STEPN registers $26M revenues during the first quarter

The play to earn sector has been under intense scrutiny following the recent $620M hack on the Ronin network. The Ronin network is used to host the Axie Infinity P2E game that has attracted global attention.

STEPN move-to-earn platform earns $26M in Q1 2022

STEPN, a move-to-earn project based on the Solana blockchain, has announced revenues of $26M during the first quarter. Move-to-earn is a platform that offers users rewards in the form of cryptocurrencies. The rewards are distributed depending on a user’s step count.

STEPN has a unique approach because it offers rewards to users based on their pursuit of fitness and wellness. The users who buy the non-fungible tokens (NFTs) linked to the game unlock rewards for each step.

The Chief Business Officer, Shiti Manghani, commented on the development, saying that by mid-March, the company had 10,000 daily active users and that the number of these users had since doubled.

The STEPN ecosystem has also been recording notable gains. The platform plans the STEPN 5K targeting the AthensDAO conference happening towards the end of May. Dean Pappas, the head of the Grape social networking project, noted that many members had already adopted STEPN.

“We’re excited to show people the in real life crypto applications, and STEPN is one of the best examples. STEPN succeeds in making the entire experience simple and seamless: Exercise for 10 minutes a day and earn,” Pappas said.

The app distributes rewards to users through its native cryptocurrency, GST. The token price has gained 50% during the past month, showing an increased interest in the fitness app. However, the condition for earning rewards is buying an NFT. Users on the platform can trade Solana tokens for their NFT sneakers through the game’s mobile application.

Manghani notes that the platform has more than $12 million daily worth of NFT trading volumes. The cheapest NFT sneakers on the platform are valued at 11.5 Solana, worth around $1100. However, to begin earning rewards from running, players must own the more valuable NFTs.

Rental feature for move-to-earn platforms

STEPN is also planning to unveil a rental feature that will allow users who do not own any shoes on the platform to lease sneakers at6 zero costs while sharing the earnings earned from running. Pappas noted that this feature had become a requirement due to the costly nature of sneakers on the platform.

However, similar moves have been criticized in the past for their failure to cater for the interests of the players leasing the NFTs. For instance, the one leasing out the NFT could subject a player to many trading hours to generate maximum rewards.

However, some platforms do not require an initial investment before participating. Genopets, a move-to-earn game, gives rewards in cryptocurrencies for their steps in the physical steps. The platform combines play-to-earn and free-to-play initiatives because minting the NFTs is a free process.

Genopets is currently in beta mode, but it has already recorded a rise in users. However, its user base is significantly smaller than that of STEPN, despite the high cost of joining the latter.