StepN to lay off staff; to launch an NFT marketplace

Move to earn giant, StepN will be laying off over 100 employees according to a tweet by WuBlockchain. This will include MODs, and ambassadors, and reduce investment in the project. 

 According to Wu, the team focus now will be on the parent company Find Satoshi Lab, while working on new projects to be released such as an NFT exchange market. There are other plans to also unveil the new GMT investors by March 2023.

Bear market and layoffs

STEPN celebrated its first anniversary a few weeks ago although the project is in the Beta phase. It was founded in 2021 by Australian company, Find Satoshi Lab to revolutionise the move to earn space by allowing users to earn tokens for living healthy lifestyles.

Since then, they have attracted more than 4.7 million users around the world, raised $5 million in funding and have launched on three blockchains namely Solana, BNB Chain, and Ethereum. However, GMT and GST, the two tokens of the platform, are down by over 80% from the ATH of $4.11 and $9.03, respectively.

The StepN team partnered with Asics, a Japanese sportswear brand in April 2022 to release NFTs on the Binance NFT marketplace. It also launched a DEX, DOOAR on the Solana blockchain in June 2022. 

StepN isn’t the only web3 firm laying off some of its staff. OpenSea, Blockchain.com, Coinbase, Gemini, Compass Mining, and CoinFLEX are some of the firms that have laid off some employees. 

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