STEPN is a Web3 lifestyle app with inbuilt Game-Fi and Social-Fi elements.
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.
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, 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.
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).
GMT Token IDO On Binance Exchange: Details
GMT Token Sale Details:
Subscription Timeline:
GST has an unlimited supply and is minted when a user moves in Solo or Background Mode.
The GST is burned by:
The GMT is minted at the Token Generation Event, with a total of 6,000,000,000 minted.
The GMT is burned by:
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
Website: https://stepn.com/
Whitepaper: https://stepn.com/litePaper
Twitter: https://twitter.com/Stepnofficial
Discord: https://discord.com/invite/stepn
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
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.
Annie
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