Market along with all major cryptocurrencies are in a down trend with BTC dropping below 20k however the demand for P2E games are still ON! STEPN ranks right on top when it comes to P2E (Play to Earn) or M2E (Move to Earn) games. In this STEPN review, I will try to detail everything about STEPN along with its pros and cons.
What is STEPN?
In simple terms, STEPN is your step counter which encourages you to walk and rewards you in the form of token (GST). It’s a Web 3 lifestyle app built in Solana Network with some extra cool features that incentives its users to earn their in-app currency (GST).
You can earn GST token by walking, jogging or running outdoors however you will need a Sneaker NFT to avail this benefit. These Sneaker NFTs are available in the apps own marketplace and can be brought using SOL (Solana Chain) or BNB (Binance Chain). At the time of writing this article, the floor price of a sneaker is 3.85 SOL in Solana network and 0.795 BNB in Binance network.
Jerry Huang and Yawn Rong are the Founders of STEPN and is developed by Find Satoshi Lab, an IT Consulting Firm from Australia. STEPN gained a lot of attraction post its success in Solana Ignition Hackathon.
Getting Started with STEPN
I am a trader/investor who is more towards passive income so I was instantly attached to STEPN and my STEPN initial journey wasn’t that easy. Let me explain why…
STEPN App is available for both the Android and iOS users and the process post download was a bit of pain. You will be asked to sign up using a valid email address which is verified with a code.
STEPN Invitation Code
You will then be requested to key in the invitation code and the only way to get one is through STEPN discord channel or from another user (only active users receive the code). I spent hours on STEPN discord for the code which pops-up every 15 minutes. It was one code every 15 minutes and with huge no. of users the chance of getting an active code was less. I finally got hold of one through a telegram channel.
Currently you get 10 codes every 15 minutes and if you can’t get hold of one then feel free to reach out to me and I will be happy to share the code.
My Telegram Link – https://t.me/thecryptopolka
Buying STEPN Sneaker
I opted to go with SOL chain and got hold of my first sneaker for 6 SOL (Walker – Level 5). The process was quite simple however I had to wait longer due to congestion in Solana network. Let me quickly go through the process or the steps to grab your first sneaker.
Once you get into the application after keying in the invitation code you will see the below interface:-
Next step is to move some SOL to make your first purchase and for that you will have to set up your STEPN wallet. Click on the Solana icon on the top right.
Click on Wallet and select “Create a new wallet” it will request you to “Create a Passcode”. Key in a 6-digit number which you can remember anytime (without this code you may not be able to access your wallet).
This will take you to a page with your seed phrase; I recommend you to note this phrase in your diary or some important document offline.
Next step will be to confirm the phrase and you should be done setting up the wallet!
Note down your Solana wallet address and move funds from your other wallet to STEPN wallet. Most importantly do ensure that you select Solana chain during your transactions else your token may get lost.
We now have couple of steps before grabbing our first sneaker. Your SOL will be in your STEPN wallet which will need to be moved to Spending Wallet.
Click on “Trade” and then “To Spending”
Now type in the amount of SOL you would like to move to your “Spending Wallet” and then click on “Confirm Transfer”.
Now go to STEPN marketplace and grab in your first sneaker.
Next question you may have is… which sneaker to buy – Walker, Jogger, Runner or a Trainer. Let’s check it out now…
STEPN Sneaker Types, Attributes and My Recommendation
STEPN comes with four type of sneakers and the daily earning varies for each of it. You can choose the sneaker that best fits your need.
Walker and Jogger are the popular sneakers preferred by most of us due to its km/hr limit. The rewards are also decent, sneaker with higher level pays more compared to the lower level ones. Runner sneakers fits it well for athletes who likes to keep their fitness high. Trainer sneakers are expensive compared to the other ones so not a preferable choice for many.
STEPN sneaker comes with four attributes – Efficiency, Luck, Comfort and Resilience. Each of these attributes plays a major role.
- Efficiency:- Helps in higher GST earning
- Luck:- Increases the chance of grabbing a mystery box
- Comfort:- Enhance GMT earning at level 30
- Resilience:- Reduces the repair costs of sneakers
I own few Walkers and Joggers and I personally use Walker (Level 21) most of the time.
If you are not an athlete, then I would advise you to go for a Walker or a Sneaker. Pick the sneaker that has higher Efficiency and Resilience (Efficiency + Resilience = Above 11 points).
Always look for sneakers with good attributes near the floor price. Just need to be patient and look for paper hands who drops in some good sneakers cheap.
Is STEPN a Good Investment Now?
I started with one sneaker a month back for 6 SOL and now I have 6 sneakers including one level 21 Walker (all zero minted). So yes, I have multiplied my investment however I didn’t rely only on the GST earning that we receive by walking but I also risked a lot by flipping the sneaker.
The floor price of STEPN sneakers at the time of writing this article is 2.99 SOL which is way too low however the price of GST has dropped a lot too. I saw the floor price at 12 SOL couple of months back and the price of GST at $1.5, so with the drop in GST price the floor price of sneakers has dropped too.
If you are a risk taker then this is a great price to enter but if you don’t like taking risk then its better you avoid this project. The floor price of NFT relies heavily on the daily earning and with the drop-in price of GST the floor price has heavily dropped too. Also, you need to take into consideration that the GST supply is unlimited so the GST price can drop even further unless the team comes up with a proper burning mechanism.
You still have the opportunity to earn as the floor price moves up and down based on news and updates from the team so when you see the money on the table then take it out, wait for the floor price to drop and then enter again. Don’t just rely only on the GST earning rather make money by flipping your NFTs too.
If you decide to invest in this project then do ensure that you take out your investment as soon as possible and then play with your profit.
This is not an investment advice and content I shared on STEPN is purely based on my experience. Your investment is your responsibility so do a complete due diligence before you invest in any project.
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