Robert Steinadler, a year ago
Play to earn is a Web3 category some of our readers might already accustom to. The idea is simple. The player performs tasks and in return, he receives a tokenized reward that can be held, swapped, or traded for fiat currency. Hence the name play to earn.
STEPN is taking this concept to a new level. What are players rewarded for and why do you need a new pair of sneakers for this game?
STEPN is a Web3 application that taps into elements of social-fi as well as game-fi and is based on the Solana blockchain. Players can earn the native GMT and GST tokens by walking, jogging or running outdoors. In order to participate, players need to install a mobile wallet on their smartphones transfer SOL on it, and buy a pair of NFT sneakers.
The app supports three different game modes of which two are still under development at the time of writing:
The social-fi elements of the game haven’t been revealed to the public yet. They are to be released as soon as the game-fi part of STEPN is finished.
GMT is the native token of STEPN. However, the game requires tokenization of different aspects in order to reward and represent challenges. While GMT is the governance token for the application, GST stands for Green Satoshi Token and is the actual utility token that has several uses in the game.
While players can earn GST by participating, they can also burn their GST for improvements:
GMT on the other hand can also be earned through participating and moving. But unlike GST the GMT token can only be earned by players that possess a pair of sneakers that is at least level 30. There are also several mechanics involved that limit the ability to earn GMT. At the same time the token can also be burned for several purposes:
Since the game also includes fees that are collected by the in-game treasury, STEPN also has plans of making an impact on the environment. A part of the fees will be given back to the GMT holders who can decide how much of their individual reward they are willing to sacrifice for purchasing carbon offsets. In a partnership with Nori, these offsets are meant to neutralize the environmental impact of blockchain technology.
When GMT holders vote to receive more than the average share, their GMT gets burned. Should they decide to split the reward in favor of the carbon offsets they get rewarded with additional GMT. And a balanced approach will result in neither a burn nor an additional reward.
What are attributes?
Sneakers have attributes that help the players influence their chances to win a greater reward or bonus. The four attributes are efficiency, luck, comfort, and resilience.
What are the sneaker types for?
There are four types of sneakers and each represents a running style each with an optimal speed. A pair of walkers lies somewhere between 1 - 6 km/h while a pair of runners is sitting in the 8 - 20 km/h range. Each player is supposed to buy a pair that suits his running style and speed.
Do I need GST or GMT to participate?
No, but you’ll need Solana or USDC to fund your wallet for an initial sneaker purchase.
What can I do with my rewards?
You can either choose to use your earning from running and upgrade your equipment and your status. Another option is to trade your rewards for any other crypto that you like to hold.
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