Cryptomining milestone or just a fleeting hype? The Web3 app “Stepn” is right now on everyone’s lips. Anyone can use it to mine cryptocurrencies and make money while walking and jogging. However, getting started is expensive and the first crash has already happened.
Step by step: Using virtual NFT sneakers, Stepn users fill their crypto wallets.
Stepn is a symbol of the Web3 app of the same name and actually has everything that is important for the success of a cryptocurrency: a sophisticated business model, a large fan base and a lot of hype on social media. One of the most exciting features of Stepn is the form of mining, where no complex hardware or high electricity costs are incurred here:
Users generate their coins step by step
What is Stepn and who can participate?
Stepn is a move-to-earn application that rewards physical activity with crypto tokens. Using an app, coins (based on the cryptocurrency Solana / Binance Coin) are generated while walking, jogging or running and credited to users. But if you want to join, you must first buy a pair of virtual running shoes – and some of them cost a lot of money: The cheapest NFT sneakers are between around 200 and 1,000 US dollars, depending on your fitness level. It can therefore be a real investment to get started. But a lot is also promised: Active users must be able to earn double-digit daily Solana. Profits are limited by the energy level of the digital shoes. Once the energy is used up, it must first regenerate slowly.
Basically, Stepn is a kind of fitness tracker that logs sports activities and generates cryptocurrencies for it. Anyone who downloads the free app, can afford NFT sneakers and can grab an activation code can participate. These codes are regularly provided by the providers on their social media channels, but can also be generated by users while driving.
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How exactly does mining work?
It’s actually quite simple: Users register via the app and buy digital NFT shoes there. They are paid with the cryptocurrency Solana or Binance Coin, which you must first deposit into the app’s wallet. The selection of shoes is quite large, all shoes have different properties and an individual energy level. Users can then convert this energy into cryptocurrencies on a daily basis using the move-to-earn principle.
Using GPS, the app measures how fast and how far users move and credits tokens accordingly. Participants then receive Green Satoshi Tokens (GST) per minute, which in turn can be exchanged for USDC. USDC is a stablecoin that is supported by US dollars and therefore is relatively stable in price.
But before Stepn’s own cash register calls, the business model strikes. Because just like normal sports shoes, NFT sneakers also get worn over time. If you want to continue to “wear” them without restrictions, repair them regularly. This – you may have guessed it – costs GST every time.
Upgrades to the virtual sneakers are also available. They increase energy levels or make mining easier. If you want, you can also buy more shoes and thus increase your overall energy level or sell sneakers to other users for a fee. In addition to mining, Stepn offers playful elements. This includes collecting rare mystery boxes and various upgrade mechanisms.
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So Can You Really Make Money With Stepn?
Users can definitely make money with Stepn, though hardly all participants are likely to create great wealth. First of all, there are higher investment costs that each user must first compensate for. A few miles must be conquered before you can break out of your deficit. In addition, there is the general unreliability of the crypto market: If the value of GST falls, sports activities automatically become less lucrative. Only at the end of May did the GMT / GST rate fall by about 50 percent. The reason: China wants to stop operating Stepn from July. Trading in cryptocurrencies has been virtually banned in the Middle Kingdom for some time.
In this country you can also try as an investor to make money with Stepn. This is also possible without using the app or the expensive sneakers. You can buy the coins that Stepn uses on regular crypto exchanges and hope for rising prices.
Setting up Stepn – this is how it works
Would you like to try Stepn, get “paid” for your daily exercise in the fresh air and not give up on investment costs? Then participation is easy. Here we explain how it works and how to get the coveted activation codes.
Stepn for Android | Step to iOS
First of all, we need to download the app from one of the stores, it is available for both Apple’s iOS and Google’s Android. Then we get the providers to send us a confirmation code via email via the app, which means that the setup is almost complete – only one activation code is missing. With this code, the developers want to regulate the access for new participants, because the demand at the moment is still very high. As described above, users can generate codes themselves, but they are also provided by the providers. New keys are regularly available both in the Telegram group and on the Stepn Discord server. But you need to be quick at the moment: Only those who enter a code first can actually use it.
Once we have obtained an activation code, select the blockchain that is relevant to you, which is either Solana or BNB Smart Chain (Binance). Depending on the blockchain, we find three types of coins in our wallet: GST, GMT and Solana (SOL) or GST, GMT and BNB (Binance Coin). To start mining, we must first fund our account from an external source at Solana / BNB to purchase the mandatory NFT sneakers. We can buy Solana / BNB directly via the affiliated Binance exchange or send it to our Stepn wallet via a link. We then need to transfer this credit to another “consumption wallet” via the app. This may take a few minutes.
As soon as the transfer has arrived, we go shopping: In the virtual sneaker store, we look for the right shoe for our needs. You can choose from models like “Walker”, “Jogger”, “Runner” or “Trainer”. The shoes are each designed for different running speeds. Tip: With the Stepn app, we can also measure our personal running speed before we buy it.
When you subsequently have to choose shoes, you should take your time and take a closer look at the models. Because even within the categories, there are big differences in relation to quality and energy level. We can later improve all sneakers with so-called “pearls”. This reduces e.g. repair costs or improve the efficiency of mining. Note: If you own more shoes, you can also spend more energy on generating sales tax.
With the purchase of the right shoes, we are ready to start mining. It is advisable to start Stepn only when you actually start running, and to log all breaks – otherwise we will lose valuable energy that we would rather use for mining. After running, it makes sense to repair NFT sneakers right away because worn shoes generate less GST over time.
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Who is behind Stepn?
Stepn was launched in 2021 by an Australian fintech company called Find Satoshi Labs. As you can hear, after the terrible bush fires in Australia in 2020, the two founders Yawn Rong and Jerry Huang were motivated to campaign for climate neutrality themselves. With Stepn, you wanted to create a financial incentive to go, promote your own health and reduce global CO emissions.
This critique is given to Stepn
One of the biggest criticisms of Stepn concerns the business model itself, because it has similarities with a Ponzi scheme. The focus is especially on handling NFT sneakers, which every user absolutely needs to extract their coins. The digital shoes can also be created by the users themselves and then sold. Of course, it is only attractive as long as demand can keep up with supply. If at some point too few new users flock to the network, the resulting oversupply of sneakers can lead to a rapid drop in prices. This is one of the reasons why developers are currently trying to slow down the growth of new users with limited activation codes. Should that at some point no longer be enough, providers could also raise the prices of shoes, charge higher fees when selling them or turn down mining. All this would make Stepn less attractive to users.
In addition, there is the ailing crypto market, which recently attracted attention with collapsing prices and large value losses. When prices fall, the reward for running falls and the whole system loses its appeal.
Protect the climate, be sporty and make money at the same time? Stepn’s business model sounds almost too good to be true. But like so many phenomena from the crypto world, the Move-to-Earn app is surrounded by a veil of unpredictability. Because in order to keep the ecosystem running, a constant increase in participants is necessary. The hype surrounding the app must therefore be kept alive. In addition, the chronic price fluctuations in the crypto market, which can quickly put profit at Stepn in perspective. No matter how exciting and lucrative the new Web3 app is, every participant should be aware that the expensive access to Stepn represents a speculative investment.