Earning cryptocurrency by exercising and staying healthy is the new concept behind move-to-earn and STEPN. STEPN is an app that combines blockchain technology with GPS tracking to reward its community with real money for getting out into the real world and getting fit.
- STEPN is free to download and easy to get started on. In-game NFT Sneakers are not cheap though, and new users should do thorough research by deciding which ones will work best for them.
- Earning tokens is simple with move-to-earn on STEPN and there’s already a healthy secondary marketplace where users are trading Sneakers with a floor price of 12.29 SOL.
- Move-to-earn is an idea that’s come to prominence in 2022. But plenty of companies have been pioneering the technology for some time. STEPN and Genopets both began in August 2021.
STEPN is the flagship platform for the move-to-earn revolution, built on the Solana and BINANCE Smart Chain blockchains. The game encourages people to stand up from their computers and get out into the real world. By doing exercise and getting healthy, people can earn tokens and real money.
How to use STEPN
There are a few basic steps that everyone needs to follow to get set up on STEPN.
- Download the STEPN app – it’s available on the Apple App Store and on Google Play. It’s also free to download and you don’t even need to own the Sneaker NFTs to start earning (more about this later).
- Sign up with your email address – this part can be a bit tricky. You need to join the STEPN Discord server or Telegram to get an eight-number code that other users generate and post into the group. But you need to be quick: codes can only be used once and other people progressing through the sign-up process will get there first if you dawdle.
- Buy a pair of sneakers and start moving – now you need to spend some money. You will need to transfer SOL or BNB from your personal wallet into your STEPN spending account. The least expensive pair of sneakers currently in STEPN’s native marketplace are available for 12.29 SOL ($872.47 at the time of writing). This isn’t cheap, but with the way that crypto prices are moving, it might be worth waiting a few days to buy some SOL and enter the game at a lower price point.
STEPN will soon be offering a rental system which enables new users to start participating without shelling out more than $850. Renters will be free but the owner of the Sneakers will get 70% of the earned rewards while the renter takes 30%.
How to earn tokens in STEPN
Earning money is simple with STEPN: move around in the real world, record your exercise on the app, and earn tokens for doing it. Following activity, these tokens will drop into your wallet and you can swap them for real world cash. There are different game modes within the platform, each one offering different challenges:
- Solo Mode – earn tokens for moving around. Simple.
- Marathon Mode – enter weekly and monthly competitions. You need to register for each race 24 hours before it starts.
- Background Mode – turn the app off and let the money build up. As long as you have a step counting device to record your steps, you can upload this information to STEPN and you will be rewarded with tokens.
Tokens and Sneakers
Users are rewarded with Green Satoshi Tokens (GST) for completing exercise challenges in STEPN. To provide initial liquidity, 60 million were minted. But to maintain a steady price level, GST is burned when users carry out the following:
- Sneaker minting
- Sneaker repairs
- Leveling up Sneakers
- Gem upgrades
- Unlocking socket
Green Metaverse Tokens (GMT) are STEPN’s governance tokens. GMT is available to users once their Sneakers reach level 30 and they have an energy level of at least three.
In the STEPN ecosystem, there is a time-gated mechanic built into the game that stops players earning more tokens once their energy drops to zero. Users can continue to earn GST until they have zero energy but GMT rewards are capped at a higher threshold.
Energy is restored at a rate of 25% every six hours and users can increase their max amount as they hold more Sneakers. This is the calculation:
Holding better Sneakers enables players to earn more money, via a system of Sneaker efficiency and higher energy allowance. A user’s moving speed also increases their ability to earn. So the faster you go, the more money you get, which makes perfect sense with a move-to-earn fitness app.
More advanced Gem types and higher-level NFT Badges also increase a user’s earning potential. With STEPN, the more time and effort you put in, the more you will get out of it.
The move-to-earn industry and other players in the game
Move-to-earn has grown in popularity since the beginning of 2022. It’s a further evolution in blockchain technology and the concept of the metaverse as it brings the real and the digital worlds closer together.
As the Web3 community continues to innovate, we will see more scenarios where real world actions have an effect on virtual spaces, and vice-versa.
Even though move-to-earn isn’t a brand new concept, the platforms that offer users rewards for staying active have only recently come to prominence. DappRadar’s article listing the top five move-to-earn games is a good place to start if you want to find out more.
But here’s a short breakdown with information on some of the names you should look out for if you want to start earning real money for exercising:
- Genopets – the NFT collectible and battle arena game with a move-to-earn mechanic that underlies everything. The more you exercise, the more powerful your avatar becomes. The more powerful the avatar becomes, the more battles you win.
- Step App – this app on the Avalanche blockchain allows players to stake wagers and compete with friends and strangers in mini exercise competitions for the prize. FITFI is the governance token and KCAL tokens are used in-game. Read a longer article about the platform here.
- The Dustland – this game is part of OliveX’s blockchain health and fitness ecosystem. Engage in real world exercise and watch as your in-game character gets stronger and fitter.