A major crypto milestone or just a passing hype? The Web3 “Stepn” application is currently on everyone’s lips. Anyone can use it to mine cryptocurrency and earn money while walking and running. However, getting started is expensive and the first crash has already occurred.
Step by step: With the help of virtual NFT sneakers, Stepn users fill up their crypto wallets.
Stepn is a Web3 token of the same name that actually contains everything that is critical to the success of a cryptocurrency: a well-developed business model, a large fan base, and a lot of social media hype. One of Stepn’s most exciting features is the form of mining, as no complicated hardware or high electricity costs are incurred here:
Users create their coins step by step
What is Steppen and who can participate?
Stepn is a go-to-earning app that rewards physical activity with crypto tokens. With the help of an app, coins (based on the cryptocurrency Solana/Binance Coin) are generated while walking, jogging or running and added to users. But if you want to take part, first buy a pair of virtual running shoes — and some of them cost a lot of money: the cheapest NFT sneakers range from $200 to $1,000, depending on your fitness level. So getting started can be a real investment. But there are a lot of promises too: Active users should be able to earn Solana daily from double digits. The gain is limited by the power level of the digital shoes. Once the energy is used up, it must be slowly replenished first.
Basically, Stepn is a type of fitness tracker that records sports activities and generates digital coins for them. Anyone who downloads the free app, buys NFT sneakers and gets an activation code, can participate. These codes are regularly provided by providers on their social media channels, but can also be generated by users during playback.
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How exactly does mining work?
It’s actually quite simple: users sign up via the app and buy NFT digital shoes from there. It is paid for using the cryptocurrency Solana or Binance Coin, which you first have to pay in the application wallet. Then the choice of shoes is very large, all shoes have different characteristics and individual energy level. Users can then convert this energy into digital currencies on a daily basis using the principle of going to profit.
With the help of GPS, the app measures how fast and how far users are moving and balances tokens accordingly. Participants then receive Green Satoshi tokens (GST) for each minute of walking, which in turn can be exchanged for USDC. USDC is a stablecoin that is backed by the US dollar and is therefore relatively stable in price.
But before Stepn’s cash register rings, a business model emerges. Because like regular sneakers, NFT sneakers wear out over time. If you want to continue to “wear” it without restrictions, you have to repair it regularly. This – you might have guessed – costs GST every time.
Upgrades to virtual sneakers are also available. They increase the energy level or make mining easier. If you wish, you can also buy several shoes and thus increase your overall energy level or sell sneakers to other users for a fee. In addition to mining, Stepn offers fun items. This includes collecting rare mystery boxes and various upgrade mechanisms.
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Can You Really Make Money With Steppen?
Users can certainly make money with Stepn, although it is unlikely that every participant will produce a large fortune. First of all, there are higher investment costs, which each user must compensate first. You must occupy a few kilometers before you can overcome the deficit. In addition, there is a general uncertainty in the cryptocurrency market: if the value of the GST falls, sports activities automatically become less profitable. Only at the end of May the GMT/GST rate fell by about 50 percent. Reason: China wants to shut down Stepn from July. Cryptocurrency trading has been practically banned in the Middle Kingdom for some time.
In this country, you can also try as an investor to make money with Stepn. This is also possible without using the app or expensive sneakers. You can buy the coins that Stepn has used on popular cryptocurrency exchanges and hope for a higher price.
Stepn Setup – This is how it works
Would you like to give Stepn a try, to “get paid” for your daily outdoor exercise and not be shy about the investment costs? So sharing is easy. Here we explain how it works and how to get the desired activation codes.
Stepn for Android | step for iOS
First of all, we have to download the app from one of the stores, it is available for both Apple iOS and Google Android. Next, we ask providers to email us a verification code via the app, which means the setup is almost complete – only the activation code is missing. With this code, the developers want to regulate the arrival of new participants, because currently the demand is still very high. As explained above, users can generate codes themselves, but they are also provided by providers. New keys are available regularly in both the Telegram group and the Stepn Discord server. But you need to be quick for now: only those who enter a code first can actually use it.
Once we have the activation code, select the appropriate blockchain for you, which is either Solana or BNB Smart Chain (Binance). Depending on the blockchain, we find three types of coins in our wallet: GST, GMT and Solana (SOL), or GST, GMT and BNB (Binance Coin). To start mining, we first need to fund our account from an external source with Solana/BNB to purchase the mandatory NFT sneakers. We can buy Solana/BNB directly via the linked Binance platform or send it to our Stepn Wallet via a link. Then we have to transfer that balance to a second “spending wallet” via the app. This may take a few minutes.
As soon as the transport arrives, we go shopping: in the virtual sneaker store, we look for the right shoe for our needs. You can choose from models such as “Walker”, “Jogger”, “Runner” or “Trainer”. Each shoe is designed for different running speeds. Tip: With the Stepn app, we can also measure your personal running speed before purchasing it.
When choosing shoes next, you should take your time and look closely at mannequins. Because even within the categories there are big differences in terms of quality and power level. We can later improve all sneakers with so-called “gems”. This reduces repair costs, for example, or improves mining efficiency. Note: If you own many shoes, you can also use more energy to generate GST.
With the right shoes purchased, we’re ready to go and start mining. It is advisable to start Stepn only when you actually start running and log all the breaks – otherwise we lose valuable energy that we’d rather use for mining. After a run, it makes sense to repair NFT sneakers right away, because worn shoes generate lower taxes on goods and services over time.
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Who is behind Steben?
Stepn was launched in 2021 by an Australian fintech company called Find Satoshi Labs. As you can hear, after the horrific bushfires in Australia in 2020, founders Yawn Rong and Jerry Huang were also excited to campaign for climate neutrality themselves. With Stepn I wanted to create a financial incentive to walk, enhance your health, and reduce global CO2 emissions.
This criticism is directed at Stepn
One of Stephen’s biggest criticisms relates to the business model itself, as it bears similarities to a Ponzi scheme. Particular focus is on handling NFT sneakers, which absolutely every user needs to mine their coins. Digital shoes can also be created by the users themselves and then sold. Of course, this is only attractive as long as demand can keep up with supply. If very few new users flock to the network at some point, the oversupply caused by the sneakers could lead to a rapid price drop. This is one of the reasons why developers are currently trying to curb the growth of new users with limited activation codes. If at some point that is no longer enough, providers can also raise the prices of the shoes, charging higher fees when they sell or throttle mining. All this will make Stepn less attractive to users.
In addition, there is the faltering cryptocurrency market, which recently caused an uproar with the collapse in prices and significant losses in value. When prices go down, the rewards for running also go down and the whole system loses its appeal.
Climate protection, sports and making money at the same time? Steben’s business model sounds too good to be true. However, like many phenomena from the crypto world, Move-to-Earn is surrounded by a veil of unpredictability. Because in order to keep the ecosystem running, it is necessary to constantly increase the number of participants. So the noise surrounding the app should be kept alive. In addition, there are chronic price fluctuations in the crypto market, which can quickly put Steben’s profits into perspective. As exciting and profitable as the new Web3 app is, every participant should be aware that stepn’s expensive entry is a speculative investment.