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STEPN Complete Guide: How to get started with GameFi and how it will change in the future

STEPN Complete Guide: How to get started with GameFi and how it will change in the future

 

What is STEPN? A thorough explanation of the latest GameFi that lets you earn money by walking!

For those of you who have questions like "What is STEPN, which I've been hearing a lot about lately?" or "Can you really earn money just by walking?", this article will introduce the popular GameFi (a portmanteau of game and finance) project.STEPNWe will provide a thorough explanation of STEPN that is easy to understand even for beginners! Don't worry, we will also explain technical terms such as NFT and blockchain in simple terms. Come on, take your first step into the world of STEPN!

Introduction: The STEPN boom is here! What is the appeal of Move-to-Earn?

STEPN is"Move-to-Earn"This is a Web3 lifestyle app that has been gaining attention worldwide with its new concept of "connecting people to their lifestyles" (SERP 2, 5, 6, 15, 16). Specifically, users can earn cryptocurrency by wearing NFT (non-fungible token: one-of-a-kind digital asset) sneakers and actually walking, jogging, or running.

It's not just a fitness app, but also incorporates game elements (Game-Fi) and social elements (Social-Fi) to motivate you to continue exercising (SERP 2, 4, 6). For many people who have trouble staying healthy, it's a great solution. In fact, STEPN is a leading lifestyle app on Web3, with over 570 million registered users (SERP 15).

In addition, the STEPN development team is working on a new social lifestyle app"STEPN GO"also announced a new feature called Rewards, which also seems to include elements such as earning rewards, staying active, and inviting friends (SERPs 1, 3, 10, 18).

Overview / Game Features: What's so great about STEPN?

The greatest features of STEPN can be summarized in the following three points.

  • Move-to-Earn (M2E) model: It is an innovative system that allows users to earn revenue by engaging in everyday exercise (walking, running). Users can purchase special NFT sneakers, launch the app, exercise, and earn in-game currency (SERP 7, 14).
  • GameFi Elements: There are various types and attributes of sneakers (e.g. efficiency, luck, comfort, durability), and you can enjoy it like a game by leveling up, minting (generating new sneakers), and equipping gems (items that improve the performance of sneakers). There is also a leaderboard function, and a competitive element is created by rewarding based on performance (distance + energy) (SERP 4).
  • SocialFi Elements: STEPN GO emphasizes the friend invitation feature (SERP 1, 3) and has a rich community function. There are several community groups on Facebook (SERP 6, 16), where users actively exchange information and interact with each other. In addition, a feature called "The Haus" allows users to lend their sneakers and energy to friends and family (SERP 17).

STEPN is not just about earning money by exercising, but also about the multiple ways users can enjoy the app, such as collecting and customizing NFT sneakers and connecting with the community. It is truly a fitness app and a game at the same time (SERP 4).

Technical elements: The technology behind STEPN

STEPN's unique experience is powered by cutting edge blockchain technology.

NFTs and the use of blockchain

The core of STEPN isNFT (Non-Fungible Token)とBlock chainIt's technology.

  • NFT Sneakers: The sneakers that users wear in the game are recorded on the blockchain as NFTs, each with its own unique value (SERP 2, 5, 6). This makes the ownership of the sneakers clear, and they can be bought and sold between users. Recently, the appearance of "Uncommon Sneakers" in STEPN GO has also become a hot topic (SERP 10).
  • Blockchain: By recording transaction records and NFT ownership information on the blockchain, a distributed ledger (a system in which the same information is shared and managed by multiple computers), transparency and security are increased. Since it is extremely difficult to tamper with, you can hold digital assets with peace of mind.

Supported Blockchain

STEPN was initiallySolana BlockchainIt was built on the Ethereum blockchain (SERP 13). Solana features high processing speeds and low transaction fees (gas fees), providing an environment where many users can play games comfortably. Since then, it has expanded its support to other blockchains such as BNB Chain (formerly BSC) and Ethereum, and is promoting multi-chain deployment (general knowledge based on official information).

smart contract

STEPN’s in-game logic and token issuance and distribution aresmart contractIt is believed that blockchain technology (a program that is automatically executed when certain conditions are met on the blockchain) is being used. This allows for transparent and fair game operation without the intervention of an operator. For example, the calculation of exercise rewards and the minting (generation) process of NFT sneakers are automated.

Use of virtual currencies

Within the STEPN ecosystem, there are two main types of cryptocurrencies (tokens):

  • GST (Green Satoshi Token): It is a utility token that can be earned primarily as an in-game reward - used to repair, level up, mint sneakers, etc. (SERPs 7, 12, 16).
  • GMT (Green Metaverse Token): It is the governance token of the STEPN ecosystem (SERP 7, 11, 12, 16). It is expected to be used to level up higher-level sneakers, use certain in-game features, and in the future, vote on project management policies. GMT is considered the backbone of the STEPN ecosystem (SERP 7).

