STEPN, the popular crypto-based exercise platform, has its sustainability and demographics examined in this new report from Chiliz News, which includes insights from the STEPN co-founder, Jerry Huang.
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STEPN made its debut at a Solana hackathon only five months ago and gathered its first small group of beta-testers. According to a new report launched by Chiliz News, the exercise platform’s Green Metaverse Token (GMT) is now valued at approximately $860 million.
To read the full report on STEPN demographics and sustainability, please visit https://chiliznews.com/stepn-co-founder-jerry-huang-discusses-gamefi-new-user-numbers-app-demographics-sustainability
While many blockchain-based applications struggle to be noticed, STEPN suffered from a different issue, becoming almost too widely known, overnight. Though the application had barely been advertised, the new report explains that with tens of thousands of new users signing up each day, the platform had to limit the registrations until they could expand the project.
Several months after launch, the STEPN app became self-sustaining, with up to $100 million per month in regular income. It has been compared to popular GameFi applications like Axie Infinity, one of the first blockchain-based games that instantly became a massive hit.
Unlike traditional blockchain-based games, STEPN is not a video game in the usual sense. It combines elements of gaming and finance with physical fitness and helps motivate users to get regular healthy exercise. To play, users activate NFT sneakers, with each sneaker having a distinct set of attributes that affect their gameplay, and either walk, jog, or run outdoors, while logging their activity.
To provide financial stability to the project, the report explains how STEPN uses a dual-token model which includes a governance coin and a utility coin. Players are encouraged to spend their utility coins for items such as in-game upgrades or minting new NFT sneakers with additional sets of attributes.
The report details how the platform is working on a new stabilization method, which keeps the NFT sneakers affordable enough for new users, while still providing a benefit for veteran players. As well as minting new and upgraded sneakers, users can also rent, trade, and sell to other players on the market.
Jerry Huang, co-founder of STEPN said, “Yes, users can earn money with STEPN in the beginning, but they will also become accustomed to being active over time, so they will walk or run independently of cash rewards.”
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