• About
  • Coincu
  • Hot topics
  • Random
  • Exchange
  • Dotscan
Tuesday, July 5, 2022
CoinCu News
No Result
View All Result
  • Login
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • Defi
    • GameFi
    • NFTs
    • Metaverse
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • Defi
    • GameFi
    • NFTs
    • Metaverse
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
No Result
View All Result
CoinCu News
No Result
View All Result
Home GameFi

What is STEPN ($GMT)? The first Web3 running app with fun social and game elements

March 30, 2022
in GameFi, Metaverse, NFT
1.1k
267
SHARES
8.9k
VIEWS
Share on Facebook

Solana Weekly Recap | June 27th- Jul 3rd, 2022

GameFi Market Report First Half Of 2022

STEPN is a Web3 lifestyle app with inbuilt Game-Fi and Social-Fi elements.

What is STEPN?

STEPN is the first move2earn mobile NFT game powered by Solana where players can walk, jog or run outdoors with an NFT Sneaker to earn tokens. 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.

To get started with the move-to-earn app, users have to deposit Solana’s native SOL token in STEPN’s in-app wallet, buy a sneaker NFT from its in-app marketplace, and wait for 24 hours for “energy” replenishment. Energy is how many minutes a user gets for exercising with a sneaker NFT, said Rong.

What is StepN
StepN Dapp
StepN Dapp

Outstanding Features

The StepN team is looking to take advantage of fitness and the incredible social atmosphere behind the phenomena. There are millions of fitness freaks in the world who work with countless apps and programs. What StepN is building will tap into the social and community elements to revolutionize how blockchain technology is used for earning. 

“When we were deciding to do a product, we thought that running and walking is basically something that almost anyone can do. If we can convert this to a move-to-earn or rent-to-earn, then we could effectively reach everyone,” explained Kwong.

The unique Move-to-Earn concept is something Kwong and his team believes can help onboard myriad new users to crypto. Kwong acknowledges the difficulties of initial entry but believes that users will flock to his app once these barriers are assuaged. But the Move-to-Earn will not be the only concept that brings users to the app––in fact, Kwong thinks it will be secondary.

What is the unique selling point?

Winner of Solana Hackathon

STEPN is the winner of Solana Ignition Hackathon Gaming Track. It is also the only mobile game to win the Hackathon. Through an easy-to-use interface, built-in Marketplace and Wallet, STEPN’s game design, and the objective to nudge millions of non-Crypto people to use this app has won the Hackathon judges’ approval.

STEPN Raised $5.0M in Seed Round Funding

StepN Funding Round

STEPN, the first Web3 running app with fun social and game elements, raised a $5.0M seed round from leading investors including Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund and WelinderShi Capital.

Notable Angel investors including Santiago R Santos and Asia Partner of Republic Zhen Cao also participated in the round. The proceeds will support STEPN’s mission to inspire millions to engage in healthier lifestyles, connecting them to the Web3, and contributing positively to Carbon Neutrality.

Marketplace and Leaderboard coming up in Jan 2022

Closing on the strategic round fundraising, STEPN aims to release its first patch update (Marketplace and Leaderboard) and investor detail in the middle of Jan. 2022. We are currently supported by several top-tier Venture Capitals from both the Web 2.0 and Web 3.0 realm, providing us with the capability to reach out not only to a Crypto native crowd but also to a much broader audience.

Game Modes

The application has 3 modes for users to freely participate and earn money: Solo, Marathon, and Background Mode.

Solo Mode: In solo mode, users can earn tokens by moving. Their income depends on two things: their level of physical activity and the rarity/attribute of the Sneakers they own.

Marathon Mode: There are weekly and monthly Marathon competitions and users need to register for each race separately 24 hours before starting the online Marathon.

Background Mode: Users can earn GST even without the app and repair costs with at least one pair of sneakers in their inventory. When the STEPN app is turned off, Background Mode pulls the step count directly from the mobile device’s Health Data. Steps achieved in Background Mode (walking, jogging, or jogging) will not reduce the Endurance of the sneakers.

