Review STEPN ($GMT) – The first Web3 running app with fun social and game elements
STEPN is a Web3 lifestyle app with inbuilt Game-Fi and Social-Fi elements.
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.
To get started with the move-to-earn app, users have to deposit Solana’s native SOL token in STEPN’s in-app wallet, buy a sneaker NFT from its in-app marketplace, and wait for 24 hours for “energy” replenishment. Energy is how many minutes a user gets for exercising with a sneaker NFT, said Rong.
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.
“When we were deciding to do a product, we thought that running and walking is basically something that almost anyone can do. If we can convert this to a move-to-earn or rent-to-earn, then we could effectively reach everyone,” explained Kwong.
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.
What is the unique selling point?
Winner of Solana Hackathon
STEPN is the winner of Solana Ignition Hackathon Gaming Track. It is also the only mobile game to win the Hackathon. Through an easy-to-use interface, built-in Marketplace and Wallet, STEPN’s game design, and the objective to nudge millions of non-Crypto people to use this app has won the Hackathon judges’ approval.
STEPN Raised $5.0M in Seed Round Funding
STEPN, the first Web3 running app with fun social and game elements, raised a $5.0M seed round from leading investors including 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 WelinderShi Capital.
Notable Angel investors including Santiago R Santos and Asia Partner of Republic Zhen Cao also participated in the round. The proceeds will support STEPN’s mission to inspire millions to engage in healthier lifestyles, connecting them to the Web3, and contributing positively to Carbon Neutrality.
Marketplace and Leaderboard coming up in Jan 2022
Closing on the strategic round fundraising, STEPN aims to release its first patch update (Marketplace and Leaderboard) and investor detail in the middle of Jan. 2022. We are currently supported by several top-tier Venture Capitals from both the Web 2.0 and Web 3.0 realm, providing us with the capability to reach out not only to a Crypto native crowd but also to a much broader audience.
The application has 3 modes for users to freely participate and earn money: Solo, Marathon, and Background Mode.
Solo Mode: In solo mode, users can earn tokens by moving. Their income depends on two things: their level of physical activity and the rarity/attribute of the Sneakers they own.
Marathon Mode: There are weekly and monthly Marathon competitions and users need to register for each race separately 24 hours before starting the online Marathon.
Background Mode: Users can earn GST even without the app and repair costs with at least one pair of sneakers in their inventory. When the STEPN app is turned off, Background Mode pulls the step count directly from the mobile device’s Health Data. Steps achieved in Background Mode (walking, jogging, or jogging) will not reduce the Endurance of the sneakers.
STEPN develops 2 types of tokens: GST (Utility Token, Rewards) and GMT (Government Token).
- Token Name: STEPN
- Ticker: GST, GMT
- Blockchain: Solana
- Token Standard: SPL
- Contract: Updating..
- Token Type: Updating..
- Total Supply: $GST unlimited supply, $GMT 6,000,000,000
- Circulating Supply: Updating…
GMT Token IDO On Binance Exchange: Details
GMT Token Sale Details:
- Token Name: STEPN – Green Metaverse Token (GMT)
- Launchpad Hard Cap: 4,200,000 USD
- Hard Cap Per User: 15,000 USD (1,500,000 GMT)
- Total Token Supply: 6,000,000,000 GMT
- Total Tokens Allocated to Binance Launchpad: 420,000,000 GMT (7% of Total Token Supply)
- Public Sale Token Price: 1 GMT = 0.01 USD (price in BNB will be determined prior to subscription)
- Token Sale Format: Subscription
- Supported Sessions: BNB only
- Preparation Period 2022-03-02 00:00 AM (UTC) to 2022-03-09 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 7-day period. Your final average daily BNB balance over these 7 days will determine the maximum amount of BNB that you can commit later on.
- Subscription Period 2022-03-09 06:00 AM (UTC) to 2022-03-09 09:00 AM (UTC): Subscription will open at this time for all eligible users for a 3-hour period. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution.
- Calculation Period 2022-03-09 09:00 AM (UTC) to 2022-03-09 10:00 AM (UTC): Subscription closes and token allocation calculation begins.
- Final Token Distribution 2022-03-09 10:00 AM (UTC): Your final token allocation will be calculated and the corresponding BNB will be deducted from your already-locked BNB amount. Once deducted, your GMT and BNB tokens will both be transferred to your spot wallet.
Token Allocation & Token Release Schedule
Token Use Case
GST has an unlimited supply and is minted when a user moves in Solo or Background Mode.
The GST is burned by:
- 3.Leveling up Sneakers
- 4.Gems upgrade
- 5.Unlocking Socket
- 6.Resetting Sneaker Attributes
The GMT is minted at the Token Generation Event, with a total of 6,000,000,000 minted.
The GMT is burned by:
- Governance participation
- Taker option is the voted result
- Sneaker Customisation
- Level 28 – 30 Sneaker leveling
- Rare to Legendary Sneaker Shoe-Minting
- Level 4 – 9 Gem upgrade
- Sneaker Attributes Reset
Market and Community
STEPN Raised $5.0M in Seed Round Funding from Sequoia Capital, Folius Ventures, and other leading Web3 Investors
STEPN is a Web3 lifestyle app with Social-Fi and Game-Fi elements. Users equipped with NFT Sneakers – walk, jog or run outdoors to earn GST, which can be used to level up and mint new Sneakers, Players can choose to lease or sell their NFT Sneakers on the in-app Marketplace; users’ GST earnings are stored in the in-app Wallet, which has a built-in Swap function.
Find more information about: StepN
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.