Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: unlink(/tmp/jnewslibrary-30cSsb.tmp): No such file or directory in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142
StepN’s ‘Move-to-Earn’ App is Precision-Engineered for Crypto: What You Should Know | Hodl Ninjas
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
bitcoin
Bitcoin (BTC) $ 22,760.10
ethereum
Ethereum (ETH) $ 1,618.17
tether
Tether (USDT) $ 1.01
bnb
BNB (BNB) $ 322.29
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.396677
binance-usd
Binance USD (BUSD) $ 0.999479
cardano
Cardano (ADA) $ 0.389269
dogecoin
Dogecoin (DOGE) $ 0.091342
okb
OKB (OKB) $ 44.41
matic-network
Polygon (MATIC) $ 1.18
solana
Solana (SOL) $ 23.06
shiba-inu
Shiba Inu (SHIB) $ 0.000014
staked-ether
Lido Staked Ether (STETH) $ 1,612.55
polkadot
Polkadot (DOT) $ 6.60
litecoin
Litecoin (LTC) $ 95.46
avalanche-2
Avalanche (AVAX) $ 19.78
tron
TRON (TRX) $ 0.062996
uniswap
Uniswap (UNI) $ 6.76
dai
Dai (DAI) $ 0.99907
cosmos
Cosmos Hub (ATOM) $ 14.34
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 22,661.07
chainlink
Chainlink (LINK) $ 6.90
the-open-network
Toncoin (TON) $ 2.28
leo-token
LEO Token (LEO) $ 3.60
ethereum-classic
Ethereum Classic (ETC) $ 22.41
monero
Monero (XMR) $ 164.41
bitcoin-cash
Bitcoin Cash (BCH) $ 132.48
aptos
Aptos (APT) $ 14.61
stellar
Stellar (XLM) $ 0.089935
apecoin
ApeCoin (APE) $ 5.63
crypto-com-chain
Cronos (CRO) $ 0.080358
near
NEAR Protocol (NEAR) $ 2.36
filecoin
Filecoin (FIL) $ 5.22
quant-network
Quant (QNT) $ 136.10
algorand
Algorand (ALGO) $ 0.255772
hedera-hashgraph
Hedera (HBAR) $ 0.069404
vechain
VeChain (VET) $ 0.023758
lido-dao
Lido DAO (LDO) $ 2.01
internet-computer
Internet Computer (ICP) $ 5.50
fantom
Fantom (FTM) $ 0.548169
decentraland
Decentraland (MANA) $ 0.718493
the-sandbox
The Sandbox (SAND) $ 0.716127
axie-infinity
Axie Infinity (AXS) $ 10.78
aave
Aave (AAVE) $ 84.50
eos
EOS (EOS) $ 1.08
the-graph
The Graph (GRT) $ 0.130528
flow
Flow (FLOW) $ 1.10
elrond-erd-2
MultiversX (EGLD) $ 44.42
terra-luna
Terra Luna Classic (LUNC) $ 0.000186
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
Hodl Ninjas
Home Metaverse

StepN’s ‘Move-to-Earn’ App is Precision-Engineered for Crypto: What You Should Know

With play-to-earn games struggling to maintain footing in the space, can Stepn find a way to stick?

Ryan Tinh by Ryan Tinh
June 7, 2022
in Metaverse, NFTs
0
Stepn Move to Earn Project Overview
Share on FacebookShare on Twitter

Introducing the latest GameFi app that looks to trailblaze new applications for blockchain technology: STEPN. The web3 lifestyle app STEPN is a blockchain based startup that rewards users for exercising. The Australian-based startup first made waves at a Solana hackathon in October 2021 where it quickly gained the attention of investors. Now, it’s got the attention of entrepreneurs, venture capitalists, and yes–gamers themselves.

How STEPN Works

To get started in STEPN, users must first purchase a digital sneaker by depositing Solana’s native SOL token in STEPN’s in-app wallet. For newbies, Solana is a solid competitor to Ethereum as another POS (proof-of-stake) blockchain but with lower fees and faster transactions. Its native coin SOL or the USDC stablecoin is what users can swap for in exchange for the GST token that are earned in the game.

The sneaker itself can be purchased for 4.5 SOL tokens which accounts for $615. Thus, the game is not necessarily free, but functions as a way for users to gain assets through a gamified environment. As users “level up,” they acquire new kicks that can start to generate an income of up to several thousands per day depending on the current price of STEPN coins and how much they commit to the app.

STEPN utilizes a dual token system with GMT being its governance token. Moreover, GST coins are what users are rewarded with for completing in-app activities and gameplay. This “double earning” system is a feature worth highlighting that helps the game stand apart from competitors.

Is this the GameFi Game that Quiets “Sustainability” Critics?

The digital shoes themselves, which also offer users the option to rent via NFTs, are in the form of a non-fungible token themselves and can therefore be resold later. The financial sustainability of the game itself has been one of much debate. Placing a business model into the realms of a game infer that users’ interest for the game must be maintained. If not, users will just cash out their coins, leaving the game to solely rely on “word of mouth” to spread.

