Feels like only yesterday we wrote about STEPN being one of the best games of 2022 so far. Other than that feature, STEPN has been featured in a lot of articles that we have posted. One could make the argument that STEPN is our favorite title. When the truth is, that it is gaining popularity in the market as a whole. And so we are constantly compelled to divert our attention toward STEPN so that we can answer more and more questions on the metaverse. Similarly, today we are met with another very important question. How does STEPN work? How does the Move-to-Earn system work? Is it different from the conventional Play-to-Earn system?
So, strap yourselves in if you have been intrigued by this new niche in the market, and want to know more about its operational mechanism.
What is STEPN?
A question that we have answered many times before, but an answer that keeps on changing with every new update in the metaverse. In every new update, we discover something new about the metaverse. So, there is a need to answer this question every time we talk about STEPN.
The M2E factor
STEPN is a metaverse based on the Move-to-Earn concept. The M2E concept allows an earning routine to be established on physical activity and movement. This new concept has been widely appreciated and upheld by enthusiasts all around the world. It has been claimed that greener innovations such as these would do well to rehabilitate the crypto realm’s image. The image was tainted due to unsustainable and wasteful mining processes. Because of these reasons, the M2E concept was perceived very well. And STEPN ended up executing one of the first innovative adaptations of this concept. The title had really good marketing and even more visual appeal. This made it one of the bigger deals in the market around its release.
STEPN has been willfully categorized as a Web3 lifestyle app. More than a gaming metaverse, it is being marketed as an economic solution to things like obesity, and the couch gaming culture. The metaverse has done a good job at adopting several game-fi and de-fi elements in the ecosystem. The most major one is its choice of governance NFT. The game provides NFT sneakers of distinct attributes and rarities as its main NFT. These NFT sneakers give different sorts of bonuses and rewards to “Steppers”. And of course, much like all other NFTs in the P2E market, these NFTs have their market value. So, owning these just increases your asset portfolio.
For more information on what exactly is STEPN, here is a link that would take readers to STEPN’s whitepaper.
To answer the question that this article is asking, we feel that there is a need to divide the answer into two major parts. One would talk about How does STEPN work in terms of gameplay, and the other would ask how the tokenomics of STEPN works.
How Does STEPN Work?
The most integral part of the gameplay revolves around the ownership, or at least temporary ownership of a sneaker. Without an NFT sneaker, any progress that you make moving, walking, running, or sprinting, would not be admissible. Therefore, the key part to starting your journey on STEPN would require you to own and use an NFT sneaker. All these NFT sneakers, whether of any type or any domain, is subject to levelling. They will all level up with time and usage. But even before you go that far and buy or rent an NFT sneaker, you need to handle a few things first.
First off, you need to install/download the STEPN application from Google Play Store or Apple Appstore. When you are done installing the application, you need to make sure you have an active account in the metaverse. This has to be done by attaching your crypto wallet to STEPN. Some verification and confirmation processes will guarantee that you have now entered the ecosystem. Here is a link that will tell you what verification procedures and security protocols keep your account secure. The next thing that you need to do is transfer $SOL into your in-app wallet. This serves as gas for your activity and allows the purchase and general trade of NFTs in the metaverse. After taking care of all these processes, you have the metaverse’s blessing to go ahead and buy an NFT sneaker that fits your budget and usage.
As would fit an M2E-adapted metaverse in the crypto gaming realm, STEPN offers many different game modes. The solo mode is the most commonly used. Here, you have one unit of energy giving you five minutes of moving time. So, it’s fun to balance your actual energy with your in-game energy. The only key difference is that you can’t spend money to replenish your actual energy, but you can spend $SOL to replenish your solo mode in-game energy. Sounds fun, right?
What’s more, the SOLO mode features a Mystery Box rewarding mechanism that might drop randomly during your trek. This could include exclusive or non-exclusive rewards. You can think of it like those Subway Surfer mystery boxes back in the day. Only this time, you’ll be running rather than making poor Jake tire his legs. The system has distinctive criteria which determine whether you are “walking”, or “running”. Rewards and token burn mechanisms are different and unique for each one. It is practically impossible for Steppers to cheat the system. For example, using Hoverboards or other vehicles would allow the system to flag the action as “Moonwalking”. If someone is “moonwalking”, their entire work would be inadmissible for rewards and so this is a cool way to identify cheaters and take action against them. No cheating on Fitness!
Next up, we have the Marathon mode. Although this mode is still under development, experts believe that this mode will spell a lot of success for the metaverse. As this will be a good way to advertise the product to athletes and people that have a lot of influence on fitness circles. It is expected that Marathon Mode will feature interesting events as well as Weekly and Monthly solo and joint marathons. This is particularly interesting as we might be able to see STEPN host live marathon events and something like that, is always going to interest the CSR policy.
More interesting features of the metaverse are under development, which means that STEPN might just be undervalued at the moment. Some of these features are the Leaderboards feature. The Leaderboards would entitle the top performers on a regional level to exclusive rewards and incentives. Something that we are excited to see and write about, in the coming future.
There is another Background mode that is under development. This mode will always be running on your phone and will reward users with $GST for moving casually throughout the day. This is different from the SOLO mode, as you have to start the solo mode for a particular time before you go out on your trek. This mode would be centred more on increasing your daily casual step count and will reward you with the $GST, which is the second token in the metaverse.
The payoff levels for movement are pretty straightforward. The game pays in both tokens. It can either pay through the limited $GMT, or it can pay through the unlimited $GST. The payoff would be determined for every minute of “Stepping”. The game boasts an earning mechanism based on four main factors.
The Type of Sneaker
GST handouts differ in terms of each Sneaker. There are going to be sneakers that command significantly more GST payoffs than others. This will depend on the rarity of that sneaker, as well as the cost of that sneaker. Generally, higher-cost sneakers would be more expensive to rent and would provide a better and more profitable “stepping” routine than the lower-cost alternatives. There are four main types of sneakers. There are Walkers, Joggers, Runners, and Trainers. But we feel that describing each type would extend beyond the purview of this article, so here is a link for you to check out if you’re interested to know. These types come at different prices, different rarities, and other different attributes.
SEA: Sneakers’ Efficiency Attribute
We discussed above that every sneaker in the metaverse is going to level up with more usage and more time. A higher-level Sneaker will always earn a better payoff than its very own base version. But there could be a rarer type of “base” level sneaker that earns a higher payoff than a normal higher-level sneaker. Every Sneaker has its efficiency attribute. This attribute differs with price/type/value. The higher the efficiency attribute, the higher the payoff. That is a general understanding. All Sneakers earn $GST for level progression from level 1 to level 29. After Level 29, all sneakers start earning their payoffs in $GMT.
SCA: Sneakers’ Comfort Attribute
Just like the efficiency attribute, the comfort attribute is going to be directly proportional to payout. However, the advantage that the SCA has against the SEA, is that the higher the comfort, the higher the payoff of the $GMT token.
Speed of Movement
We are sure this is the most self-explanatory factor in the lineup. The runners and trainers would offer the highest speeds. Which could easily make a case for them to be valued higher than the other types. So the speed of movement is another really important factor in determining the payoff level.
We have now adequately addressed the question, “how does STEPN work” and how the company plans to work till further updates. We are sure that users and enthusiasts have a better idea of the ecosystem. Along with that, we hope that our readers can make a more educated decision on how to arrange their investment of time and resources most optimally.