DISCLOSURE: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE TOKENS OR ANY OTHER ASSETS. ANY INVESTMENTS MADE IN THE PROJECTS OR ASSETS MENTIONED BELOW ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.
Figure 1: STEPN - Move to Earn
Humans need exercise. Countless studies have shown that regular physical activity is linked to a wide array of health benefits and well-being— emotionally, mentally, and physically. There is a growing cultural focus on health and wellness, but profiting off of this trend has been challenging for many brands:
Users equip their NFT sneakers and start their STEPN session to earn tokens through physical exercise. Users will also have a chance to receive a Mystery Box that contains Gems NFTs.
Figure 2: STEPN’s in-app UI
|GameFi elements||SocialFi elements|
- Token rewards for user interaction
- Sneaker NFTs with traits and attributes
- Multiple Game Modes
- Leveling up and upgrading items (sneakers)
- Gem crafting system
- Badges and competitive Leaderboard
- Location-based or friend-circle PVP (potential gameplay)
- Connects people who are interested in running and exercise in general
- Encourages / incentivizes people to run and exercise
- Supports a healthy climate via carbon offsetting and donation
- Leverages the competition and self-actualization factors through sneaker NFTs and leaderboard appearance
- Building towards a DAO
- Consolidated proof-of-workout and anti cheating system for fairness
- Friend list, competition, communication, messaging and gifting functions will potentially be integrated
Figure 3: GameFi and SocialFi elements of STEPN
These gameplay features reinforce STEPN’s vision of SocialFi by:
|Type of Activities tracked||Walking/Jogging/Running||Walking/Jogging/Running||Walking/Jogging/Running, Cycling, Swimming, Working Out|
|App Integrations||Google Fit and Apple||Strava, Fitbit and Health||Built-in pedometer Garmin|
|OS Availability||Android, iOS||Android, iOS||Android, iOS|
|Estimated Starting Costs for Entry-Level Players||Players can mint a Genopet for free. Alternatively, a floor-priced Genesis Genopet can be purchased for 27 SOL ($2600)||A floor-priced Sneaker costs 15 SOL ($1400)||Players can join certain Challenges for free. Alternatively, basic Challenges (e.g. 10KM run) costs about $30|
|Scholarship Model (not yet implemented)||Habitat Owners can lease land for other users to boost the growth rate of their Genopets||Sneaker Owners can lease their Sneakers through an in-game rental agreement||None|
|Chain||Solana||Solana/BNB Chain||BNB Chain|
Figure 4: Move-to-earn blockchain-based projects comparison (Source: Coingecko)
According to the theory of Planned Behavior, certain products/services are designed to optimize the user’s intention to buy/use the products/services by targeting Attitude, Subjective Norm and Perceived Behavior Control.
Figure 5: Theory of planned behavior
STEPN directly targets the layer of Subjective Norm and Perceived Behavior Control to improve the attitude of users towards move-to-earn. This will help to “nudge millions toward a healthier lifestyle, combat climate change, and connect the public to Web 3.0” via the following initiatives:
Attitude (How valuable is it for the user?)
Subjective Norm (how do other people perceive it?)
Fitness, sustainability and charity are globally perceived as positive social values. STEPN allows users to signal their virtues in a variety of ways:
Perceived Behavior Control (how easy and safe it is it to use?)
Figure 6: STEPN’s Sneaker types
Figure 7: STEPN’s Sneaker stats
Once the NFT Sneaker reaches a certain level, additional perks are unlocked such as shoe minting, lease function, gem sockets, $GMT earning, etc. At Level 30, users can burn $GST/$GMT/NFT to personalize the Sneakers.
Figure 8: STEPN’s game economy business model
Figure 9: STEPN’s Tokenomics, Minting & Burning activities
Figure 10: STEPN’s Token distribution & Vesting terms
Figure 11: $GMT token IEO information from cryptorank.io
Figure 12: $GMT Current trading price at $3.6 with the volume approximately $1.22B on Binance (Data as of Apr 29th, 2022)
Figure 13: STEPN - Daily deposited SOL (buy shoes)
Farming $GMT but burning $GST for repairs is intentional. Supporting $GMT is vital so the game retains value, and adds an incentive for users to level up to level 30 for superior ROI.
SocialFi will be an essential component of the economy; incentives such as spending $GMT to customize sneakers or collaborations with other projects & brands and event-based marketing (e.g. Run to earn voucher, Run for IDO allocation, etc.) will encourage users to mint sneakers and run for reasons other than the financial ones. This would all serve to increase $GST burning.
STEPN raised $5M in a seed round co-led by Sequoia Capital and Folius Ventures with the participation of Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund and WelinderShi Capital with prominent Angel investor of Santiago R. Santos.
Figure 14: STEPN’s Partners and Investors
Figure 15: STEPN's board of Adivsors
Figure 16: STEPN's team members
Jerry Huang (Co-Founder)
Yawn Rong (Co-Founder)
Jessica Duan (CSO)
Ryan Turner (Lead Designer)
For context, here are STEPN’s social stats alongside other prominent move-to-earn or fitness Web3 projects:
|STEPN (Founded September 2021)
|Genopets (Founded March 2021)||156.6K||28.6%||131.0K||-|
|WIRTUAL (Founded October 2021)||29.8K||25.6%||3.4K||40.0K|
|DOSE (Founded May 2021)||32.1K||24.9%||-||10.7K|
Figure 17: Social media statistics of STEPN and prominent move-to-earn or Fitness Web3 projects (source: Twitter, SparkToro, Discord, Telegram)
STEPN’s users will mainly come from SocialFi rather than GameFi in the future.
Up next, STEPN plans to work with top sneaker brands to add yet another social signal — material status through cultural icons and social capital. In just a few months, the app has grown rapidly. Much of this growth can be attributed to the efficacy of its multi-layered social signaling processes. With its brilliant game design, solid tokenomics, and enthusiastic consumer base, STEPN is prepared for the marathon, not just a sprint.