It’s hard to have a discussion on GameFi apps without mentioning Sky Mavis’s Axie Infinity. Axie Infinity is another example of a play-to-earn game that plummeted after its massive rise.

This took place after the game’s token lost 80% of its value, which caused sales volume for Sky Mavis to drop off an Everest-like cliff going from $754 million to $5 million.

For now, it appears that STEPN is self-sustainable. According to a TechCrunch report, it has generated 3 to 5 million dollars in net profit while earning up to $100 million every month. This is promising considering the start-up came from a $5 million seed funding from Sequoia Capital India, Folius Ventures, and others who participated in closing its initial deal.

How STEPN Looks to Stand Apart

In regards to its business model, STEPN gains fees via in-app activities for its users. Yawn Rong, the blockchain venture capitalist who co-founded STEPN, reports that the app earns 8% fees on sneaker rentals, 6% on sneaker minting, and 4% on marketplace sneaker trading. A breakdown of these costs can be found in the project’s whitepaper.

Entrepreneur co-founder Jerry Huang believes the simplicity of the gameplay is what will make the game last:

“A lot of the triple-A games overemphasize aesthetics and big budgets, but they aren’t really that innovative when it comes to gameplay, whereas some simple-looking games like Plants vs. Zombies come with brilliant gameplay that makes them last.”

Regardless of people’s opinion on GameFi apps, the fact is that the game is being played in over 90 countries as of today. The hottest markets for the game include the U.S., China, and India.

Moreover, the physical activity that the game rewards adds value to the app as it provides an innovative way for people to literally cash in on their exercise. STEPN appears to be making ways for move-to-earn concept to grow in crypto as another move-to-earn NFT gaming app Genopets recently raised $8.5 million in seed funding, though it is not yet active.

ShareTweetPin
Previous Post

A New Coin, A New Blockchain, Can Terra’s Luna 2.0 Succeed?

Next Post

FTX Enters the Equities Trading Market with FTX Stocks

Ryan Tinh

Ryan Tinh

Ryan Trinh is a freelance copywriter and content writer located in Los Angeles, California. He is a 2021 UCLA graduate with an English major. He covers the latest crypto headlines for Hodl Ninjas.

Related Articles

What STEPN Can Learn from Axie Infinity
Markets

What STEPN Learns from Axie Infinity’s Mistakes May Determine if Game is Sustainable

June 21, 2022
Nike Aggressively Moving Into NFT Space
Metaverse

Nike Is Secretly Buying NFT Domains: Nike Metaverse?

June 15, 2022
Metaverse and Sports Betting
Markets

Sports Betting Companies Betting Big On the Metaverse

May 24, 2022
Phygital Trend in NFT
Blockchain

What are Phygital NFT’s and How Will this Trend Evolve in the Near Future?

May 24, 2022
Next Post
FTX to Offer Stock Trading in App

FTX Enters the Equities Trading Market with FTX Stocks

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Articles

  • Nike Aggressively Moving Into NFT Space

    Nike Is Secretly Buying NFT Domains: Nike Metaverse?

    0 shares
    Share 0 Tweet 0
  • SBF Promises Customers Will All Get Paid Back

    0 shares
    Share 0 Tweet 0
  • Sports Betting Companies Betting Big On the Metaverse

    0 shares
    Share 0 Tweet 0
  • Silvergate: Fall of a Premiere Crypto Bank

    0 shares
    Share 0 Tweet 0
  • Enter GTX: Three Arrows Capital Rises from the Ashes

    0 shares
    Share 0 Tweet 0
bitcoinBitcoin
$ 22,760.10
$ 22,760.10
2.7%
ethereumEthereum
$ 1,618.17
$ 1,618.17
2.92%
tetherTether
$ 1.01
$ 1.01
0.52%
solanaSolana
$ 23.06
$ 23.06
5.49%
cardanoCardano
$ 0.389269
$ 0.389269
2.45%
polkadotPolkadot
$ 6.60
$ 6.60
3.81%

Become a Hodl Ninja.

Stay on top of market trends, find exciting new projects, hold on for dear life.

johnsmith@example.com
© 2021 Hodl Ninjas – A BettorView Brand.
No Result
View All Result
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe

© 2021 Hodl Ninjas - A BettorView Brand.

Subscribe to Hodl Ninjas

Get the latest news in crypto and be the first to hear about exciting new projects.

Enter your email address

No thanks, I’m not interested.

Search
$ USD
  • $ USD
  • € EUR
  • ₹ INR
0
Previous 25
Next 25
#CoinPriceMarketcapVolume (24h)SupplyChange (24H)Price Graph (7D)
Previous 25
Next 25

Warning: unlink(/tmp/jnewsfirstload-1ZvA4k.tmp): No such file or directory in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142