Recently, more and more opportunities have appeared that allow you to make money on cryptocurrency — from video games or airdrops to full-fledged yield farming. One of the non-standard ways to earn income from crypto mining is the STEPN project, created by Australian developers. All gamers need to do is run in the mornings in specially designed virtual sneakers. STEPN could be one of the first blockchain games to break out of the crypto ecosystem and become widespread worldwide.
About STEPN & Its Developers
Launched in November 2021 by an Australian team, Move-to-Earn game’s project STEPN has received over $5 million in funding from venture capital funds, including Folius Ventures, Sequoia Capital India, and Solana Ventures. The app is now valued at $1 billion.
Previous similar projects like Sweat.coin and Healthy.wage featured primitive user interfaces and annoyingly low payouts. They were not widely used for two reasons:
- to earn a small income, it would take a huge amount of time to run;
- there were no elements of gamification in the apps.
This was before a Play-to-Earn concept entered the blockchain space. The STEPN game platform combines RPG level-up elements with GameFi monetization. Its features make earning income fun and rewarding at the same time. Today, a user can earn over $30–$40 for 10 minutes of running.
STEPN is now one of the most popular and dynamic NFT games in its class. As of the beginning of July 2022, the price of STEPN, which refers to the cost of GMT, is $0.9381.
In April 2022, the STEPN project received a strategic investment from a Binance cryptocurrency exchange venture arm. Against the backdrop of this news, the cost of the native GMT token rose to $4.03.
How Does Move-to-Earn Concept Work in STEPN?
The project’s main idea is that users can generate GST or GMT (two native or utility game tokens) while walking, jogging, or running. To participate, you need to buy NFT sneakers on the in-game marketplace.
The principle of this game is as follows:
- A built-in GPS chip in a player’s smartphone pings (fixes) a constant movement speed and transmits this data to the app. A slow internet connection can reduce the amount a user earns. At the same time, a separate class of sneakers is provided for each type of activity.
- The number of tokens that a user earns per minute depends on the characteristics of the sneakers used and on the activity mode selected — walking, jogging, or running at an intense pace.
- Accordingly, walking brings the least amount of tokens, then jogging, and most of all, marathon running. Therefore, before using the app to earn crypto, you need to choose the appropriate sneakers that will support the speed at which a person is willing and potentially able to move physically.
- Depending on the type of activity, NFT sneakers are divided into classes: Walker, Jogger, and Runner. Separately, a special class of sneakers is provided — Trainer. With their help, you can earn at any speed, so this class is the most expensive category of NFT sneakers.
- Users can run as long as they have energy points (points spent on exercise are restored at a rate of 25% every 6 hours). With less than 3 pairs of running sneakers, users receive 2.0 points, equating to 2 minutes of running. Buying or registering more sneakers, or owning specific classes of sneakers, gives users more energy points, allowing them to exercise longer.
- A player can use GST tokens to level up their NFT sneakers by improving their attributes (comfort, efficiency, durability, and luck). As the level of running sneakers you use increases, so does the number of energy points available.
How to Start Playing and Make Money?
The threshold for entering the project is quite high. As mentioned before, you need to buy virtual sneakers on the app’s marketplace to start playing. The service runs on the Solana blockchain, so to pay for the purchase, you will need to purchase SOL tokens and add them to your game wallet.
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The price of sneakers depends on their characteristics, type, and rarity. According to the developers, investments pay off within two to three weeks after the start of using the app.
In fact, if you lead a fairly active lifestyle, this will happen sooner. After that, you can already start earning net profit and, as a bonus, improve your health.
The main principle of earning tokens in STEPN is related to the operation of the app online, as well as the operation of the GPS tracker built into a smartphone. Thus, it is necessary to have a fairly new version of the gadget compatible with the project’s software products.
In addition, in the area where a user lives, that is, where they will actually run, there should be a relatively stable Internet connection, at least 4G. If the quality of the connection is poor, the GPS will not correctly read the running speed, as a result of which the STEPN app may simply stop working.
To track this parameter, it is recommended to check the speed in the local network by using a speed test of a gadget. The average ping time should not exceed 24ms. Otherwise, the GPS tracker will actually display nothing, and all the efforts spent on running will not bring any financial benefit.
Key Steps to Follow to Start Playing
To start using STEPN and earn money by running in the morning, you must adhere to the following algorithm of actions:
#1 Download the application
First of all, you need to install the app on your smartphone. Depending on the model of a mobile device, this can be done either through the App Store or Google Play.
#2 Create an account
After launching the app, you will need to enter your email address and click on the ‘Submit Code’ button. A code will be sent to the email specified by a user, which will then need to be entered in the appropriate field in the application.
#3 Enter an activation code
Before launching the app, you must obtain an activation code for it. In accordance with the policy of the STEPN developers, access to them should be provided free of charge. Currently, the only official way to get an activation code is through the project channels in Telegram and Stepn Discord.
#4 Create a cryptocurrency wallet
After receiving the activation code, a main screen of the app will open, in which you will see instructions on how to use it. A separate screen will show you how to create a new cryptocurrency wallet. It is recommended not to skip this menu section and study it carefully.
So, to create a crypto wallet in the app, you need to click on a wallet image in the upper right corner of the screen. The process will only take a couple of minutes. When creating a wallet, a seed phrase will appear on the screen, which you need to remember. Still, it is better to write it down or save it in a safe place. After creating a crypto wallet, you need to return to the app’s main screen.
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#6 Launch the game
To start playing the game, you need to deposit SOL tokens to your cryptocurrency account in the amount that will allow you to purchase a STEPN NFT sneaker. After buying sneakers, you should wait until 25% of energy points are accumulated (approximately 6 hours), and then you can start playing and running while earning cryptocurrency.
Special attention should be paid to the choice of NFT sneakers. Before buying, it is recommended to download the app and first run for 10 minutes in test mode, that is, without running sneakers. This is done so that you can choose the right type of sneakers that will suit your needs best.