Digital sneakers let you earn crypto while you walk

“In August last year we were very bored. We were half retired and had nothing to do. I entrusted my business to fund managers, and I was just doing Lego at home, ”Rong said..

“We started this project as something significant. We wanted to build a mini-game, running on a blockchain, to fight climate change.

“We donated a portion of our profits to buy carbon removal credits and we also made people healthier. At that time we were still locked up and we wanted people to go outdoors and exercise.”

How it works

The game became so popular while still in beta mode that to moderate the influx of users, the company now releases only 2000 access codes each day, via Telegram and Discord. This helped keep the hype around the game, but it also gave the founders time to continue building the app’s infrastructure while the first users try it out.

Once users have an access code and sign up, they must purchase and transfer Solana’s native cryptocurrency, SOL, to their StepN wallet, which can be used to purchase their first pair of digital sneakers.

StepN’s digital sneakers market.

The catch? Sneakers cost more than 12 SOL each, which equates to about $ 985. Last week it would have cost $ 1200, but SOL was sold along with all the other cryptocurrencies. The most expensive sneakers cost the equivalent of $ 820,000.

“We are targeting the affluent population that can spend thousands on virtual sneakers and people who care about their mental and physical health as well as climate change,” Rong said.

“These people are traditionally difficult to lead, but with tokenomics, they are helping us spread the word.

“I studied molecular biology at university, and that’s how a virus spreads.”

A Delphi Digital note earlier this month stated that StepN’s SOL trading volumes were so high that it has already become the dominant force within the Solana NFT ecosystem, with volumes reaching $ 57 million ($ 82.8 million). ) per day. This volume generates revenue for StepN, which charges a 6% fee (2% trading fee and a 4% royalty rate) for each transaction in your application.

Each pair of shoes has characteristics: rarity, statistics and energy, which influence the user’s earning power (chip generation).

Each energy point allows users to earn rewards for five minutes of training time and 25 percent of the energy required every six hours. The app tracks a user’s footsteps, movement, and GPS location to avoid cheating.

The company, Rong said, also has partnerships with Nike and Adidas to launch NFT sneakers.

Although the app was an instant hit for users, investors were sent on a wild ride thanks to the price volatility of their tokens.

The start-up has two tokens: its Green Satoshi utility token (GST), which has an unlimited offer, and the Green Metaverse Token (GMT), its government token. In early March, the StepN GMT was priced at just $ 1, but by the end of April it had hit a high of more than $ 4, before falling back to about $ 1.57. It dropped to 82 ¢ in last week’s crash.

Prior to the sale, early investors were excited about how yields surpassed those of the technological unicorn Canva. Although volatility has taken a toll on these returns, tokens are still worth hundreds of times more than first-time investors bought.

Rong said the sale had not affected StepN.

“As the crypto market liquidated more than $ 1 trillion in three days, our user growth has not been affected at all. It is certainly good to see the bubble tight, and whenever that happens, the real opportunity arises.

“STEPN came out during the bear market and we’ve been fighting this battle against the wind since day one, so I didn’t really feel anything.”

Initial investments are subject to warranty agreements, in which they cannot sell any tokens for at least 12 months.

Shi, who also invested in Catapult Sports, Airtasker and Sezzle before trading, said he had been a major investor in the company’s $ 5 million fundraiser. He says he evaluates cryptographic opportunities like StepN in the same way he makes any initial investment.

“I step in as a traditional VC, and also a Web3 and cryptocurrency investor,” he said.

“I know the team. I almost decided to invest after the first meeting with one of the founders, Jerry, who has a very good and solid background.

“I look at people’s stories, where they come from and how desperate they are to succeed.”

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