GameFi

StepN: Move Around & Earn in this SocialFi/GameFi Project

Published

3 years ago

March 2, 2022

Play-to-Earn has given us a better way to have fun while playing games – play and make some money. But have you heard of Move-and-Earn games? Solana is the home of this innovation that is changing how gamers and users will interact with Web3 games.

StepN is a project built around the essential need of combining GameFi with SocialFi. People need to stay healthy, be in communities and also earn all at once. The project was so good it finished 4th amongst more than 500 projects at the Solana Ignition Hackathon 2021.

What is StepN

StepN is the first Web3 Move-and-Earn mobile game, with GameFi structures like NFTs, marketplace wallet, decentralized exchange, and SocialFi systems that connect users participating in healthy activities together. It runs on the Solana blockchain.

On StepN, “players can walk, jog or run outdoors with an NFT Sneaker to earn tokens,” according to Yahoo. “STEPN aims to inspire millions to engage in healthier lifestyles by bringing them into the Web 3.0 world while contributing positively to carbon neutrality.”

Getting Started, users need to download the app. Sign up. Create a wallet. Transfer SOL into the in-app wallet to buy NFT Sneakers in the marketplace and always keep some SOL for gas fees. If a sneaker is purchased, the user can select a game mode to participate in and begin to earn. Energy (the number of minutes gained for using sneakers for exercise) is gained as the user carries out the required activities on the platform.

Team Behind the Project

Jerry Huang has a degree in Computer Science from Zhejiang University, China. Before founding StepN, he Co-Founded Hangzhou Huiwen Education Pty Ltd; worked as CEO at Hangzhou Tianzhuo Network until 2015; and is working as a Co-Founder at Falafel Games. Indeed, he’s used to founding projects and has an in-depth insight into the gaming industry.

Yawn Rong is another Co-Founder of StepN. With so much experience in advertising, public relation, e-marketing, he has worked with Teamazing Beverages as Marketing Director and Co-Founded Crypto SA Lab, and Crypto SA (a blockchain investment bank in Australia). Yawn is a Business Ambassador for Algorand, and SA Representative for Blockchain Australia.

Jessica Duan is the Queen Strategist in StepN. She occupies the position of Chief Strategy Officer. She attended the University of Adelaide obtaining a Master’s Degree in Architecture. Jessica has a lot to offer with her experience in design, operational management & strategy, marketing, and business development. She’s the Co-Founder of Soko Design Studio.

In partnership, as advisors, with this team are Scott Dunlap, VP at the multibillion-dollar Adidas… so much to bring in connected with footwear; William Robinson, Head of Acceleration at Alliance; Jason Kam, the founder of Folius Ventures and Santiago R. Santos, a Web3 investor. That’s a lot of money and experience standing together.

Features of the Game

The game is still at the development stage and will release more features as it progresses. Here are some of the exciting features and upcoming ones as well:

Game Modes

StepN has three game modes of operations: Solo, Marathon, and Background Modes. In Solo Mode, users earn tokens by moving in the environment. The earnings are controlled by some factors including the intensity of the physical activity, the rarity or attribute of the sneakers they use for the activities…

In the Marathon Mode, there is provision for weekly and monthly activities depending on how it’s scheduled in the space. Users are meant to register 24 hours before the day to participate in the event. The weekly marathon lasts for an entire week while the monthly marathon comes in threes but users can participate in one per time.

Background Mode which is under development allows users to earn even when the app is not in use. “So long as the user holds a Sneaker in the app, Background Mode will count the steps directly from their mobile device’s Health Data app, capped at 3,000 steps daily,” states the website. In this mode as well, there is no energy cost.

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This is the major element used in the game. The attributes of the sneakers which come in four types – Walker, Jogger, Runner, and Trainer – a user uses to run affects how the user earns. Sneakers also have levels, quality and are customizable.

Leveling up a sneaker to improve its durability will require the burning of GST, one of the tokens in StepN. The customization is almost like what is seen in real life where sports stars change the names of their shoes, add a quote or a brand color that suits them.

Since this is about the application of NFTs, sneakers are minted in a process called Shoe-Minting Event (SME). Here, a user can use “‘2 Sneakers they own as a blueprint to “breed”, producing a Shoebox in the process,”‘ according to the Whitepaper.