Roadmap

StepN Roadmap

Technical Data

Token Metrics

STEPN develops 2 types of tokens: GST (Utility Token, Rewards) and GMT (Government Token).

Tokenomics on STEPN
  • Token Name: STEPN
  • Ticker:  GST, GMT
  • Blockchain: Solana
  • Token Standard: SPL
  • Contract: Updating..
  • Token Type: Updating..
  • Total Supply: $GST unlimited supply, $GMT 6,000,000,000
  • Circulating Supply: Updating…

Token Sale

GMT Token IDO On Binance Exchange: Details

GMT Token Sale Details:

  • Token Name: STEPN – Green Metaverse Token (GMT)
  • Launchpad Hard Cap: 4,200,000 USD
  • Hard Cap Per User: 15,000 USD (1,500,000 GMT)
  • Total Token Supply: 6,000,000,000 GMT
  • Total Tokens Allocated to Binance Launchpad: 420,000,000 GMT (7% of Total Token Supply)
  • Public Sale Token Price: 1 GMT = 0.01 USD (price in BNB will be determined prior to subscription)
  • Token Sale Format: Subscription
  • Supported Sessions: BNB only

Subscription Timeline:

  • Preparation Period 2022-03-02 00:00 AM (UTC) to 2022-03-09 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 7-day period. Your final average daily BNB balance over these 7 days will determine the maximum amount of BNB that you can commit later on.
  • Subscription Period 2022-03-09 06:00 AM (UTC) to 2022-03-09 09:00 AM (UTC): Subscription will open at this time for all eligible users for a 3-hour period. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution.
  • Calculation Period 2022-03-09 09:00 AM (UTC) to 2022-03-09 10:00 AM (UTC): Subscription closes and token allocation calculation begins.
  • Final Token Distribution 2022-03-09 10:00 AM (UTC): Your final token allocation will be calculated and the corresponding BNB will be deducted from your already-locked BNB amount. Once deducted, your GMT and BNB tokens will both be transferred to your spot wallet.

Token Allocation & Token Release Schedule

Screenshot 2022 01 26 154411

Token Use Case

GST

Minting (Creating)

GST has an unlimited supply and is minted when a user moves in Solo or Background Mode.

Burning (Destroying)

The GST is burned by:

  1. 1.Shoe-Minting
  2. 2.Repair
  3. 3.Leveling up Sneakers
  4. 4.Gems upgrade
  5. 5.Unlocking Socket
  6. 6.Resetting Sneaker Attributes

GMT

Minting

The GMT is minted at the Token Generation Event, with a total of 6,000,000,000 minted.

Burning (Destroying)

The GMT is burned by:

  1. Governance participation
  2. Taker option is the voted result
  3. Sneaker Customisation
  4. Level 28 – 30 Sneaker leveling
  5. Rare to Legendary Sneaker Shoe-Minting
  6. Level 4 – 9 Gem upgrade
  7. Sneaker Attributes Reset

Market and Community

image 33

Backers

STEPN Raised $5.0M in Seed Round Funding from Sequoia Capital, Folius Ventures, and other leading Web3 Investors

StepN Raise Seed Round

Team

image 29
.
image 32
.
image 31

Conclusion

STEPN is a Web3 lifestyle app with Social-Fi and Game-Fi elements. Users equipped with NFT Sneakers – walk, jog or run outdoors to earn GST, which can be used to level up and mint new Sneakers, Players can choose to lease or sell their NFT Sneakers on the in-app Marketplace; users’ GST earnings are stored in the in-app Wallet, which has a built-in Swap function.

Find more information about: StepN

Website: https://stepn.com/

Whitepaper: https://stepn.com/litePaper

Twitter: https://twitter.com/Stepnofficial

Discord: https://discord.com/invite/stepn

If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures

Why STEPN will collapse? | StepN Is The Next Crypto Ponzi

What is Green Satoshi Token(GST)? | Everything you need to know about it

Closer Look At StepN Sneaker Dynamic

Tags: GMTSolanaSolana blockchain
Previous Post

Binance Staking Launches ALPINE Staking with Up to 21.54% APY

Next Post

Ideaology ($IDEA) and KuCoin Give Away a Reward Pool of 360,000 IDEA!