These tokens can also be bought and sold through cryptocurrency exchanges, and FSL, the developer of STEPN, has partnered with MasterCard to launch GMT Pay, a payments network that allows users to spend their earnings anywhere (SERP 19).

How to start the game: Steps to STEPN debut

There are several steps required to start using STEPN. Below is a rough outline of the process.

  1. Information collection and app download:
    • First, check the latest information on STEPN’s official website, X’s (formerly Twitter) official account (@Stepnofficial) (SERPs 1, 3), and the community (SERPs 6, 16).
    • Download the smartphone app, available for iOS users from the App Store (SERP 2) and for Android users from Google Play (SERP 5), with a relatively high average rating of 4.2 (SERP 2, 5).
  2. Account Creation and Activation Code:
    • Launch the app and create an account.
    • Previously, you had to create a new accountactivation codewas required (SERP 9). This was to prevent in-app membership boom. Check the latest official information for current requirements.
  3. Prepare your wallet:
    • The STEPN app has a built-in wallet function for storing cryptocurrencies and NFT sneakers.
    • It is also possible to transfer funds from external wallets (e.g. Phantom Wallet for Solana, MetaMask for Ethereum/BNB Chain).
  4. Preparing your crypto and buying NFT sneakers:
    • To purchase NFT sneakers, you will need the base currency of the corresponding blockchain (e.g. SOL, BNB, ETH), which can be purchased at domestic or international cryptocurrency exchanges.
    • Transfer the prepared cryptocurrency to the wallet in the STEPN app.
    • In the app's marketplace, you can choose and purchase NFT sneakers that fit your play style and budget. There are various types of sneakers, such as "Walker," "Jogger," "Runner," and "Trainer," each of which has a different optimal speed range.
  5. Start exercising!:
    • Put on your sneakers, turn on your GPS and start walking or jogging outdoors.
    • By exercising, you can consume "energy" and earn GST (or GMT) as a reward. Energy will recover over time.

When getting started, you need to understand that there will be an initial investment required to purchase NFT sneakers, the price of which will fluctuate depending on market conditions.

It's a new appSTEPN GOAs for how to get started, it is described as a social fitness app where users can earn tokens, mystery boxes, and rewards by being active outdoors while wearing NFTs (SERP 18). We'll have to wait for the official announcement for more details.

Reputation and ratings: User opinions and concerns

Player feedback (positive opinions)

STEPN has been well received by many users. Some of the main positive comments include:

  • Making exercise a habit: Many people say that the incentive of being able to earn money makes exercising more fun and easier to continue (SERP 14).
  • Health Promotion: Some users have experienced health benefits from regular exercise, such as improved fitness and weight loss.
  • Vibrant Community: Social media and dedicated communities are active, and the exchange of information and encouragement helps maintain motivation. The STEPN app community has even broken two Guinness World Records (SERP 2).
  • Exposure to new technologies: Some people said it was a good opportunity to experience cutting-edge technologies such as NFT and blockchain.
  • Expectations for STEPN GO: STEPN GO, a new social lifestyle app from the creators of STEPN, is a promising new app with rewards, activity and friend invites (SERPs 1, 3).

Critical comments and points of caution

On the other hand, there are some concerns and critical opinions about STEPN.

  • High initial investment and risk of price fluctuation: The price of NFT sneakers and the price of GST/GMT tokens fluctuate greatly depending on market demand and supply. You should always keep in mind the risk of not being able to recover your initial investment and the risk of the token price dropping. The Reddit thread "How does this even work" (SERP 4) may reflect users' confusion about the game's complexity and economic model.
  • Sustainability Questions: There is much debate about the long-term sustainability of the Move-to-Earn model: if the influx of new users stagnates or the token economics no longer work, the value of the entire project could decline.
  • Game Complexity: The game has a wide range of elements, including sneaker attributes, leveling up, minting, and the gem system, so it can seem a bit complicated for beginners.
  • Anti-cheat measures: Due to the nature of games that use GPS, there is a risk of cheating. Although the game operators are taking measures, it is difficult to completely eliminate cheating.
  • Regulatory risks: Legal regulations regarding virtual currencies and NFTs are currently being developed in each country, and it is necessary to consider the possibility that some kind of regulation may be introduced in the future.

It is important to understand these points and enjoy the experience at your own risk.

