Discovering STEPN: The Past, Present, and Future of a Game-Changer
Written on
Chapter 1: The Rise of STEPN
In early 2022, STEPN emerged as a groundbreaking web3 lifestyle application, captivating users worldwide and igniting a wave of move-to-earn platforms. The concept is straightforward: purchase NFT sneakers and earn cryptocurrency (GST & GMT tokens) by engaging in daily physical activities like walking, jogging, or running. These tokens can then be used to enhance gameplay or converted into stablecoins. Currently, the app operates on Solana, BNB Chain, and Ethereum.
The rapid popularity of STEPN can be attributed to two primary factors that thrilled crypto enthusiasts: its potential for widespread web3 adoption and the genuine utility of NFTs. STEPN effectively connects the mainstream fitness and wellness market—valued at over $200 billion—with the realm of crypto and web3, providing real-world applications for NFTs. The app has positively impacted the lives of countless users, motivating them to maintain an active lifestyle.
In this article, I will delve into several key aspects:
- The transformative effects of STEPN on individuals' lives
- The journey of STEPN thus far
- The future of STEPN within the Find Satoshi Lab ecosystem
- My personal strategies for using STEPN effectively
Chapter 1.1: Personal Transformation through STEPN
Before discovering STEPN, I was entrenched in long working hours, neglecting my health. This led to weight gain, lethargy, and social withdrawal, affecting both my personal and professional life. My lack of exercise also resulted in sleep disturbances, creating a vicious cycle.
However, STEPN changed everything for me. I stumbled upon the app in May 2022 and was instantly captivated.
Six months later, STEPN has become a digital companion that encourages me to build healthy habits daily. My routine now includes 2-3 hour walks that allow me to accomplish a multitude of tasks simultaneously:
- Physical Fitness: Walking over 10,000 steps daily has significantly improved my health. I've recorded over 1,100 kilometers on the app—unbelievable!
- Mental Clarity: These walks provide a refreshing break, helping me reconnect with the world after hours spent in front of a screen.
- Posture Improvement: Walking helps counteract the slouching from long hours at my desk, and I even incorporate physiotherapy exercises during my strolls.
- Creative Thinking: I often find inspiration and generate my best ideas while walking—sorry for the TMI!
- Learning: I use my walking time to listen to crypto podcasts, effectively nourishing my mind while benefiting from physical activity.
- Financial Gain: Best of all, I earn between $10 and $50 simply by engaging in these activities. It's fantastic!
In summary, I'm able to earn money while enhancing my health and advancing my career, which is an incredible combination.
Chapter 2: STEPN's Evolution
To understand STEPN, we must look at its history. Co-founded by Yawn Rong and Jerry Huang under the banner of Find Satoshi Lab (FSL), the team created STEPN and won accolades at Solana's Hackathon in late 2021. Since then, they have expanded to hundreds of dedicated individuals and amassed a million daily active users in just 18 months—an impressive feat for any startup.
STEPN employs a unique dual-token economic system:
- Green Satoshi Token (GST): This is an inflationary utility token.
- Green Metaverse Token (GMT): This governance token has a capped supply.
The “green” aspect reflects the team's commitment to environmental sustainability, while the "Satoshi" reference ties back to the lore surrounding the game's origins.
During most of 2022, players earned GST through their physical activities, which could be used to enhance sneakers, combine gems, mint shoeboxes, and open up Mystery Boxes filled with gems. As of late September 2022, players were able to earn GMT with Level 30 sneakers, a much-anticipated feature.
The envisioned tokenomics aims to balance the inflationary nature of GST with the deflationary characteristics of GMT. While this is a complex undertaking, the team has made adjustments to the economy as players adapted to the evolving metagame.
In practice, this means if GMT prices soar, players will rush to level up their sneakers to Level 30, resulting in a decrease in the circulating supply of GST, which consequently boosts its price. Conversely, an influx of GMT-earning players will dilute individual rewards, creating a self-regulating mechanism.
This clever design allows STEPN's economy to withstand sudden shifts, ensuring that extreme actions from large players do not destabilize the entire system.
Chapter 2.1: The Role of Rainbow Sneakers
To further enhance the balance between GST and GMT, the introduction of Rainbow sneakers has been pivotal. Although they may not be universally embraced within the community, FSL aims to ensure the longevity of STEPN.
Rainbow sneakers come with special pools of GMT reserved exclusively for their holders, offering a chance to earn significantly. The introduction of these sneakers has helped raise the floor price of STEPN's NFT sneakers, thereby positively influencing GST prices.
The earnings potential with Rainbow sneakers is remarkable—up to 100 GMT per minute, while standard Level 30 players may only earn 10 to 30 GMT per walk. Players can also craft valuable Rainbow gems by burning regular gems, which are highly sought after in the marketplace.
While some may view the introduction of Rainbow sneakers as detrimental to classic sneakers, they are, in fact, essential for the ecosystem's sustainability. Wealthier players, known as "whales," significantly contribute to the overall economy by burning tokens, which in turn supports the prices of sneakers and gems.
In essence, the STEPN team has ingeniously leveraged the behavior of these whales to maintain a stable and thriving economy, ensuring that the platform remains viable in the long term.
Chapter 3: Challenges and Opportunities Ahead
As 2022 unfolded, it became apparent that the bull market that had begun in 2013 was nearing its end. Global inflation surged due to unprecedented economic stimuli in response to COVID-19 and ongoing geopolitical tensions. Central banks, led by the US Federal Reserve, began tightening liquidity and raising interest rates to combat rising prices.
This shift triggered a decline in risk-on assets, including growth and tech stocks, with the crypto market following suit amid the collapse of major players such as Terra and Celsius Network.
Despite these challenges, projects like STEPN that possess solid use cases stand a better chance of surviving the downturn. The key is innovation—continuously building and adapting, which is precisely what Find Satoshi Lab has been doing.
Chapter 4: The Future of STEPN
October 2022 marked a pivotal moment for STEPN, with the buzz surrounding GMT earnings fading. However, the FSL team remains dedicated to expanding their ecosystem beyond STEPN, focusing on creating a suite of innovative applications supported by GMT.
This approach positions GMT as a central component within a broader range of crypto products, ensuring its continued relevance as the market evolves.
As trends in crypto continue to shift, FSL aims to capitalize on emerging opportunities. With the launch of their decentralized exchange, DOOAR, and the upcoming NFT marketplace, MOOAR, the team is setting the stage for sustained growth and engagement.
The success of these initiatives will directly bolster the value proposition of GMT, benefiting all STEPN players as the ecosystem thrives.
Chapter 5: Strategic Insights for STEPN Users
I'm enthusiastic about STEPN's future and aim to maximize my GMT earnings. For those starting out, I recommend using a CCLL sneaker, as it offers uncapped daily GMT earnings, making it ideal for Mystery Box hunting.
More dedicated players might consider optimizing their setups with separate LLLL and CCCC shoes to maximize their rewards. To acquire these sneakers, you can enhance five existing sneakers or search the marketplace, where I often find myself browsing.
It's also essential to focus on improving your Efficiency gems, as better gems allow you to conserve energy, ultimately enabling more GMT earning potential each day.
Lastly, consider the broader economic landscape. If you believe the market has more room to decline, it might be wise to wait for a better entry point. Conversely, if you're ready to dive in now, the potential for valuable Mystery Boxes could be worth the risk.
There's much to discuss regarding strategies, so feel free to reach out if you're interested in a dedicated article on this topic. Until next time, happy STEPNing!