How STEPN (GMT) Lets You Earn While Making You Fit

Welcome to the world of STEPN, a pioneering Web3 application that's reshaping how you think about fitness and finance. Built on the Solana blockchain, STEPN introduces a unique concept where your daily jog or evening walk transforms into a lucrative crypto-earning activity. Imagine lacing up your sneakers, stepping out the door, and earning digital currency with every step you take. This integration of physical activity with blockchain technology not only incentivizes fitness but also allows you to tap into the fast-evolving world of cryptocurrency simply by moving.

 

Move to Earn (M2E) on STEPN | Source: Stepn.com 

 

What sets STEPN apart is its innovative approach to motivating you to stay active. Earning cryptocurrency isn’t just a perk; it’s a powerful motivator. As you walk, jog, or run, you accumulate Green Satoshi Tokens (GST), which can be used within the app or converted into other forms of digital assets. This direct reward system makes every step count and adds a layer of excitement to your fitness regime.

 

Moreover, STEPN is more than just a move-to-earn platform—it's a social, gamified experience. It introduces elements of competition and community, allowing you to connect with friends and other users. You can share your progress, challenge peers, and even compete in virtual races. Whether you’re showing off your new NFT sneakers or striving to top the leaderboards, STEPN turns your fitness journey into a fun, engaging, and rewarding adventure.

 

STEPN’s Environmental Initiatives

STEPN is committed to sustainability. The platform takes an innovative approach to environmental responsibility by contributing to carbon removal credits. For every milestone its users achieve, STEPN invests in projects that aim to reduce carbon footprints, aligning your fitness goals with global sustainability efforts. This initiative not only enhances your workout satisfaction but also contributes to a healthier planet, making each step you take a part of a larger effort to combat climate change.

 

Understanding the Move-to-Earn Model

STEPN harnesses a straightforward yet compelling model: move to earn (M2E). You earn cryptocurrency every time you walk, jog, or run while using the app. This process is facilitated through the use of GPS to track your movements, ensuring that you're physically active when earning your tokens. It’s a win-win; you get healthier, and your wallet gets a bit heavier!

 

Roles and Functionalities of GMT and GST Tokens

Within the STEPN ecosystem, two primary tokens play crucial roles: GMT (Green Metaverse Token) and GST (Green Satoshi Token). GMT is the governance token, which means holding it gives you voting rights on key platform decisions and access to special features. It’s capped at a fixed supply, highlighting its value and potential for growth.

 

GMT saw substantial price volatility with its price surging by 34,000% within just over a month after its launch in March 2022 from its initial price to an all-time high of $9.03 in April 2022. However, as of April 2024, the token is currently trading at $0.038, well below its all-time high and a loss of over 23% in the past year. 

 

GMT Token Burn Mechanism 

 

STEPN utilizes a token burn mechanism for its GMT, which is part of its strategy to manage the token's supply and value. This mechanism involves several key activities within the platform that lead to the burning of GMT tokens:

 

1. Quarterly Buyback and Burn: STEPN allocates a portion of its profits to buy back GMT from the market and permanently removes them from circulation. This process helps reduce the total supply of GMT, supporting the token's price stability and scarcity​. 

2. Usage in In-App Activities: GMT is burned during various in-app activities such as sneaker customization, leveling up of sneakers, and minting of new or rare to legendary sneakers. These activities require GMT tokens, which are then burned, effectively reducing the supply​. 

3. Governance and Platform Enhancements: GMT also serves as a governance token, allowing token holders to participate in decision-making processes on the platform. The tokens used in these governance activities are also subject to being burned, further helping to control the supply.

GST, on the other hand, functions as STEPN’s utility token with an unlimited supply. You earn GST by being active, and it’s used within the app for activities like upgrading your digital sneakers or paying for repairs. Think of GST as the fuel that keeps your STEPN journey going, while GMT is more like a valuable asset that grows with the platform. As of April 2024, the GST token is trading at a loss of over 98% since its launch in March 2022. 

 

GST Token Burn Mechanism 

 

The GST token is designed as an inflationary currency without a capped supply, which means it can be continuously minted. However, to control inflation and increase scarcity, STEPN implements a burn mechanism where GST is permanently removed from circulation. Key activities that lead to GST being burned include:

 

1. Minting New Sneakers: When users create new sneaker NFTs.

2. Repairing Sneakers: GST is used and burned when sneakers undergo repairs.

3. Upgrading Sneakers: Enhancing the level of sneakers requires GST, which gets burned in the process.

4. Unlocking Sockets and Adding Gems: Enhancements to sneakers that require GST also contribute to the burn rate.

Here’s a step-by-step guide on setting up your STEPN app to start earning crypto rewards for being active: 

 

Step 1: Download the STEPN App on Your Smartphone

Begin by downloading the STEPN app from your iOS or Android store. It’s a quick install, and you’ll be on the main screen in no time.

