StepN is a Dapp that uses the Solana blockchain. The basic idea behind StepN is to provide users with a way to stay active while earning something. It was the first of its kind to offer users a way to make a token as they run or walk around.
According to the official website and the co-founders, StepN has millions of users, which is a groundbreaking achievement for a blockchain app.
It’s been five months since the launch of StepN, and it already has a market cap of $860 million, which is another remarkable achievement.
The game didn’t receive any notable campaigns, advertisements, or other highlights to make it popular. Yet, it managed to accumulate a flow of players so big that the company had to limit the number of registration each day.
- First, you will have to invest in around 12 Sol (Tokens), around $500 – $600.
- You will need 12 Sols to purchase a pair of virtual shoes. These are the primary NFTs in the game’s setup.
- There are different shoes according to the user’s requirements. Once you get them, you enable GPS and start walking or running.
- Over time, you will accumulate tokens, like GST, to trade them for better Sneakers / Shoes and earn better.
Most players have shown a remarkable return on investment within a month. In a month, players were earning thousands of dollars. However, the initial investment isn’t easy for people.
There are various levels and ranks that will help you earn better as you keep going.
Another earning aspect of the game is the NFTs. The more you collect, the more you can sell in the Marketplace. So, that’s the secondary income.
There have been debates on whether StepN is an actual game or not. People would agree that even if it is a lifestyle app, it has gamification. This has led to lucrative endeavors.
According to Huang, one of the co-founders, the most successful games are simplified. Which is agreeable.
After all, Axie Infinity was the first, most-popular NFT game, and it has a simple battle mechanism and creature customizations. Similarly, we have Plant Vs. Zombies and many other easy-to-play games. Most people aren’t looking for in-depth stories, stunning visuals, and AAA-Rated games.
Most people want something similar they can enjoy and relax with. StepN has aimed toward these people and successfully manages to accumulate the right kind of audience.
StepN is an NFT Project which connects to the Metaverse. It is the first run-to-earn app on the blockchain. Therefore, it is bound to face similar challenges that all other NFT projects face – tokenomics, balancing inflation, and other requirements.
We all know that Axie Infinity was a successful game. Yet, a lot of things have happened in the past years. Covid-19, the crypto market crash, and the increasing gas fee all have put a hamper on the progression of many NFT games and other Metaverse projects.
The primary challenge for StepN would be to balance out the economy. However, according to the developers, they have planned for it with a two-token economy.
- GST: The native currency (in-game).
- GMT: Governance token (DAO)
There are many other features like Staking, burning, and other essentials which will balance things out. This could play positively for the StepN infrastructure.
If there’s one thing that can’t be overlooked, it is the phenomenal reach of StepN. It isn’t an app exclusively for blockchain users. The app is growing popular because of its user-friendly interface and easy-to-understand mechanism.
According to statistics by the company’s co-founders, around 30% of people on StepN have never joined the blockchain, NFT, or crypto world before. They are all new to this world. This shows that apps like StepN can achieve proper exposure and attract other traffic.
Something that DEX and other Marketplaces can’t do is get people interested in crypto, NFTs, etc., because that depends on trends, among other things.
StepN has managed to bridge the gap between people who are investors in NFT, Blockchain, etc., and those that aren’t interested in investing but just playing to earn.