STEPN

About STEPN

STEPN is a new web3 lifestyle app that incentivizes people to walk, jog, or run outdoors. By integrating blockchain technology, NFTs, and a cryptocurrency token model, STEPN aims to help people lead more active, healthy lifestyles while earning rewards.

What is STEPN?

STEPN was launched in 2021 by Find Satoshi Lab, a technology company focused on blockchain fitness applications. The core premise of STEPN is to motivate people to be more physically active by rewarding them for walking, jogging and running outdoors.

Users of STEPN earn GMT tokens, the platform’s cryptocurrency, for completing walking, jogging or running sessions tracked through the STEPN app. The app uses phone sensors to record user movements during exercise. More GMT tokens are earned for longer distances and faster paces.

How STEPN Works

To start earning GMT tokens on STEPN, users first need to acquire an NFT sneaker through the app. These NFT sneakers, of varying rarity levels, are required to earn GMT rewards for exercise sessions. The stats of the NFT sneaker determine how much GMT can be earned.

Once an NFT sneaker is acquired, the user can start “walking” their sneaker through the STEPN app. The app tracks the user’s outdoor movements through the phone’s GPS and accelerometer. Proof of more advanced workouts like jogging or running can be verified by the app as well.

Each session earns a amount of GMT based on the sneaker stats, distance and pace. GMT earnings can be exchanged for fiat currency or invested back into the platform.

Earning GMT Tokens

GMT token earnings on STEPN come from two primary sources – completing workouts and leveling up sneakers.

The base rate for earning GMT from walks, jogs or runs depends on the type, level and stats of the NFT sneaker equipped. Higher quality sneakers earn more per session. Sessions are categorized as walking, jogging or running based on pace.

Users also earn GMT tokens by leveling up their NFT sneakers. As sneakers accrue lifetime kilometers through workouts, they gain experience points and reach new levels. Each level up brings an efficiency boost that increases the GMT earning rate.

Minting NFT Sneakers

To earn on STEPN, users must first mint or acquire NFT sneakers. These sneakers come in varying rarity levels, represented by different shoe box colors. Higher rarity sneakers have higher efficiency for earning GMT.

Common sneakers can be minted directly within the STEPN app for a small fee paid in SOL blockchain tokens. More rare sneakers must be acquired from other users through the secondary marketplace. Prices range from a few hundred dollars to tens of thousands.

The total supply of sneaker NFTs is capped, meaning new mints are limited over time as the platform scales. This helps retention of sneaker values on secondary markets.

Leveling Up Sneakers

An engaging progression system within STEPN involves leveling up NFT sneakers over time. Sneakers gain experience points each workout, depending on the distance covered.

Upon reaching new experience thresholds, the sneakers level up. Each level boosts the sneaker’s efficiency, allowing it to earn GMT at an increased rate during workouts.

Players are incentivized to put in the long-term work of leveling sneakers. A level 30 sneaker will earn vastly more GMT per session than a fresh level 1 sneaker. Leveled sneakers also command higher prices on secondary markets.

STEPN App Features

The STEPN mobile app provides users with workout tracking, NFT sneaker management, social features, in-app stores and more.

Workout tracking uses phone sensors to detect walking, jogging and running sessions. Maps show session routes, pace, distance and other stats. GMT earnings are displayed after each completed session.

Inventory management screens allow equipping different NFT sneakers. Sneaker profiles show current levels, experiences points, attributes and more.

Social features include player leaderboards, chat rooms tied to locations around the world, and profiles to show off sneaker collections.

In-app stores offer the ability to mint new sneakers or browse secondary sales markets to acquire rare NFTs. GMT earnings can also be spent on sneaker repairs, upgrades and more.

STEPN Tokenomics

The foundations of STEPN’s crypto-economic system revolve around the earning, utility and scarcity of its GMT token.

Total supply of GMT is capped at 6 billion tokens. The distribution is as follows:

• Move and Earn: 30%
• Ecosystem and treasury: 30%
• Private sale: 16.3%
• Launchpad sale: 7%
• Team :14.2%
• Advisors: 2.5%

As users grow, the 30% rewards portion encourages earning through exercise. But emissions are capped, meaning per user rewards decline over time as adoption increases.

Scarcity is enabled by sneaker NFT caps, repair costs in GMT, and benefits for holding GMT in the app. These sinks help give GMT long-term utility and value.

The tokenomics are designed to incentivize fitness while growing a self-sustaining STEPN economy owned by users.

Future Outlook for STEPN

STEPN’s integration of blockchain, NFTs, cryptocurrency and mobile gaming provides a unique web3 fitness movement. Significant adoption in the first year illustrates interest in this new paradigm.

But risks remain around sustaining user engagement and balancing GMT tokenomics. Attracting new casual web2 users to onboard into web3 also poses challenges.

As the novel model is proven out, STEPN could see expansion to other fitness verticals like biking, swimming or yoga. Virtual reality integration could also boost engagement.

Overall, STEPN represents an innovative shift at the intersection of digital economies and personal health. The next few years will reveal how effectively these worlds can be combined at scale. But the initial momentum shows the potential to build healthier habits while empowering users in a web3 fitness ecosystem.