 

Step 2: Set Up Your Account

Once installed, open the app to set up your account. You’ll need to provide some basic information and go through a verification process to ensure security.

 

Step 3: Acquire NFT Sneakers

You’ll need a pair of digital sneakers, available as NFTs on the STEPN marketplace, to start earning. You can purchase these with cryptocurrency that you have deposited into your wallet. Choose sneakers based on your activity level—whether you're a walker, jogger, or runner—each type has unique attributes that affect how much you can earn.

 

How to buy Sneaker NFTs on STEPN | Source: Stepn.com 

 

Understanding Blockchain Networks and Gas Fees

STEPN operates primarily on the Solana blockchain, which is known for its high speed and low transaction costs, making it ideal for the frequent transactions involved in a move-to-earn model. However, it has expanded to include the BNB Chain and Ethereum networks, offering flexibility in managing your assets. Remember that each blockchain has its own gas fees for transactions, so consider these costs when transferring funds or making purchases within the app.

 

This guide should help you kickstart your journey with STEPN, turning your exercise routine into a crypto earning activity. Whether you’re a fitness enthusiast or just looking for a new way to engage with cryptocurrencies, STEPN offers a dynamic and rewarding approach to both.

 

In STEPN, earning cryptocurrency is straightforward: just move! Whether you're walking, jogging, or running, you can earn GST by simply being active while wearing your NFT sneakers. These activities must be done outdoors with a strong GPS signal to ensure accurate tracking of your movements. Once your sneakers reach Level 30 and have accumulated enough energy, you can choose to earn GMT instead, which offers additional uses within the STEPN ecosystem​. 

 

Sneaker Attributes and Their Impact on Earnings

Sneaker NFT Attributes | Source: Stepn.com 

 

The amount of GST you earn is influenced by several attributes of the sneakers you wear:

 

• Efficiency: Higher efficiency means higher GST earnings for the energy spent. This is crucial in both Solo and Marathon modes, as it helps you earn more and rank higher in competitions.

• Luck: Affects the frequency and quality of Mystery Box drops, adding an element of surprise and potential extra earnings.

• Resilience: Higher resilience decreases the rate at which sneakers degrade, allowing you to earn for longer periods before needing repairs.

• Comfort: Primarily impacts GMT earnings, with higher comfort leading to better GMT accrual once your sneakers are eligible at Level 30​. 

Mystery Boxes on STEPN 

Mystery Boxes are rewarded randomly as you engage in activities like walking, jogging, or running. These boxes can contain various items such as GST, Minting Scrolls, and Gems ranging from levels 1 to 4. The chance of receiving a Mystery Box and its contents can be influenced by your Sneaker's Luck attribute and other factors like the Player Sneaker Luck Coefficient, which is affected by Gems or Sockets equipped on your sneakers.

 

Key Features of STEPN Mystery Boxes

• Slots and Availability: Each user has four Mystery Box slots. A new box can only be received if there is an available slot.

• Quality Levels: Mystery Boxes come in ten different quality levels, with higher quality boxes costing more GST to open. The countdown for opening a box starts automatically when it's received.

• Costs and Risks: Opening a Mystery Box requires a small amount of GST, which increases with the box's quality. It's important to note that while these boxes can contain valuable items, they can also be empty, presenting a risk versus reward decision you need to make.

The Mystery Boxes add a layer of excitement and potential reward to your daily activities, encouraging continuous engagement with the app. 

 

GMT tokens are valuable for advanced strategies in STEPN:

 

• Upgrade Sneakers for Higher Levels: Invest GMT to push your sneakers to higher levels, unlocking enhanced earning capabilities and access to exclusive game modes.

• Earn Passive Income: Consider using your sneakers in rental markets or staking your GMT tokens to earn passive income once your sneakers reach high levels. This strategy leverages your established assets to generate earnings without additional effort​. You can stake GMT in the governance section of the STEPN app to gain voting power and participate in the dApp’s decentralized decision-making process, earning rewards while doing so. 

These strategies and maintenance tips are designed to help you optimize your STEPN experience, ensuring that your digital footwear lasts longer and performs better, ultimately increasing your crypto earnings as you stay active.

 

Tips for Selecting Sneakers Based on Activity Levels and Earning Potential

Choosing the right sneakers is crucial for maximizing your earnings:

 

• Assess Your Activity Level: Determine if you are a casual walker or an avid runner. Each sneaker type caters to different activity levels and offers optimal earnings within those levels​. 

• Consider Sneaker Attributes: Opt for high-efficiency sneakers if you're active regularly. If you participate in special events or competitions, consider sneakers with high luck for better rewards​. 

