StepN is a web3 lifestyle app with Social-Fi and Game-Fi elements. Users equipped with NFT Sneakers can walk, jog or run outdoors to earn in-game currency, $GST, which can be used to level up and mint new Sneakers.
StepN launched in December of 2021 and has recently become popular in the play-to-earn blockchain gaming and GameFi world. The company reported two to three million users worldwide active on the app every month last quarter. Additionally, as of May 2022, the market cap of StepN’s native token $GMT stood at around $860 million.
Players can choose to lease or sell their NFT Sneakers on their private in-app Marketplace. Users’ $GST earnings are stored in the in-app Wallet, which has a built-in Swap function. The group makes money by taking small taxes from in-app activities, such as NFT trading, Shoe-minting, and Shoe-rental. All assets in the StepN app are owned by individual users and the majority of earnings in the app are made by users.
StepN just reported $122.5 million in second-quarter profits. The “move to earn” project brought $26 million in Q1, as previously reported. StepN said it would leverage 5% of the profits to initiate a buyback and burn program for its native $GMT tokens.
