STEPN has captured the consideration of the crypto market over the previous few months. The app is a brand new transfer to earn platform that rewards customers for working and strolling. So far, the challenge has hit a market cap of round $600 million. Here is why STEPN is rising:
The platform has fairly actually outlined the M2E area.
STEPN is integrating NFTs and social gaming into its metaverse.
The in-game economic system is user-centered which permits extra incentive for folk to affix.
Data Source: TradingView
How does STEPN Work?
STEPN pays you to maneuver. However, it’s not as simple because it appears. First, to affix the app, you should buy an NFT-powered sneaker. There are various kinds of sneakers, every with its personal stage of rarity, high quality, and different options.
On common, a sneaker can value you round $1000 relying on the prevailing value of SOL. Also, customers get restricted power every day. So, you can’t simply join and run for a dwelling. There will likely be a time cap as to how a lot working or strolling you can do. Ether approach, STEPN affords a great way to earn whereas doing one thing wholesome.
Tokenomics and Sustainability
The greatest problem for many web3 incomes tasks is sustainability. As now we have seen from platforms like Axie Infinity, it’s very exhausting for P2E web3 platforms to generate sufficient worth to maintain the revenues flowing.
The STEPN mannequin falls into the similar entice. You see, the cash earned from strolling or working comes from the buy of newly minted sneakers. So, if in some unspecified time in the future the variety of new customers becoming a member of declines, the entire system comes tumbling down.
While STEPN is an efficient funding proper now, it’s not one thing you wish to be holding for a very long time. Unless there’s a big change in utility and worth, it’s a short-term play. You can buy into STEPN by means of its native governance token GMT.