The two sneakers are called Vintages (Parents) and must be owned by that user. Another design is selected as the outcome of the minting. When this process is over, a Shoebox is received where the minted shoe is. Not more than seven mintings can occur with a sneaker.

Three other structures under this are the Energy system which regulates how much energy users have access to per day… this can be increased by holding more or better quality sneakers; Quest System which is in view as well as Achievement System; Anti-Cheating System that inhibits malpractices in the game, and finally, the Tax and Fee System that controls charges on all activities carried out in the game.

Activation Code System

The game is accessed only by invitation as each StepN user has a limited number of codes they can send to anyone to join. Once used up, there’s one more option to get an extra code. This code activation process will be regulated to control the inflow and outflow of users.

Marketplace

In the marketplace, Sneakers, Badges, and Gems can be bought, sold, or rented. The renting system will help new users who don’t have enough tokens to start to come in, earn, pay for the asset rented and have resources to get a sneaker. There is a system that controls how the renting works to reward faithfulness in fulfilling promises and renters for giving their assets out. A credit rating system will be part of this and it’s coming soon.

As part of the distribution system, the team will be given a 2% Marketplace Trading Fee while the StepN ecosystem will receive not less than 5% of the trading fee. Then, a treasury pool will receive certain tax fees collected in the ecosystem. This will be controlled by GMT stakers.

Tokenomics

There are two tokens used on StepN: Game Token, (GST – Green Satoshi Token) as a utility and reward token, and Governance Token (GMT – Green Metaverse Token). GST comes with a model of unlimited supply and gets minted when users carry out Solo and Background Mode. Then shoe minting, repair, leveling up sneakers, upgrading of gems – initiates the burning of GST.

The GMT which is minted at the Token Generation Event controls the governance of the platform. Its total supply is at 6,000,000,000. It is burnt by customization of sneakers, participation in governance, leveling of sneakers, shoe minting etc.

StepN is one of the first games to introduce halving of tokens as you can see with Bitcoin Halving. GMT will be halved every three years for the sustainability of the app. This will start from 15% to 7.5% and on and on. The GMT here is from the total supply that will be earned by move-and-earn/governance.

Also, “30% of total GMT will be distributed to users through move&earn and Governance participation,” says the team. “A large portion of 30% Ecosystem fund will be used to run giveaways and community events such as Forever Online Marathon Offerings (FOMO).” This move-and-earn mode for GMT will be activated after the token has been listed on the exchange and the DAU (Daily Active User) count of StepN is high enough.

Every user will also have access to a Decentralized Wallet in the StepN ecosystem which will support SOL, EVM chains, swapping, backup, and cross-chain conversion. The SocialFi elements and systems of StepN will be revealed when the game is published fully.

StepN (GMT) Token Sale Going Live on Binance Launchpad

StepN is releasing its token soon and here’s the best update you can use to participate in it. Note: Don’t let anyone scam you about the release of the GMT Token.

StepN Telegram Community

To follow on the release, use these links:

Past and Future Developments

The project started in August 2021. In the last quarter of the year, team building, unit test, Solana Hackathon victory, community event, public beta, and marketing started for the project. Plans for Q1 of 2022 saw the introduction of in-app trading with the marketplace and what’s left are IEOs/IDOs.

Q2 of 2022 will see upgrades of the app, multi-chain, and multi-chain marketplace. Achievement, Quest, and Rental systems will be up for July and towards October, we should be expecting an online marathon, SocialFi elements, and community events.

StepN presents a promising proposal that is anchored on what most people want to do to stay healthy. And the introduction of the earning ability is an advantage. Jerry Huang speaking to The Block, said, “Currently, a fresh player can earn $20 to $30 a day through walking/running 10 minutes, and a savvy player can earn $300 to $450 a day through walking/running 60 minutes.”

The project raised $5M in Seed Round Funding from top investors like Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, DeFi Alliance, M13, Openspace Ventures, Solar Eco Fund, and others. Santiago R Santos who’s an Angel Investor invested in the project as well. The game indeed has a huge mission combining Web3 technology with a healthier lifestyle, earning ability, and inspiring Carbon Neutrality.

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