STEPN is a Web3 lifestyle app that allows users to earn cryptocurrency by walking, jogging, or running. Users need to purchase NFT sneakers in order to participate, but they can then earn GST tokens for every step they take. These tokens can be used to purchase new sneakers, upgrades, or traded for other cryptocurrencies.
STEPN is built on the Solana blockchain and uses the Move-to-Earn (M2E) model to incentivize users to get moving. The app uses GPS to track users' steps and rewards them with GST tokens based on the distance they travel and the speed at which they travel. GST tokens can be used to purchase new sneakers, upgrades, or traded for other cryptocurrencies.
STEPN has been one of the most popular M2E projects in recent months, and its native token, GMT, has seen its value increase significantly. However, it is important to note that STEPN is still a relatively new project and there are risks involved in investing in it.
Here are some of the pros and cons of STEPN:
Pros:
- STEPN is a unique and innovative project that has the potential to revolutionize the fitness industry.
- STEPN is built on a secure and scalable blockchain network.
- STEPN has a strong community of users and developers.
- STEPN has a clear roadmap for the future.
Cons:
- STEPN is a new project and there are risks involved in investing in it.
- STEPN requires users to purchase NFT sneakers, which can be expensive.
- STEPN's energy system can be restrictive, making it difficult to earn tokens if you are not a regular runner.
- STEPN's tokenomics are complex and can be difficult to understand.
Overall, STEPN is a promising project with the potential to change the way people think about fitness. However, it is important to do your own research before investing in it.
Here are some additional things to keep in mind about STEPN:
- The amount of GST tokens you earn will depend on the distance you travel, the speed at which you travel, and the type of sneaker you are wearing.
- You can only use GST tokens to purchase items on the STEPN marketplace.
- You can also stake GST tokens to earn rewards.
- STEPN is still under development, so there is always the possibility of changes to the platform or the tokenomics.