StepN has enjoyed the success of both the SOL Realm and the BNB Realm over the past few months. And have hit a few bumps in the road that they want to face head-on. In this letter, STEPN wants to talk about its new third Realm, the APE realm, and the group.
StepN keeps looking into a path no one has ever been on. They can’t wait to tell people about APE Realm. With APE Realm, they combine parts of brands and new communities to discover what STEPN can do for personalization.
This fits with their goal of being the link between web2 and web3. And let the next 100 million people join web3.
Not changing or adding a new chain is what makes the biggest difference. But integrating a part of the NFT that shows how a person’s identity looks is important. So, as they add more users, they will focus on making StepN as welcoming as possible, making it the best Web3 lifestyle app.
So what is the APE Realm?
StepN has decided to build its Third Realm on Ethereum and call it APE Realm. This Realm is a great test of how fashion and other NFT communities can work together.
All STEPN users can use APE Realm to get into an exciting new Realm. So, the goal is to make STEPNVERSE more welcoming and bring in new users.
They want to use this project as a test bed so that StepN can use it as a springboard to explore more external partnerships in the future. They think Web3 is not a separate island but a world that is connected and works together.
In the history of blockchain, the creation of Ethereum has been a big deal. Ethereum made smart contracts popular and created a decentralized Ethereum Virtual Machine (EVM) to handle peer-to-peer transactions.
According to the crypto app tracker State of the Dapps, about 3,000 decentralized apps are currently running on the Ethereum blockchain.
Developers of these apps, like Uniswap, the world’s largest decentralized exchange, can apply for grants for their projects.
Since 2014, Ethereum has brought innovation and decentralization and passed many stress tests. They decided to let Ethereum users use StepN to bring together a larger StepN community and keep making it deeper.
In terms of the Ethereum network, they know that the congestion and higher gas fees may affect the overall user experience.
But most of StepN’s functions can be done off-chain without paying gas fees. So, regardless of which chain you are on, the cost of using STEPN goes down.
StepN will keep adding more and better features and improving the platform’s current abilities so that everyone can have an original experience and enjoy being part of the STEPN community.
Since they said Realm 3 was coming out, there has been some confusion in the community, especially about them teasing APE sneakers. So, StepN tried to answer some of the questions people had about the Ape Realm and StepN.
1）What are the objectives for Ape Realm?
They want to focus on being open to everyone. In the case of the APE Realm, it’s an effort by the StepN team to get more Web3 users to join their community.
There aren’t many owners of BAYCs who are also members of the StepN community. The growth of the number of users is also good for all current users.
This is a new experiment for people who have a BAYC. StepN is only six months old, so there is still much to learn and discover. StepN wants its actions to benefit both the people who are already using them and people who are not.
2) Why offer a free mint to BAYC holders?
In the last 12–16 months, Bored Ape Yacht Club has helped NFT become more popular. The BAYC brand has been backed by famous people worldwide, like Stephen Curry, Post Malone, and Jimmy Fallon.
Even the music industry got in on the trend when Snoop Dogg and Eminem used BAYC in a song they made together.
StepN hopes this project will give BAYC holders a reason to join their community. This will be used as a case study for future projects that look into cooperation and partnerships with other countries.
Web3’s vision is not of a single island but the whole world connected and working together.
It is also important to note that mint is not required. Even then, BAYC holders must tweet about it before getting their free shoebox. This will help the crypto community as a whole learn about StepN.
3) Will the new Realm have any positive impact on older realms?
New people joining the community is always good for the game, not just for one Realm, since GMT is used in all Realms.
StepN also plans to use GMT in DOOAR and other possible products we plan to ship in the next six months.
In the most recent update, StepN added a new feature called “Sneaker Enhancement.” This is in addition to their recent efforts. That has gotten much attention, with everyone hoping to give their existing community members a foothold in the new Realm. This has also helped to stabilize the supply of shoes in older Realms.
4) Are you forgetting the Older Realms?
No, they haven’t forgotten about older Realms at all. Sol and BNB Realms are the building blocks that make up StepN. Older Realms will get the first crack at new partnerships, some already set in stone and others in the final stages of discussion.
There are well-known sports teams, movies, and social media companies among these names. More importantly, some of the money made from Realm 3 will be put back into Realm 1 and Realm 2 to keep the ecosystem going.
Some of these partnerships will also give real-world benefits to people who own the NFT assets made for these partners.
In the older Realms, it will also be cheaper to participate in new game modes that everyone can play. Taking part in these kinds of games could lead to special rewards in the future.
5) How does StepN plan to survive a bear market?
As they continue to scale and generate profit from their operations, StepN will stick to its promise to use at least 5% of its operating profit to burn GMT.
At the same time, they will keep the war chest for all the areas where they need to spend more money:
- Security and server: to stop the effects of the strong DDOS attacks.
- They’ve seen in the past that they’re using AI for the anti-cheating system.
