What is STEPN?
STEPN is a move-to-earn Web3 app that empowers users to buy NFT sneakers and use them during in-real-life physical activities, earning GST — a digital cryptocurrency associated with the STEPN ecosystem. These activities primarily involve walking and running.
To gain a comprehensive understanding of how the app works, we at Cryptoflies decided to download and try it out for ourselves.
After completing the registration process, the app suggests users buy a pair of NFT sneakers to start the earning process. So, we ventured into the app’s marketplace to explore the available sneaker options.
Types of NFT sneakers offered on STEPN
There are four types of sneakers to choose from: walkers, joggers, runners, and trainers. Each type comes with a unique earning system based on speed, measured in kilometers per hour. For instance, walkers earn 4 GST at an optimal speed of 1-6 kilometers per hour, while runners can earn 6 GST at an optimal speed of 8-20 kilometers per hour.
STEPN’s rewards are contingent on “Energy.” If the energy runs out, rewards won’t be available until it’s fully restored. Energy starts refilling with the purchase of the first pair of sneakers, and each pair can store a maximum of 2 units, typically requiring about 6 hours for a 25% recharge.
As an example, using runner shoes could result in earning 6 GST for each unit of energy spent, which is equivalent to $0.06 for every run.
How to purchase NFT sneakers on STEPN
Now, let’s return to our experience. To purchase NFT sneakers from the app’s NFT marketplace, users are required to link an existing wallet, such as Coinbase or Binance. Solana, Ethereum (ERC20), or BNB Smart Chain must be converted into GMT, a Solana token that governs STEPN.
The lowest price for a pair of NFT sneakers is around 150 GMT, approximately $28. When selecting your sneakers, you’ll need to consider whether you’re fit for running at higher speeds or prefer a more leisurely walking pace. However, the Trainer sneaker type allows you to maintain a speed between 1-20 km/hr, but it comes at a higher cost of around 290 GMT, roughly $55.
Each pair of sneakers possesses specific attributes, such as efficiency, luck, comfort, and resilience. Efficiency influences the ability to earn more GST per unit of energy spent, while luck increases the chances of discovering a Mystery Box drop. Comfort enhances potential earnings in GMT, and resilience reinforces the shoe’s durability, reducing repair costs.
Evidently, the higher the efficiency and resilience, the better the sneakers perform during activities.
Engaging in real-life exercise with STEPN
After purchasing a pair of runners for 150 GMT, we were ready to begin our physical activity. The app requested permission to access geolocation and then provided a dashboard displaying a timer, the current speed in km/h, the distance covered in kilometers, and the GST earnings accumulated during the exercise.
While running, we had the option to let the app run in the background, allowing us to enjoy music as we went along. A sound effect played each time we earned GST and used a portion of our energy.
Our run, fueled by 2 units of energy, lasted around 10 minutes, during which we accumulated 12.53 GST, equivalent to approximately $0.13. Additionally, we earned a badge that we could later claim.
Upon depleting our energy reserves, we concluded our training session within the app. The app then displayed a summary of the training session, including details such as distance covered, duration, and the GST we earned.
The earned GSTs are stored within the app and can be used for various purposes, including enhancing the performance of the sneakers.
Conclusions
In conclusion, STEPN introduces a unique and innovative concept that bridges the realms of NFTs and physical activity, allowing individuals to convert their exercise routines into potential earnings.
As more users become engaged with this concept and explore the potential implications for personal health and digital asset integration, it will be interesting to observe how this emerging space evolves and shapes new opportunities in fitness and blockchain technology.
