the application.
As one of the earliest running web3 apps, STEPN has successfully secured around $5 million in a seed round. The basics of STEPN explained how it has developed with a strong financial foundation. Most important of all, you should also notice the players investing in the vision of STEPN.
Notable names such as MorningStar Ventures, Solana Capital, Sequoia Capital and DeFi Alliance were some of the most prominent participants in the seed round of financing. With the help of the collected funds, STEPN could move closer to its vision of fostering carbon neutrality and connecting users to web3 for healthier lifestyles.
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Working of STEPN
The next important highlight in any introductory guide to STEPN would focus on answers to “How does STEPN work?” and the way it relates to web3. You can start using STEPN by downloading the app and signing up with your email address. Subsequently, users have to connect their wallets to STEPN to explore the world of this new type of web3 app.
The Game-Fi system of STEP involves users wearing sneaker NFTs. Users can purchase the NFT sneakers by depositing the native token of Solana in the in-app wallet of STEPN. In addition, users would have to wait to replenish energy for a period of 24 hours. The amount of energy would determine the time for which users can carry out physical activities or exercise with NFT sneakers.
Users can select different attributes such as resilience, comfort and efficiency. The features defined for a sneaker in the STEPN NFT ecosystem would play a vital role in determining the energy limit of the sneaker. Interestingly, the energy cap plays a crucial role in streamlining distribution through a restricted supply of rewards.
The other striking details regarding STEPN ecosystem would refer to the two distinct tokens, such as GST and GMT. GST or Green Satoshi Token is a popular utility token of the game, with an unlimited supply. The other token in the STEPN ecosystem refers to GMT or Green Metaverse Token.
However, the STEPN GMT comes with a limited supply of up to 6 billion. The pricing of GMT tokens witnessed formidable growth of almost 34000% in the period between April and March 2022. One of the significant factors underlying the rise in value of GMT would refer to the growing hype around DeFi projects, offering rewards with tokens for maintaining activity.
How Can You Play STEPN?
The gameplay in STEPN is also one of the striking highlights of its work. Users could purchase, sell, lease or rent NFT sneakers alongside badges and gems on the in-built marketplace. The monetization aspects of the game involve jogging, running or walking outside, which can help users earn the STEPN coin for utility, i.e., GST. Users can cash out the reward or utilize them again for in-game activities.
In addition, the marketplace also features a simple filter and sort tool, which ensures flexible and faster navigation. Once you have the NFT sneaker ready, you can earn GST utility token rewards by running or walking outside. The STEPN game distributes rewards from the 30% of supply earmarked specifically for rewards. On the other hand, STEPN has a long way to go in operationalizing the credit and rental system.
Unique Highlights of STEPN
The STEPN crypto app has been tailored as a move-to-earn game with distinct Game-fi and Social-fi traits, serving unique functionalities. The Game-fi elements of the app focus on encouraging users to lead healthier lifestyles and fighting concerns of climate change. In addition, the Game-fi aspect of STEPN focuses on drawing more members of the public into the web3 community. On the other hand, the Social-fi aspect of STEPN focuses on developing a stable platform for encouraging user-generated content in web3.
The users with NFT sneakers can earn a reward in the form of GST utility tokens by participating in activities such as running, walking or jogging outside. Users can rely on GST tokens for minting new sneakers or upgrading the game. Players could sell or lease their NFT sneakers and obtain GST revenues directly in their in-app wallet. Another interesting highlight of the STEPN app wallet refers to the in-build swap function.
With the help of a dual-token economy model, STEPN can address the objectives of fundraising and utility. One of the primary objectives behind generating tokens would focus on resolving regulatory concerns. At the same time, the division of the project’s ecosystem into two different tokens enables better ease of use. STEPN utilizes a unique burn mechanism for reducing the circulation of GST and GMT tokens.
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Uses of STEPN Coins
The token economy of STEPN involves two distinct types of tokens with unique use cases. You could use each STEPN token distinctively to make the most of the new web3 lifestyle app. The two tokens are the Green Satoshi Token or GST and Green Metaverse Token or GMT. Here is an overview of the functionalities associated with each type of token on STEPN.