Here’s everything you need to know about getting the most out of your NFT sneakers within the STEPN ecosystem: 

 

How to Maintain Your NFT Sneaker’s Durability and Energy

Focus on regular maintenance and mindful usage to keep your NFT sneakers in top condition. Here's how:

 

• Check Durability Regularly: Your sneakers' durability decreases with use. Regularly check their condition and repair them using GST tokens to maintain their performance and earning potential​. 

• Manage Energy Efficiently: Energy replenishes every six hours. Plan your activities to maximize the use of available energy without waiting for a recharge. This ensures continuous earning without downtime​. 

How to Upgrade Sneakers and Unlock Additional Features

Upgrading sneakers in STEPN involves a process known as "burning," where you use GST to enhance your sneakers' level, and at specific milestones, you also require GMT. Here's how it works:

 

1. Basic Leveling Up: To level up your sneakers, you need to burn GST tokens. As your sneaker reaches higher levels, the number of GST required increases. You will also need to use GMT tokens for significant level milestones (such as levels 5, 10, 20, 29, and 30).

2. Enhancement Process: Beyond basic leveling, you can enhance your sneakers by burning a combination of GST, GMT, and potentially low-quality sneakers to potentially obtain a higher-quality enhanced sneaker or a special Rainbow Sneaker. This enhancement increases the sneaker’s attributes by about 20% over its original parameters.

3. Special Milestones and Attributes: Each time a sneaker levels up, it gains additional attribute points, which can be assigned to improve its performance. Specific levels unlock new features, like Gem Sockets and the ability to mint new sneakers, which can further augment your sneaker's abilities.

4. Burning for Rapid Advancement: If you want to speed up the leveling process, you can opt to burn additional GST to decrease the time required for each upgrade level.

This strategic use of tokens to upgrade sneakers enhances their app performance and increases their value in the STEPN marketplace. Each level upgrade and enhancement can significantly impact how effectively you earn GST and GMT during physical activities.

 

Unlock Gem Sockets: As you reach higher levels, you unlock Gem Sockets. Insert Gems to boost specific attributes like speed or luck, which can significantly impact your earnings during activities​. 

 

The STEPN airdrop, termed the STEPN New Horizon Initiative, offers a substantial reward to its community members as a token of appreciation for their loyalty and active participation. This airdrop not only serves to reward STEPN's most dedicated users but also aims to boost engagement and enhance the platform's community interactions as it continues to grow and evolve within the move-to-earn sector.

 

Who Is Eligible for STEPN (GMT) Airdrop?

1. Genesis Sneaker NFT Holders: Owners of Genesis Sneaker NFTs as of a specified cutoff date were primarily eligible. These NFTs are identified by a "G" in their serial numbers and are crucial for distinguishing long-term participants from newer users.

2. Badge Holders: An additional phase of the airdrop catered specifically to Badge Holders, rewarding them based on the complexity of the achievements completed within the app. This phase targeted core players deeply engaged with the app's functionalities.

How to Participate and Claim FSL Points on STEPN

• Airdrop of FSL Points: The airdrop involves 100 million FSL points, valued at about $30 million, redeemable 1:1 for STEPN’s GMT tokens. These points can also be used in upcoming NFT mints and obtaining exclusive prizes within the STEPN ecosystem.

• Registration and Claiming Process: To claim the airdrop, you must register for an FSL ID via the developer's platform. This ID is necessary for integrating and transacting within the STEPN ecosystem, including the NFT marketplace Mooar and the strategy game Gas Hero.

• Utilization of FSL Points: Beyond token redemption, you can spend FSL Points within the ecosystem, notably in the NFT marketplace or strategic game elements, enhancing your in-app experience.

When to Claim STEPN Airdrop: The $30 million airdrop campaign is active until the end of April 2024, providing ample time for eligible users to claim and utilize their rewards.

 

STEPN has carved out a significant niche in the move-to-earn market, a burgeoning sector within the cryptocurrency market. By integrating fitness with crypto earnings, STEPN appeals to a broad audience, ranging from fitness enthusiasts to crypto investors. This unique positioning allows STEPN to capitalize on trends in health tech and blockchain, offering a compelling value proposition to users looking for more from their physical activities.

 

However, the move to earn is still a burgeoning sector of the crypto market. It's not guaranteed that players will make money, given the market volatility of its tokens. If the tokens are issued with unlimited supply, players in the ecosystem will find it challenging to grow their portfolios. The platform also faces technical challenges, such as server downtime and bugs, which can affect accessibility and overall user experience. These factors highlight the need for users to consider their physical capabilities, investment readiness, and risk tolerance carefully before engaging with the Move-to-Earn game.

 

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