Sep 24, 2024

6thTrade

STEPN is back, collaborating once more with Adidas to drop a limited edition of co-branded Genesis Sneakers. This time, they're releasing 1,000 exclusive pairs, which will be available on STEPN GO. These Genesis Sneakers feature four distinct designs, inspired by Adidas' most iconic running shoes. $GMT

Key Dates and Details

The event kicks off on September 25 at 8 AM UTC and runs until September 30 at 8 AM UTC. Of the 1,000 Genesis Sneakers, 996 will be available via a Raffle Mint, while the remaining four pairs will be given away through special promotions on STEPN GO and ALTS by Adidas.

The Raffle Mint comes with a ticket price of 10,000 GMT (STEPN's native token), but don’t worry—you’ll get your GMT refunded if you don't win.

What is STEPN?

STEPN is a blockchain-based project designed to reward people for their physical activity. It bridges the gap between the real and virtual worlds by gamifying daily exercise. Users are rewarded with GMT tokens based on the number and intensity of their steps, among other factors.

The STEPN app, which tracks users’ steps, is central to this experience. It also offers a marketplace where users can spend their earned tokens on digital and physical goods, and engage with a community through leaderboards and challenges.

STEPN made a significant splash in May 2022, earning 4th place in Solana's Ignition Global Hackathon and generating a staggering $35.3 billion in transaction volume that month.

The Latest Chapter in STEPN and Adidas’ Partnership

The upcoming collection follows the first successful partnership between STEPN and Adidas, which launched in April 2024. This time, the Genesis Sneakers come in four unique designs based on Adidas’ most famous running silhouettes: adiZero Adios Pro 3, Ultraboost 5X, Supernova Rise, and adiStar BYD. Each sneaker is not just a fashion statement but also a digital collectible, available as NFTs through the Mooar marketplace.

STEPN GO Co-Founder Yawn Rong expressed excitement about continuing the collaboration with Adidas:

"This next partnership phase with Adidas allows us to further integrate digital collectibles and fitness rewards. We’re thrilled to keep pushing the boundaries of what’s possible in the Web3 lifestyle space."

For Adidas, this is yet another step into the future of wearables and digital innovation, reinforcing their commitment to Web3 ventures. For STEPN, the partnership presents a chance to refresh its product offerings and win back users after facing significant challenges.

A New Chapter for STEPN GO

STEPN GO’s road hasn't been entirely smooth. At one point, the project faced accusations of operating with "Ponzinomics" and was banned in China. The result? A steep decline in both users and revenue. But this latest collaboration with Adidas could mark a turning point, giving the platform a chance to rebuild and restore its community’s trust.

The NFT space, in general, has faced its own struggles, with 96% of NFTs deemed “dead” according to industry research. Regulatory pressures, including a Wells Notice from the SEC against OpenSea, have only added to the turbulence. These factors have forced players in the space, like Magic Eden, to adapt quickly.

But for STEPN GO, partnering with heavyweights like Adidas and focusing on wearable tech and fitness rewards could be just what they need to turn things around. With innovation at its core, the brand continues to explore ways to blend physical activity with the digital realm, making it exciting for both fitness enthusiasts and NFT collectors alike.

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