According to Dune Analytics statistics in May, the number of new daily users of STEPN is decreasing from 18000 to 13000. GST is still in the breakeven state.
STEPN, the new Blockchain trend, has received a positive response
STEPN is a Web3 fitness application that allows users to equip shoes in the form of NFT and earn $GST tokens through walking, jogging, or running outdoors.
Players can also rent or sell NFT shoes on the Marketplace available within the app. The amount of $GST earned will be stored in the Wallet with built-in Swap function.
STEPN one step closer to reality through outdoor physical activity, making the “gameplay” of the M2E model more realistic, beyond the framework of Web3, and creating a fever right in the early days of its launch with the way unique play.
STEPN will have a hard time when new entrants drop
Dune Analytics shows STEPN user growth has slowed since May. Daily new users have dropped from 18,000 to 13,000 Daily active users remain around 11,000. GST is currently still in a state of break-even.
GST is generated every time a user starts jogging in the STEPN app while GMT is a fixed token. As the player increases, a certain amount of GST will be released. Once the user reaches the highest running shoe level (level 30) and the maximum attribute, the shoe repair fee is the only fee. Therefore, shoe repair creates a permanent burn mechanism that balances the GST supply.
As the number of players continues to grow, more new GSTs will be created, leading to GST inflation and ultimately devaluation. When the user’s benefit is less than the cost of repairing the shoe, they will eventually stop repairing the shoe and stop using the app. STEPN will face the risk of losing users.
In the last 30 days 116 million GMT tokens have been withdrawn which equates to $182 million.
In order for the game to exist for a long time, the number of mass players will have to be larger than the number of players to invest and make a profit. Even if STEPN wants to harmoniously combine the two elements of GameFi and SocialFi, the running itself is still boring, so they will have to step up the attraction of players from the “social” platform.
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