Other Posts

GameFi Market Report First Half Of 2022
GameFi

GameFi Market Report First Half Of 2022

July 4, 2022
NFTs Weekly Recap | 20th- 26th, June
NFTs News

NFTs Weekly Recap | 20th- 26th, June

July 4, 2022
MetaDoge Game Party: 2nd Saturday Space Doge Game
GameFi

MetaDoge Game Party: 2nd Saturday Space Doge Game

July 2, 2022
Enjin: How does it work?
GameFi

Enjin: How does it work?

June 30, 2022
SOMESING ($SSX) – Platform Sing To Earn
GameFi

SOMESING ($SSX) – Platform Sing To Earn

June 30, 2022
What is NFT20 ($MUSE) | Everything you need to know about MUSE token
NFT

What is NFT20 ($MUSE) | Everything you need to know about MUSE token

July 1, 2022
Next Post
ideaology idea

Ideaology ($IDEA) and KuCoin Give Away a Reward Pool of 360,000 IDEA!

  • Bitcoin Will Fail Even If It Reached $100,000, According to the Author of “Black Swan”

    Bitcoin Will Fail Even If It Reached $100,000, According to the Author of “Black Swan”

    122 shares
    Share 49 Tweet 31
  • Celsius Transmits $72 Million Worth Of ETH To Wallet For “Dump”

    120 shares
    Share 48 Tweet 30
  • Cardano’s Vasil Hard Fork Set to Launch on Testnet

    121 shares
    Share 48 Tweet 30
  • GameFi Market Report First Half Of 2022

    116 shares
    Share 46 Tweet 29
  • Avalanche Weekly Recap | June 27th- July 3rd, 2022

    104 shares
    Share 42 Tweet 26
Does DeFiChain Need To Build A dApp?

Does DeFiChain Need To Build A dApp?

July 5, 2022
Elrond: Decoding The Reason Behind EGLD's Breakout Effort

Elrond: Decoding The Reason Behind EGLD’s Breakout Effort

July 5, 2022
Nexo Continues To Rescue The Vauld Lending Platform

Nexo Continues To Rescue The Vauld Lending Platform

July 5, 2022
Dogecoin Is Now Listed On FTX Japan

Dogecoin Is Now Listed On FTX Japan

July 5, 2022
Tornado Cash Governance Rejects A Proposal To Diversify Its Treasury Holdings.

Tornado Cash Governance Rejects A Proposal To Diversify Its Treasury Holdings.

July 5, 2022
Chinese IT Giants Have Pledged To Outlaw NFTs.

Chinese IT Giants Have Pledged To Outlaw NFTs.

July 5, 2022
Why Ethereum Investors Are Still Concerned Despite ETH's Recent 9% Gain

Why Ethereum Investors Are Still Concerned Despite ETH’s Recent 9% Gain

July 5, 2022
The Bank of England Has Called For "Enhanced" Crypto Regulatory Framework.

The Bank of England Has Called For “Enhanced” Crypto Regulatory Framework.

July 5, 2022
Cambodia Gets Binance Help With Crypto Regulations

Cambodia Gets Binance Help With Crypto Regulations

July 5, 2022
UK Regulator Has Appointed A New Director Of Digital Assets To Monitor Cryptocurrency.

UK Regulator Has Appointed A New Director Of Digital Assets To Monitor Cryptocurrency.

July 5, 2022
  • Live Prices
  • Binance
  • NFT
  • Solana
  • Polkadot Scan
  • Metaverse
  • Polygon
  • Coinbase
  • Trending
  • Top Coin
  • Vi
  • DFH

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

No Result
View All Result
  • Coincu
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • Metaverse News
    • NFTs News
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • DeFi
    • GameFi
    • NFT
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Advertise
  • Dotscan

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In