STEPN is an NFT mobile game for iOS and Android on the Solana blockchain. It was launched by Find Satoshi Lab headquartered in Sydney, Australia. With its “move2earn” concept developed by the STEPN team in August 2021, it represents a web3 health and fitness application that allows players to earn crypto by simply walking, jogging, and running outdoors. The mission of the project is to inspire people to live healthier lives, connect them to Web3 and fight against climate change.
The STEPN platform relies on a dual token system. The Green Satoshi Token or GST is a utility token used for various in-game activities. It helps to repair and level up sneakers, unlock sneaker sockets, mint new shoes, boost mystery boxes, and upgrade gems used to increase sneaker’s attributes. When tokens are spent, they get burned immediately. Players can store their GST earnings in the in-app wallet or exchange them for a stablecoin USDC.
The Green Metaverse Token or GMT is a governance token with a maximum total supply of 6 billion coins, which were allocated as follows: 16.3% was reserved for private sales, 7% was kept for the Binance launchpad sale, 14.2% was sent to the team, 2.5% was sent to advisors, 30% was kept in the ecosystem fund, and 30% of the total apply was spent on the move-and-earn program. The token is used for leveling up and renaming sneakers, shoe minting, customization fee, voting, and gems upgrading. In addition, GMT holders are able to decide on how much to donate to offset carbon emissions.
The game provides three play modes: Solo Mode, Marathon Mode, and Background Mode. In the Solo Mode, players earn tokens as they move using energy. In fact, 1 Energy equals 5 minutes of movement. Besides, the more sneakers they own the higher is their energy level. For every minute of movement, users are rewarded with GST or GMT tokens.
In the Marathon Mode, there are weekly marathons and monthly marathons that differ in distance. Users can only take part in one marathon at a time as the Set a Goal function allows them to keep track of their progress. It is not possible to repair sneakers until the marathon is over. Registration for the marathon is subject to a fee, which is refunded upon completion of the distance. Marathon participants are ranked using points gained by users for running speed and sneaker attributes. The top players on the leaderboard receive GST or GMT prizes and NFT Badges (gold, silver, or bronze).
At the time of writing, the team is developing the Background Mode that will enable users to earn a fixed amount of GST even when the STEPN app is not actively used. As long as users keep sneakers in the app, Background Mode will count steps directly from the Health Data app on the mobile device, up to a maximum of 3,000 steps per day.
How STEPN works
To make their steps count and make a profit users need to buy NFT sneakers from the in-app marketplace first. There are 4 types of sneakers at their disposal depending on their fitness level: walker, jogger, runner, and trainer. Users equipped with sneakers can walk, jog, or run outdoors with GPS. For this, they are rewarded with GST, which can be used to level up and mint new sneakers. In addition, players can lend or sell their NFT sneakers on the in-app marketplace.
Sneakers differ in quality and distance and their attributes include efficiency in GST earning, luck, and resilience. To buy NFT sneakers players need to have SOL tokens in their in-app wallets. Luck determines the frequency and quality of a Mystery Box with gems that drop out in the Solo Mode. Mystery Box requires a small amount of GST to open.
Users do not necessarily need to own NFT assets. Instead, they can rent them for free from other users to get started and share profits later. 30% of the earned coins go to the renter and 70% are paid to the sneaker’s owner.
The platform charges a small fee for all in-app activities, such as NFT trading, shoe-minting, and shoe-rental. In turn, with a portion of its profits, STEPN buys a Carbon Removal Credit to fight climate change.
The STEPN team
The STEPN project is developed by enthusiastic professionals skilled in information technology, operations management, marketing strategy, and game development. The founding team includes Jerry Huang and Yawn Rong. Jerry Huang has an extensive background working on the Board of Directors, Human Resources, and game design. Yawn Rong, the CEO of STEPN, is an entrepreneur and a crypto investor also known as a business ambassador of Algorand and industrial representative of the South Australian Blockchain Association.