What Is STEPN and How You Can Make Money With It
We take a deep dive into the newest sneaker/fitness Metaverse technology: STEPN. Learn how this app inspires people while promoting digital sneaker NFTs!
STEPN is the first Web3 lifestyle game that combines physical movements and the Metaverse with a technology that is sure to grow exponentially. In STEPN, players can walk, jog or run outdoors with an NFT Sneaker to earn both digital and physical rewards. Keep reading to learn more about STEPN and what it could mean for the future of sneakers and the Metaverse.
You might have heard about Aglet before and wonder if STEPN shares any similarities? Let’s find out! In case you did not hear about it before, make sure to follow us on Instagram and TikTok to stay up to date.
What Is STEPN app?
Firstly, STEPN is powered by Solana, a high-performance blockchain supporting builders around the world creating crypto apps that scale today. Players track and log steps to build their digital income.
STEPN seeks to change the world as we know it by inspiring millions to get fit and active while playing for online and redeemable rewards. There are currently 3 game modes:
1. Solo mode – you play alone by building up steps and income
2. Marathon mode – you enter marathons 24 hours in advance and participate in the online marathon
3. Background mode – The app takes place in the background, accumulating your daily steps, and won’t reduce the durability/endurance of your digital sneakers.
The STEPN token is the official token of the app and is what is used as currency in the game. It works just as any other cryptocurrency would and allows users to seamlessly integrate the game into their own lives.
STEPN has been very successful pre-launch as they have raised over $5 million in seed round funding from big name Metaverse investors and firms. This technology and the idea seem to be one that many are gravitating towards.
How To Get Started
Activation code. You will need an activation code that can be obtained by other players. This means you can buy the code from other users, or if you are lucky and have a friend who is already on it, then he could invite you for free.
Register and get STEPN shoes. Register your account and transfer some Solana to your STEPN wallet and purchase a shoe in the STEPN app marketplace. After that, it’s time for you to go outside and start earning money!
Make more money. Once you gather enough money to buy another shoe, you could mint a new sneaker for a fraction of the price. This allows you to keep building your sneakers portfolio and start minting more frequently, eventually making you even more money as these can sell for quite a lot, depending on the rarity level and stats.
Here is an article that could kickstart your understanding of terms and phrases in this metaverse craze.
Why STEPN Matters
This technology matters because it is the first of its kind. This is one of the first examples of metaverse technology breaking through into our real, physical world.
Before, all the talk about a new digital age was always met with skepticism as people didn’t think it could impact and influence the way that they currently live their lives. STEPN has totally changed that, and many would say for the better.
STEPN has already proven its success in its seed round funding, but its future success is not just anticipated, but expected. People gravitate to prizes that they don’t have to spend money for, and it costs nothing to run!
As far as the sneaker end of STEPN, the possibilities are endless. STEPN can partner with any digital sneaker company and allow those sneakers to be seamlessly integrated into the game.
Brands like Nike and Adidas would 100% be interested in a project that not only gives them free brand promotion, but also a technology that motivates and inspires people to get outside and get healthy.
This Metaverse technology allows brands to create and sell NFTs that users will be able to literally use to score rewards. The possibilities, as we’ve already stressed enough, are truly endless.
It’s only a matter of time before Nike and other companies either join or create their own version of this. Asics is already a part of STEPN which is huge for their brand awareness and is a huge step going forward. Nike has already sued StockX for selling unauthorized Nike digital assets, you can read more about that here.
What attributes to look for?
STEPN sneakers have different attributes and could make or break your earnings.
- Efficiency: Higher efficiency means that you earn more per second while walking.
- Luck: Increases the chances of obtaining a Mystery Box.
- Comfort: Increases GMT earnings. (Under Development)
- Resilience: This decreases the frequency of repairs to your sneaker. This also has different effects for different modes. In Solo Mode, this increases the durability of the sneaker. But while in Marathon mode, this represents more earnings.
Frequently Asked Questions
What is the Metaverse?
The metaverse can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.
What are NFTs?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency.
How can I invest in cryptocurrency?
In simple terms, you need a place to buy it and a place to put it. The most popular place to purchase cryptocurrency is through cryptocurrency exchanges. There are several different exchanges to choose from, with the most popular being Coinbase, GDAx, and Bitfinex.