nft

STEPN: The Web3 Running App That Pays You to Exercise

How you can earn money by walking, jogging, and running through game tokens

STEPNMobile
Hannah Scherwatzky / ONE37pm

Walking, jogging, and running are things we do regularly. But, imagine getting paid to do it? That is exactly what STEPN is aiming to do with its lifestyle app.

STEPN, a web3 lifestyle app with social-fi and game-fi elements, allows players to earn money by walking, jogging, and running to earn game tokens (GST). You can also lease or sell your NFT sneakers on the in-app marketplace.

STEPN promotes daily activity through game-fi elements. It is the first project to effectively create a ‘move2earn’ concept. In fact, STEPN finished 4th out of 500+ projects at the Solana Ignition Hackathon 2021.

Its mission is to inspire millions of people to live a healthier lifestyle, while at the same time connecting people to the world of Web3. Through Nori Marketplace, a portion of profits will be used to buy Carbon Removal Credits to combat climate change.

You don’t have to be a Web3 expert to use STEPN. The gamification aspect and the move2earn core mechanic makes it easy for anyone to embrace a healthier lifestyle and earn a profit while doing so.

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STEPN

How does STEPN work?

To use STEPN, you first have to equip yourself with NFT Sneakers. By simply walking, jogging, or running outdoors, you earn game tokens (GST). The GST tokens can be used in-game or cashed out for profit. To get started, follow these simple steps below:

  1. Download the STEPN app.
  2. Sign-up for STEPN. After downloading the app, all you need to sign-up is your email address. You will receive a verification code needed to enter the app.
  3. Create your wallet. To create your wallet, click on the Wallet icon in the top right corner
    of the screen. The app will generate a 12-word secret phrase. This phrase is your key to recovering your wallet if you uninstall the app or forget your password, so keep it safe. (Store your secret phrase in a safe place (not on your device) such as a piece of paper you have access to.)
  4. Transfer SOL into your in-app wallet. To buy your own pair of NFT Sneakers, you need to transfer SOL to your in-app wallet. Also, it’s best to keep some SOL in your wallet to use for gas fees (transaction fees).
  5. Purchase or rent an NFT Sneaker. Visit the in-app marketplace to buy or rent your own NFT Sneaker. You can use the Filter tool to search for your favorite sneaker.

After purchasing your NFT Sneaker, energy will restore at a rate of 25% every 6 hours (Fixed at AEDT Time 00:00, 06:00, 12:00, 18:00) This means you can start your STEPN journey immediately after the first 25% energy restoration.

Moreover, you don’t need to own an NFT Sneaker to participate in move2earn. You can rent Sneakers for free from other users. Your earnings will be split between you and the owner at a 30/70 rate (coming soon).

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STEPN

STEPN Game Modes

The STEPN app offers three different game modes that allow you to have fun while earning money: Solo, Marathon, and Background Mode.

Solo Mode: Solo mode allows you to earn tokens simply by moving. The amount you earn is based on two factors; your level of physical activity and the rarity of the NFT Sneakers you own.

Marathon Mode: You can register for weekly and monthly Marathon competitions in Marathon Mode. Just make sure to register for each race 24 hours before starting your marathon.

Background Mode: You can even earn GST while the STEPN app is turned off, using Background Mode. All you need is one pair of Sneakers in your wallet to be eligible for this feature. The app will then pull your step count directly from your device’s Health Data. The best part about Background Mode is that walking, jogging, and running will not reduce the endurance of your sneakers.

STEPN Marketplace

The STEPN marketplace is where you can rent, lease, buy, and sell NFT Sneakers, badges, and Gems. The marketplace offers several features aimed to eliminate the barrier to entry often experienced in the NFT and Web3 space. These features include a rental and credit system.

STEPN Rental System

The rental system allows you to rent NFT Sneakers. To do this you will have to apply for a rental. Once paired with a leaser, you will need to agree to their terms.

A rental contract generally lasts 24 hours. After, the Sneaker is returned to the owner for repair. A Rental Agreement can last up to 7 days if the renter’s credit rating is good. However, failure to fulfill the terms of the Rental Agreement will result in a 1-star deduction from the renter’s rating.

When a renter completes the term in Solo Mode, the smart contract distributes the earnings according to the rental agreement. Both the renter and leaser earnings are fixed. Additionally, the system will reward renters with 0.1 credit per successful Rental Agreement fulfilled.

Ultimately, the rental system allows new users to participate without owning their own NFT Sneaker and enables owners to benefit from being able to lease their sneaker.

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STEPN

Credit system

The credit system is set up to help new users understand the fundamentals of the app. Therefore, renters are required to complete a set of ‘scholar’ quizzes to increase their credit rating. These quizzes prevent renters from underutilizing the app, which would likely result in yielding no returns. Only once a user’s rating reaches ⅖, can they begin renting Sneakers.

STEPN utilizes two types of tokens. The governance token (GMT) and their utility token (GST). Both of these tokens play an important role in the STPEN ecosystem. Let's break them both down to better understand how they are used.

STEPN's GMT Token

GMT
STEPN

The GMT is minted at the Token Generation Event (TGE), with a total supply of 6 billion minted on March 9, 2022. You can view the contract here.

30 percent of the GMT supply will be distributed to users through move&earn Governance participation. The total release of GMT will halve every three years, ensuring the longevity of the STEPN project. You can learn all about the GMT distribution and vesting schedule here.

GMT earning is only available to users once their sneaker reaches level 30. Also, it is mandatory to have at least three Energy in order to start earning GMT.

Each day, a set number of GMT is unlocked to earn. The daily release of GMT follows an exponential decay pattern. That means that on the first day of the 3rd year, the daily GMT unlocked is exactly halved compared to the 1st day of GMT available to earn.

Earning can be unpredictable because the system automatically adds randomness to users’ GMT earnings. The settlement of GMT will be done in several mints to avoid any extrapolation of earnings. Moreover, the more users earning GMT at a given time, the less GMT earning will be available per person, and vice versa.

STEPN's GST Token

GST
STEPN

The GST has an unlimited supply and is earned when a user moves in Solo or Background Mode. To provide liquidity, 60 million GST was created. The current price of GST sits at $6.15 with a circulating supply of 3,597,242.47 tokens.

GST is burned (destroyed) by participating in a number of events, including:

  • Shoe minting
  • Repair
  • Leveling up Sneakers
  • Gems upgrade
  • Unlocking socket

Overall, STEPN is a Web3 lifestyle app featuring aspects of social-Fi and game-Fi. Users with NFT Sneakers may walk, jog, or run outside to earn GST, which can be used to level up and mint new Sneakers. Users can lease or sell their NFT Sneakers on the in-app Marketplace, and their GST earnings are saved in the in-app Wallet. 

To learn more about STEPN, you can view its whitepaper here or download the STEPN app.

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