Sunday, March 3, 2024

STEPN and the M2E revolution: Should you buy

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STEPN has captured the attention of the crypto market over the past few months. The app is a new move to earn platform that rewards users for running and walking. So far, the project has hit a market cap of around $600 million. Here is why STEPN is growing:

  • The platform has quite literally defined the M2E space.

  • STEPN is integrating NFTs and social gaming into its metaverse.

  • The in-game economy is user-centered which allows more incentive for folks to join.

Data Source: TradingView 

How does STEPN Work?

STEPN pays you to move. However, it’s not as straightforward as it seems. First, to join the app, you must purchase an NFT-powered sneaker. There are different types of sneakers, each with its own level of rarity, quality, and other features.

On average, a sneaker can cost you around $1000 depending on the prevailing price of SOL. Also, users get limited energy each day. So, you cannot just sign up and run for a living. There will be a time cap as to how much running or walking you can do. Ether way, STEPN offers a good way to earn while doing something healthy.

Tokenomics and Sustainability

The biggest challenge for most web3 earning projects is sustainability. As we have seen from platforms like Axie Infinity, it’s very hard for P2E web3 platforms to generate enough value to keep the revenues flowing. 

The STEPN model falls into the same trap. You see, the money earned from walking or running comes from the purchase of newly minted sneakers. So, if at some point the number of new users joining declines, the whole system comes tumbling down. 

While STEPN is a good investment right now, it’s not something you want to be holding for a long time. Unless there is a huge change in utility and value, it’s a short-term play. You can buy into STEPN through its native governance token GMT.


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