- Team growth so that a full set of DEX, NFT marketplace, and social products can be made.
- Sponsorship of offline sports and entertainment events that fit with the StepN brand.
- Investment to start their physical product lines for marketing and raising awareness.
StepN wants to launch GMT earnings at some point, but they will have to keep an eye on the markets. This could greatly ease people’s worries about GST, but releasing it under less-than-ideal conditions could also be counterproductive.
In the meantime, they plan to keep adding more sinks to GMT to make sure it stays deflationary.
6) STEPN has partnered with Nori, the Carbon Removal Marketplace. Does STEPN have more plans to come with carbon offsetting initiatives?
Yes, they are buying carbon credits through Nori every month. StepN plans to do more of these kinds of things in the future. Some examples are sponsoring offline marathons and working with other groups focusing on environmental projects.
7) The word “ponzinomics” is often thrown around in crypto projects. What does STEPN have now or in the future to separate us from “ponzinomics”?
Since the beginning, they have seen StepN as a good way to get people on board. It uses a tokenized incentive network to:
1. Urge people to start living in a healthy way
2. Get past the problem of signing up for Web3
StepN has never grown using pyramid schemes or other structures that reward growth. They are always looking for new ways to make money so their long-term business as a Web3 consumer super-app can keep going.
Let’s make a list of some likely ways to make money shortly:
First, all the brands and intellectual property partnerships will bring in money for the product. People will pay for these co-branded NFTs for more than just the fact that they are useful assets in their ecosystem. But also because they are collectibles and can be used to get more brand-related perks. People will buy these NFTs not only to use them in their app but also because they are worth something in and of themselves as collectibles.
Second, DOOAR is their liquidity infrastructure. It allows trading for all parts of their product flow (in the social and entertainment experiences) that need trading. For each trade, we get a fee.
Third, StepN’s future NFT marketplace will capture the value of all their products’ entertainment and social experiences. They will also earn platform fees from this.
Fourth, StepN is looking into making token sinks outside the network. For example, we have invested smartly in a Web3 Stream and game editor still in its early stages. On their platform, you can pay for things with their tokens. In the same way, StepN will let you pay with its tokens in their future online store.
8) What are the big plans for SN’sN’s DEX — DOOAR?
StepN has big plans for DOOAR.
Even within the AMM space, they will launch the BSC and Ethereum versions of the AMM, making DOOAR a multi-chain DEX in the long run.
Second, if you think about the demand for transactions, there will be times when they need to be able to move between chains. StepN doesn’t want to build anything complicated on its own. But they might think about adding some open-source protocols to meet the needs of some users.
As StepN keeps adding new products and features for new social and entertainment experiences, there will be a lot more demand for different kinds of trading.
When that time comes, DOOAR will do what it can to offer the right solutions for whatever is needed, whether cross-chain liquidity, instant settlement or something else.
9) Where’s StepN headed?
They are concentrating on our current phase, where the delivered products are the main StepN app and their DEX DOOAR.
In this phase, StepN wants to focus on growing up. That means they want to work with more consumer-focused retail brands to get more people to use their services. And bring them into Web3 by making a lifestyle that both parties like.
In the next step, they want to find ways to build on and strengthen the relationships between the people who use it. This includes their social-fantasy part and our standard NFT market.
StepN wants its products to be fun and social for those who use them. And give them the chance to put some of these memories into their NFT collection.
All in all, everything StepN does in the meantime, and in the future is to:
1) Get more people in the general public to think about StepN. There are many ways to do this, including forming partnerships with intellectual property (IP) and top consumer and technology brands, sponsoring sports and entertainment events, and selling their products and drinks.
2) Keep growing StepN as a Web3 consumer brand that focuses on providing entertainment and social experiences partly powered by blockchain technology. In a nutshell, they want StepN to be a super-app where people with similar interests can meet up. And have them spend their money on fun and social things. They don’t want to limit these experiences to just one medium. Instead, they want them to be possible in both physical and digital forms. The important thing is that these experiences will use both the Web3 login they made for their users and the blockchain technology.
3) Give their users access to more interesting and unique ways to play and socialize. Some of these will come from their brand and intellectual property (IP) partnerships, and others will be native to the users of our products.
4) Add value to our ecosystem, especially to GMT, showing how well they work together.
At StepN, they are still dedicated to helping millions of people live healthier lives, connect to web3, and fight climate change.
StepN is a great way to get people who don’t use crypto to join the ecosystem. A good non-gaming wedge happens often, has a positive effect on the outside world, and doesn’t directly compete with entertainment time.
People use StepN because it meets their real needs and helps them build healthy habits. It also affects their physical and mental health, which people care about, which is why the demand keeps growing.
People may not care about decentralization or blockchain, but they care about their health and always try to make good habits.
StepN has shown that it can handle these problems well with its growing number of loyal users and will keep pushing forward and growing no matter what.