Robert Steinadler, 7 months ago

What is STEPN? The first move to earn game explained

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 lifestyle app

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:

  • Solo mode: Users equip their NFT sneakers and earn GST/GMT every minute that there are moving. The reward depends on the type of sneakers they bought and the attributes of the sneakers. The reward is also adjusted according to the speed of the player. Each sneaker allows a certain speed that needs to be kept in order to farm the optimal reward.
  • Marathon mode: Users need to register 24 hours before the start of the event. There are weekly and monthly marathons. The term is a little bit misleading since the distance for each event varies between 2.5 km and 15 km. Participation will also require the payment of a fee. Marathon mode is still under development.
  • Background mode: Players can earn while the STEPN app is not active. The app tracks up to 3.000 steps per day that will be rewarded. This game mode is also under development.

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.

GST and GMT

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:

  • Shoe-minting
  • Repair
  • Leveling up their sneakers
  • Gem upgrades
  • Unlocking Sockets

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:

  • Reaching level 5/10/20/29/30
  • Upgrade level 4+ gems
  • Mint rare, epic, or legendary sneakers
  • Redistribution of attribute points

Carbon offsetting and governance

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.

STEPN FAQ

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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