Green Satoshi Token
The Green Satoshi Token or GST token is the utility token of STEPN, and you have different methods for obtaining GST. For example, you can participate in the Token Generation Event or TGE for minting the GST coin. The token creation event basically points to the instance when a dApp developer launches the official tokens of the network into the market.
You must note that the STEPN coin for utility does not need any additional investment other than the time and effort for participation in different in-game activities. The GST token is also useful for upgrading or repairing sneakers. In addition, the GST token also helps in upgrading gem items alongside minting sneakers. On top of it, the GST token also works extensively as an exchange or swap value holder for the USD coin.
Green Metaverse Token
The other token in the STEPN ecosystem would refer to as the STEPN GMT or the Green Metaverse Token. The role of GMT in STEPN aligns more closely with that of a governance token. It can help in changing the names of sneakers or upgrading to a higher ranking within the game.
Furthermore, GMT also helps in accessing high-level activities and premium content in the game. The Green Metaverse Token or GMT tokens also support the distribution of profits. Users can obtain GMT when they have a minimum of three “Energy” or fulfilling the “rule of three requirements.” Sneakers that have reached Level 30 in the game could achieve eligibility for swapping GMT with USD Coin.
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Types of Modes in STEPN
When you look closely at the STEPN NFT sneakers and the dynamics of the new web3 app, you would basically find a game. Users can access three distinct gameplay features in STEPN, such as solo, marathon and background mode. Each of these modes helps in earning money alongside participating in the game according to your preferences.
If you want to earn from the STEPN move-to-earn app, then you would need sneakers. However, you can start running or jogging without any investments, as you can go for a free trial and test the features of the game. You can find a distinct meter to monitor the growth in earnings, and it would fill up as you run with STEPN footwear. Here is a description of the individual modes supported on the STEPN move-to-earn NFT sneakers game.
The solo mode requires users to walk around wearing the NFT sneakers to obtain GST tokens. On the other hand, you would need “Energy” to earn the GST token rewards. You can consume 1 unit of “Energy” for five minutes of move-and-earn gameplay. Players can replenish the energy bar by purchasing STEPN sneakers. However, it is important to note the energy level before any movement, as you cannot gain any tokens after depleting all of them.
In addition, you must also know about the GPS signals in STEPN blockchain gaming app for better experiences with the app. You can find three distinct types of GPS signals in the STEPN gameplay, indicating varying signal strengths. Players must ensure organic movement alongside adequate strength of the GPS signal to earn the desired rewards. The three types of GPS signals include white, red and green, with white implying no GPS signal, red suggesting poor GPS signal and green indicating a strong GPS signal.
The token payment methods in the solo mode would depend on different factors, such as the sneaker traits and types of sneakers. The sneaker traits such as speed of movement, comfort and efficiency play a crucial role in determining the payment. Users can move up to level 30 and switch to STEPN GMT to make the most of the two token economies.
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The “Marathon” tab in the STEPN app allows users to engage in monthly or weekly marathons. Users must register for the marathons at least 24 hours before the marathon begins. The Marathon mode allows users to choose the length of the marathon for weekly and monthly marathons from distinct options. However, users can participate in only one race at a time without the facility for repairing sneakers during the marathon.
The most interesting highlight in answers for “How does STEPN work?” would refer to the background mode. Users with at least one pair of sneakers to spare in their inventory could earn GST token rewards offline. In the background mode, the app would collect step counts from the health data of your mobile device. Since the app would be turned off in the background mode, the sneakers would not experience any issues in durability.
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The introduction to STEPN explained many crucial pointers about the new web3 lifestyle app. It encourages users to move around and earn rewards in the form of crypto tokens. The most interesting highlight of STEPN refers to the two-token model alongside the facility of distinct attributes for tokens. As one of the earliest running web3 apps, STEPN can not only encourage the use of Game-fi but also draw the general public to web3. Explore detailed explanations for web3 and how it can transform the future.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!