STEPN (GMT): Do Fitness for Profit with Cryptocurrencies – Is It Really Worth It?

Imagine earning digital tokens simply by walking or running. Sounds like science fiction? Well, that’s exactly what STEPN offers through its revolutionary Move-to-Earn (M2E) model built on the Solana blockchain. But before you lace up your sneakers and chase cryptocurrencies, let’s understand how this project works, how much you can really earn, and the risks involved.

The Move-to-Earn Model of STEPN: How It Works

STEPN is not just another fitness app. It is a Web3 platform that transforms physical movements into digital rewards using blockchain technology. You download the app, acquire an NFT sneaker, and start accumulating GST (Green Satoshi Token) tokens each time you walk, jog, or run.

The system uses GPS to track your movements in real time. Each outdoor activity generates direct earnings in GST, an unlimited supply utility token. As your sneakers reach Level 30 and accumulate enough energy, you can start earning GMT (Green Metaverse Token), the platform’s governance token with a fixed supply.

The Two Tokens: GMT vs GST

GMT (Green Metaverse Token):

• Governance token with a limited supply
• Current price: $0.01 (89.30% drop in 1 year)
• History: Reached ATH of $4.11
• Offers voting rights and special features
• Burned through platform activities (purchases, upgrades, maintenance)

GST (Green Satoshi Token):

• Utility token with unlimited supply
• Current price: around $0.00 (74.39% drop in 1 year)
• Earned daily through exercise
• Used for repairs, upgrades, and creating new NFTs

The big difference: GMT functions as a value-increasing asset (in theory), while GST is more like operational fuel that keeps your activities running.

Getting Started: What You Need

1. Download the App: Available on iOS and Android, installation takes a few minutes
2. Set Up Your Account: Verify identity and basic security
3. Acquire an NFT Sneaker: Choose from three main types:
   • Walker (Walker): For low-intensity activities
   • Jogger (Jogger): Moderate pace, balanced earnings
   • Runner (Runner): High intensity, higher potential gains

Sneakers can be purchased with cryptocurrencies on the STEPN marketplace. Each has unique attributes affecting your earnings.

Maximizing Your Earnings: Attributes and Strategies

How much you earn depends on several factors:

Efficiency: The higher, the more GST per unit of energy spent. This is the most critical attribute.

Luck: Increases frequency and quality of Mystery Boxes (surprise boxes with random rewards). These boxes can contain extra GST, special scrolls, and gems of various levels.

Resilience: Reduces sneaker wear and tear, allowing you to earn for longer periods before repairs are needed.

Comfort: Mainly impacts GMT earnings. Greater comfort = more governance tokens generated.

Mystery Boxes add an element of excitement to daily activities. You have 4 slots available, and boxes are received randomly. Each has ten different quality levels, with variable costs to open. The risk? Some may be empty.

Maintaining Your Assets: Repairs and Upgrades

As virtual physical NFTs, your sneakers wear out with use. Durability decreases with each activity, requiring regular maintenance with GST tokens.

To level up your sneakers (unlock higher earnings and exclusive features):

• Early levels: Use mainly GST
• Significant milestones (5, 10, 20, 29, 30): Require GMT in addition to GST
• Special upgrades: Burn a combination of tokens + low-quality sneakers to create Rainbow Sneakers with 20% more attributes

With each level gained, your sneakers earn additional points to distribute. Higher levels unlock Gem Sockets, allowing you to insert gems to boost specific attributes like speed or luck.

Passive Income: Staking and Rental

After investing time and resources:

• Stake GMT: Use the governance section of the app to stake, gain voting power, and earn rewards
• Rent Your Sneakers: List NFTs on rental markets to generate income without additional physical activity
• Use the Marketplace: Sell upgraded sneakers on STEPN’s marketplace as their value increases

The STEPN Airdrop: $30 Millions in Rewards

STEPN launched the New Horizon Initiative, an airdrop distributing 100 million FSL points (about $30 millions), redeemable 1:1 for GMT tokens.

Who is eligible:

• Genesis Sneaker NFT holders (identifiable by “G” in serial number)
• Badge holders with specific achievements

How to claim:

1. Register an FSL ID on the developer platform
2. Redeem points 1:1 for GMT or use in purchases on the Mooar marketplace
3. Deadline: until the end of April 2024

Blockchain Networks: Choose Your Network

Initially launched on Solana (known for high speed and low fees), STEPN expanded to:

• BNB Chain: Good alternative with moderate fees
• Ethereum: Greater decentralization but higher fees

Each network has its own gas costs. Consider these costs when transferring funds or making in-app purchases.

STEPN’s Environmental Commitment

For every milestone reached by users, STEPN invests in carbon removal projects. This initiative connects your personal fitness to global sustainability efforts, making each step part of a larger goal against climate change.

Real Risks: The Other Side of the Coin

Before starting, seriously consider:

Token Volatility: GMT dropped 89.30% in 1 year ($4.11 to $0.01). GST lost 74.39% in the same period. No profit guarantees.

Unlimited Supply: GST can be minted indefinitely, creating inflationary pressure that may compress future gains.

Operational Costs: Repairs, upgrades, and maintenance constantly consume GST. If your earnings don’t cover these costs, you’re losing money.

Technical Issues: The platform has experienced downtimes, bugs, and instability affecting user experience.

Initial Investment: Buying an NFT sneaker requires significant capital in cryptocurrencies.

The Verdict

STEPN offers an interesting proposition: gamify fitness and create economic incentives for movement. For those genuinely interested in exercise and willing to tolerate cryptocurrency volatility, it might be worth it.

But be realistic: move-to-earn is an emerging sector with substantial risks. Start small, invest only what you can afford to lose, and treat it as an experiment with blockchain technology, not a get-rich-quick scheme. Combine it with your real commitment to fitness, and perhaps you’ll find a fun way to explore Web3 while staying active.

STEPN continues to evolve, with new features and partnerships being developed. The future may bring significant improvements – or the project may disappear like many crypto startups. Only you can decide if the risks are worth the potential gains.