Meet STEPN, The Crypto App That Promises To Pay You To Get Fit

What encourages you to exercise more? The obvious answer, say the founders of STEPN, is hard cash. Its earnings execution app offers its users cash rewards for being more active and has already convinced millions of people to sign up in just a few months.

It’s a fairly simple principle, explains Yawn Rong, co-founder of STEPN. “We wanted to encourage people to change their behavior and get more exercise,” he says. “It’s a way to share the benefits of Web3 technology with a new and diverse group of fitness enthusiasts.”

To participate, users must download the STEPN app and then purchase a pair of virtual sneakers in the form of a non-fungible token (NFT). Once this is done, every time they go for a walk, jog, or run outdoors, STEPN’s GPS tracking and motion sensor technology monitors how far they’ve traveled and rewards them with tokens. These tokens can be spent in-game (for example, on updated sneakers) or charged in hard currency.

The possible rewards offered seem appealing. Rong says the minimum that users can expect is $ 25 for 10 minutes of activity, and some users earn up to $ 4,500 a day. But a lot of people don’t take all the money, he adds. They use their profits to acquire new NFTs within the game, trade with other players, and choose to donate some of their money to good causes.

If all this sounds too good to be true, there is a trap. To get started, you’ll need to buy these NFT sneakers, which are priced at Sol, the native cryptocurrency of the Solana blockchain, in which STEPN operates. And they are expensive: the daily price in fiat currency varies according to the value of the Sun, but the cheapest sneakers will cost hundreds of dollars, and sometimes the entry price far exceeds $ 1,000.

In the coming months, STEPN hopes to introduce a sneaker rental feature to avoid this significant initial cost of participating. New players would rent sneakers to someone who is already in the game, sharing the revenue they earn with the sneaker owner until they earn enough to buy their own NFT sneakers. That would encourage more people to participate and help STEPN enter new markets; it is currently most popular in richer countries such as Japan, France, the United States and the United Kingdom, where users can pay for that first NFT purchase.

For now, however, the barrier to entry of high initial purchase prices does not seem to be discouraging people. Since the launch of STEPN last December, the app has registered 2.3 million monthly active users, with half a million of them using the app on a given day. This has pushed the value of STEPN tokens soaring, and the trading volumes of their GMT government tokens exceed those of Bitcoin and Ethereum in a few days.

In fact, STEPN is attracting significant interest in the world of cryptocurrency investing, and tokens are making gains of several hundred percent at their peak, albeit with significant volatility. Although new cryptocurrencies have arrived and come out at a breakneck pace in the last two years, some investors are betting on the principle of exchange to win that supports STEPN which will give it more longevity.

As for STEPN itself, it needs a 6% cut in its NFT trading rates, generating significant revenue for the company in a very short amount of time: the company made a profit of $ 26 million in the last quarter of last year alone. and has already garnered a valuation of more than $ 1 billion with some analysts.

Still, Rong and his co-founder Jerry Huang do not rest on their laurels. They see STEPN as a first step toward a broader Web3 offering, believing that users accustomed to the concepts of cryptocurrency and decentralized finance will develop the confidence to participate more broadly. “Users can expect more exciting STEPN developments in the future,” says Rong. “The app has plans to integrate more social elements into its platform and will launch exciting features for non-native cryptographic users to facilitate their incorporation into the Web3 world.”

The founders are also interested in highlighting their green credentials. In addition to the use of Solana by STEPN, widely regarded as a more environmentally friendly blockchain, the company offers users the opportunity to donate part of the benefit group to purchase carbon removal credits.

The more traditional sportswear companies are taking note. Last month, STEPN announced a partnership with footwear giant ASICS, which launched a limited edition of branded sneakers in the app. “The STEPN app is an incredible feat of technological innovation, and we believe that ASICS ‘immediate and long-term partnerships with them will help millions of people around the world achieve a healthy mind in a healthy body,” said Joe Pace, Chief Development Officer. ASICS business.

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