A Look At Stepn, The Nft App That Pays You Crypto To Go Running

Running is good for your health and your crypto wallet too. That’s because you can now earn crypto every time you go for a run, walk or jog. This is possible through STEPN, a move-to-earn Web3 app that gives you cash rewards every time you work out. The concept has already gotten millions of people to sign up and go running. Let’s look at how it works and what you need to get started.

What is STEPN?

In the past, there have been several augmented reality (AR) games that featured a virtual world overlaid on the real one (remember Pokémon Go?). A few years later, play-to-earn games burst onto the scene. These platforms rewarded users in crypto for completing in-game milestones.

STEPN is an amalgamation of these two concepts. It is a move-to-earn app operating on the Solana blockchain. It uses concepts like augmented reality (AR) and play-to-earn gaming to reward users for all the calories they burn. Users accrue points based on the distance they run, which is tracked through GPS, and then receive rewards in crypto tokens for their progress.

You can earn money by walking, jogging, or running. The rewards are credited to your wallet as Green Satoshi Tokens (GST). GST is the native cryptocurrency of the STEPN app. You can create a wallet in the app or export your GST to an external one. Then, you can easily trade these tokens for fiat currency or other cryptos.

How do you earn money using STEPN?

1. Download STEPN app

2. Buy a pair of virtual sneakers, which is nothing but an in-game NFT.

3. That’s it. Every time you go out, STEPN’s motion sensor and GPS technology will monitor how far you have travelled and reward you with tokens. You can spend these tokens within the app to buy better sneakers, for example. Or you could cash them out in your local currency.

When you upgrade your sneaker, you can maximize one of these characteristics (like you would in any other game):

-Resilience: slows down wear and tear. Yes, your sneakers need to be repaired now and then. This means spending GST on maintaining them.

-Luck: increases the chances of you winning random prizes.

-Comfort: increases the intake of GMT (a governance token on the STEPN app).

-Efficiency: increases the amount of GST you can make for every energy unit spent.

On STEPN, energy is a unit of time. When you begin playing, you are given two energy units. Each unit stands for 10 minutes and is replenished after every move-to-earn session. However, you can only use one energy per day.

This means you can only work out for 10 minutes daily and earn GST during that time. Also, you need to make sure you are moving at the required speed relative to your sneaker type. Once you earn enough GST to upgrade to a new sneaker, you can win any of the four characteristics mentioned above and up your game.

You could also trade the sneakers like you would any other cryptocurrency. Some sneaker NFTs command excellent prices, ranging from $400 to $100,000.

How do you buy those sneakers?

Sneakers are priced in GST, the native token of the game. The cheapest sneakers on the app are available for around 10 SOL, which is around $550. Fortunately, the creators of STEPN aim to remove this steep entry barrier by allowing people to rent sneakers. You could rent sneakers from someone until you earn enough coins to buy a pair of your own.

How much do you earn?

As per the app’s creators, one can expect to earn $25 for as little as 10 minutes of physical activity logged in the app. Of course, with the right upgrades, some people have managed to earn over $4,500 a day. This is why, despite being so pricey, the app has seen over 2 million monthly active users. Half a million of these users use the app every day. However, of your earnings, STEPN takes a 6 percent cut as NFT trading fees.