Q&A section: Frequently asked questions

Q1: What is blockchain? How does it relate to STEPN?
A1: Blockchain is a technology for securely recording and managing digital information, and is also known as "distributed ledger technology." STEPN records the ownership of NFT sneakers and the transaction history of in-game currency on the blockchain. This makes it extremely difficult to tamper with data, increasing transparency and security. Users can truly own their digital assets (NFT sneakers and virtual currency).
Q2: How can I use the in-game currency (GST/GMT)? Can I convert it to Japanese Yen?
A2: GST is mainly used to repair sneakers, level up, and mint new sneakers. GMT is expected to be used to unlock more advanced in-game features and participate in governance. These currencies can be exchanged for other cryptocurrencies such as Bitcoin and Ethereum through supported cryptocurrency exchanges, or ultimately converted into Japanese Yen. STEPN creator FSL has also partnered with MasterCard to launch GMT Pay, opening the way for earned GMT to be used for everyday payments (SERP 19).
Q3: How do you trade NFT sneakers?
A3: NFT sneakers can be bought and sold on a dedicated marketplace within the STEPN app. Prices vary depending on the type, level, attributes, rarity, etc. of the sneakers. When purchasing, you will need the corresponding blockchain cryptocurrency (e.g. SOL, BNB, ETH). When selling, you will receive cryptocurrency in return. In the future, it may be possible to trade on external NFT marketplaces as well.

Developer Information: The team behind STEPN and its future

Developer name

STEPN isFind Satoshi Lab (FSL) It is developed and operated by a fintech studio called FSL (SERP 19). FSL aims to improve people’s lifestyles by leveraging Web3 technologies.

Technology Partners

STEPN is entering into various partnerships to strengthen its ecosystem.

  • MasterCard: A partnership to realize GMT Pay has been announced, which is expected to expand the use of virtual currencies (SERP 19).
  • Argentine Football Association (AFA): The STEPN x @Argentina Genesis Runner collaboration was announced, featuring a specific NFT sneaker (The Captain Gold touches) (SERP 20), which is an example of collaboration with the sports sector.

It is also believed to have cooperative relationships with the Solana Foundation and major cryptocurrency exchanges.

Roadmap and Future Prospects

STEPN is constantly evolving, and future developments are attracting attention.

  • STEPN GO Launch: A new social lifestyle app called "STEPN GO" is in the works (SERP 1, 3, 10, 18). It is expected to have a friend invitation feature and a new reward system, which may provide a different user experience from the existing STEPN. New NFTs such as Uncommon Sneakers are also being introduced in STEPN GO (SERP 10).
  • Expanding the ecosystem: We aim to expand the STEPN economic sphere through the introduction of payment solutions such as GMT Pay and collaboration with other projects.
  • Token price trends: There is also information on GMT token price predictions (SERP 11 predicts a minimum of $2030, a maximum of $2.54, and an average of $2.99 in 2.61), but these are only predictions and should be taken with caution as there are many factors that can affect the market. STEPN has raised a total of $4 million in four rounds to date (SERP 920).
  • Social enhancements: They are also developing features that emphasize social connections, such as “The Haus” (renting sneakers and energy) (SERP 17).

Although there are many challenges facing STEPN, as a pioneer of the Move-to-Earn concept, it will be interesting to see how it develops in the future. The development team will listen to user feedback and aim to build a sustainable ecosystem.

Summary: Is STEPN worth a try?

STEPN is a groundbreaking GameFi project that adds new value to the everyday act of exercise by giving you the ability to earn money. The experience of owning NFT sneakers and earning cryptocurrency by actually walking or running will be fresh and appealing to many people.

Of course, there are points to be aware of, such as the risk of price fluctuations in virtual currencies and NFTs, and the sustainability of the projects. However, they also have the potential to motivate people to improve their health and provide an opportunity to experience new technologies.

Key points:

  • STEPN is "Move-to-Earn"A representative Web3 lifestyle app.
  • Equipped with NFT sneakersEarn cryptocurrency (GST/GMT) by walking or runningit can.
  • Solana BlockchainBased on this foundation, it is expanding to other chains.
  • Rich in gaming elements (GameFi) and social elements (SocialFi).
  • New Apps"STEPN GO"are also scheduled to appear, so further developments are expected.
  • How to get startedNFT sneakers must be purchasedThere is also a risk of price fluctuation.

If you are interested in STEPN, it is best to start with a small amount and research the information at your own risk. This new experience may bring excitement, health, and a little bit of profit to your daily life.

This article is for informational purposes only and does not recommend investing in any particular financial product. Investment decisions are at your own risk (DYOR – Do Your Own Research).

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