Most individuals can welcome the idea of earning money while walking their pets. Even it has its attraction to have the opportunity to go outside, get some exercise, and make money from something you have to do anyhow. When Jerry Huang and Yawn Rong co-founded and released STEPN, the activity-tracking app that allows you to earn cryptocurrency while exercising, in December 2021, they had this idea in mind.
What is STEPN?
STEPN is the first NFT game in the world to use the move-to-earn paradigm, which encourages players to engage in physical activity. When wearing NFT sneakers outside, users can walk, run, or jog for rewards in the form of tokens. Users of the STEPN token can be introduced to the web3 ecosystem and inspired to lead healthier lifestyles by using it. Additionally, STEPN guarantees improve chances for achieving carbon neutrality.
How to Play?
One of the most noticeable aspects of STEPN’s work is the gameplay. On the built-in marketplace, users may buy, sell, lease, or rent NFT sneakers as well as badges and diamonds. Users can earn the STEPN coin for utility, or GST, by jogging, running, or walking outside as part of the game’s monetization features. The reward can be cashed out or used again for in-game activities.
Special Features
By engaging in outdoor activities like walking or running, users wearing NFT sneakers can receive a reward in the form of GST utility tokens. Users can rely on GST tokens to upgrade games or mint new footwear. Players may lease or sell their NFT sneakers and would receive GST revenue straight to their in-app wallet. The built-in swap feature is another intriguing feature of the STEPN app wallet.
The fundraising and utility goals of the game can meet with the use of a dual-token economy model. The elimination of regulatory concerns is one of the main goals of token production. Additionally, by splitting the project’s ecology into two distinct tokens, it is easier to use. To decrease the amount of GST and GMT tokens in circulation, STEPN uses a novel burn process.
Tokenomics
There are two different sorts of tokens in the STEPN token economy, each with its own set of applications. To get the most out of the new web3 lifestyle app, you might use each STEPN token in a unique way. The Green Satoshi Token (GST) and Green Metaverse Token (GMT) are the two tokens. The game functionalities associated with each type of token are summarized here.
Green Satoshi Token
The utility token of the game is known as the Green Satoshi Token, or GST token. There are various ways to obtain GST. For instance, you can take part in the GST coin’s token generation event (TGE).
You should be aware that the only investment required for the STEPN token’s utility is your time and effort to participate in various in-game activities. The GST token can use to upgrade or repair footwear as well. Along with minting footwear, the GST token also aids with gem item upgrades. Additionally, the GST token serves a significant role as a value holder for exchanges or swaps involving the USD coin.
Green Metaverse Token
To rename sneakers or advance to a high rank, spend a governance token or GMT. Additionally, GMT tokens can use to distribute high-level activities, premium game material, and earnings.
It’s vital to remember that only Level 30 footwear is permitted to swap GMT for USDC. However, you must meet the “rule of three requirements” of having at least three Energy before you may start earning GMT.
Summary
Users urge to move around by STEPN to gain rewards in the form of tokens. The two-token concept and the availability of unique token properties are the most intriguing aspects of STEPN. As one of the first web3 applications to launch, STEPN can both promote the use of Game-fi and introduce new users to web3.
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