What is STEPN move-to-earn (M2E) game?
STEPN is a move-to-earn (M2E) game developed by the Australian FinTech firm Find Satoshi Lab. It incentivizes movement by rewarding users for walking, jogging, or running outdoors using non-fungible token (NFT) sneakers. Users must purchase NFT sneakers designed for physical activity. These sneakers generate rewards based on their attributes and the time participants stay active.
The platform issues two tokens:
Green Satoshi Token (GST) as rewards for physical activity.
Green Metaverse Token (GMT) for governance.
Earning with STEPN:
Users can participate in three different modes:
Solo mode: Earn GST based on physical activity and sneaker rarity.
Marathon mode: Compete in weekly or monthly races.
How To Participate:
Download the STEPN app: Get the move-to-earn app.
Deposit SOL or BNB: Add Solana (SOL) or Binance Chain (BNB) to the in-app wallet.
Purchase NFT sneakers: Use the deposited funds to buy sneakers.
Earn GST: Be rewarded for physical activity and interactions with tokens.
Thoughts and Concerns about STEPN:
The floor price of STEPN sneakers on the Magic Eden NFT marketplace is currently 3.9 SOL, which is just over $100. However, it’s worth noting that the prices of Sneaker NFTs can fluctuate based on demand and other factors. Theerefore, I find it risky to purchase the NFT sneakers with the hope of recovering the initial investment fast and even starting to earn. Just to consider some numbers: Various styles of sneakers require distinct sorts of activities namely walking, jogging, running or all combined. Running sneakers generate more profits than walkers. However, the maintained average speed is higher. As an example, for walking sneakers, the optimal speed ranges between 3-4 km/h. You earn 4 GST for one energy. Keeping all this in mind, if you decide to invest you must definitely do your calculations to ensure you at least recover your NFT Sneaker investment. As always, do not invest more than you can afford to lose.