STEPN: Move to Earn NFT Game Review
Recently, more and more opportunities have appeared that allow you to make money on cryptocurrency – from video games or airdrops to full-fledged farming. One of the non-standard ways to earn income from crypto mining is the STEPN project, proposed by Australian developers. All that is required of the participants is to run in the mornings in specially designed “virtual running shoes”. STEPN could be one of the first blockchain games to truly break out of the crypto ecosystem and become widespread around the world.
About the game STEPN and its developers
Launched in November 2021 by an Australian team, STEPN’s “move to earn” game project has received over $5 million in funding from venture capital funds including Folius Ventures, Sequoia Capital India and Solana Ventures. The app is now valued at $1 billion.
Previous similar projects like Sweat.coin and Healthy.wage featured primitive user interfaces and annoyingly low payouts. They are not widely used for two reasons:
- to get a small income, it would take a huge amount of time to run;
- there were no elements of gamification in the applications.
This was before the “play to earn” direction entered the blockchain space. The STEPN game platform combines RPG level-up elements with GameFi monetization. Its features make earning income fun and rewarding at the same time. Today, a participant can earn over $30–$40 for 10 minutes of running.
STEPN is now one of the most popular and dynamic NFT games in its class. As of the beginning of May 2022, the price of STEPN, which refers to the cost of GMT, was $3.5 with a total capitalization of $2.1 billion.
In April 2022, the STEPN project received a strategic investment from the venture arm of the Binance cryptocurrency exchange. Against the backdrop of this news, the cost of the native GMT token rose to $4.03.
How the Move-to-Earn principle works in the STEPN project
The main idea of the project is that users can generate GST or GMT (two native or utility game tokens) while walking, jogging or marathon running. To participate, you need to buy NFT sneakers on the application marketplace.
The principle of this game is as follows:
The built-in GPS chip in the player’s smartphone pings (fixes) a constant movement speed and transmits this data to the application. A weak internet connection can reduce the amount a user earns. At the same time, a separate class of sneakers is provided for each type of activity.
The number of tokens that the user earns per minute depends on the characteristics of the “shoes” used and on which activity mode will be selected – walking, jogging or running at an intense pace.
Accordingly, walking brings the least amount of tokens, then jogging, and most of all, marathon running. Therefore, before using the application to earn crypto, you need to choose the appropriate “shoes” that will support the speed at which a person is willing and potentially able to physically move.
Depending on the type of activity, NFT sneakers are divided into classes: Walker, Jogger and Runner. Separately, a special class of sneakers is provided – Trainer. With their help, you can earn at any speed, so this class is the most expensive category of NFT shoes.
Users can run as long as they have “energy points” (points spent on exercise are restored at a rate of 25% every 6 hours). With less than 3 pairs of running shoes, users default to 2.0 points, which equates to 2 minutes of running. Buying or registering more shoes, or owning specific classes of shoes, gives users more “energy points”, allowing them to exercise longer.
The player can use GST tokens to level up their NFT sneakers by improving their attributes (comfort, efficiency, durability, and luck). As the level of running shoes you use increases, so does the number of “energy points” available.
How to start playing and earn?
The threshold for entering the project is quite high. To start playing, you need to buy “virtual sneakers” on the app’s marketplace. The service runs on the Solana blockchain, so to pay for the purchase, you will need to purchase a SOL token and add it to your game wallet (as of May 2022, 1 SOL = $52). The price of sneakers depends on their characteristics, type and rarity. According to the developers, investments pay off within two to three weeks after the start of using the application. In fact, if you lead a fairly active lifestyle, this will happen sooner. After that, you can already start earning only net profit and, as a bonus, improve your health.
Since the main principle of earning tokens in the STEPN project is related to the operation of the application online, as well as the operation of the GPS tracker built into the smartphone, then you need to have a fairly new version of the gadget that is compatible with the software products of the project. In addition, in the area where the user lives, that is, where he will actually run, there should be a relatively stable Internet connection – at least 4G. If the quality of the connection is poor, the GPS will not correctly read the running speed, as a result of which the STEPN application may simply stop working.
To track this parameter, it is recommended to check the speed in the local network by using the “speed test” of the gadget. The average ping time should not exceed 24ms. Otherwise, the GPS tracker will actually display nothing, and all the efforts spent on running will not bring any financial benefit.
To start using STEPN and earn money by running in the morning, you must adhere to the following algorithm of actions:
Application download. First of all, you need to install the application on your smartphone. Depending on the model of the mobile device, this can be done either through the App Store or through Google Play.
Create an account. After launching the application, you will need to enter your email address and click on the “Submit code” button. A code will be sent to the email specified by the user, which will then need to be entered in the appropriate field in the application.
Entering the activation code. Before launching the application, you must obtain an activation code for it. In accordance with the policy of the STEPN developers, access to them should be provided free of charge. At the moment, the only official way to get an activation code is distribution through the project channels in Telegram and Stepn Discord.
Creation of a cryptocurrency wallet.
After receiving the activation code, the main screen of the application will open, in which you will see instructions on how to use it. A separate screen will tell you how to create a new cryptocurrency wallet. It is recommended not to skip this section of the menu and study it carefully. So, to create a crypto wallet in the application, you need to click on the wallet image in the upper right corner of the screen. The process will only take a couple of minutes. When creating a wallet, a secret phrase (seed-phrase) will appear on the screen, which you need to remember, but it is better to write it down or save it in a safe place. After creating a crypto wallet, you need to return to the main screen of the application.
Game launch. On the main page of the application, you can see that in the upper right corner, in the column where there is an image and a token symbol, zeros are displayed (this is the user’s current account). To start the game, you need to deposit SOL tokens to your cryptocurrency account in the amount that will allow you to purchase the STEPN NFT sneaker. The minimum price for sneakers at the time of writing (May 2022) is approximately 12 SOL, or about $1,200. After buying sneakers, you should wait until 25% of “energy points” are accumulated (approximately 6 hours), and then you can start the game and start running while earning cryptocurrency.
Special attention should be paid to the choice of NFT sneakers. Before buying, it is recommended to download the application and first run for 10 minutes in test mode, that is, without running shoes. This is done so that you can choose the right type of “shoe” that will meet the needs of a particular person.