Stepn artwork

STEPN wants to reward its loyal users for sticking with it through the slowing of the crypto market.

The soon-to-arrive Mooar NFT market is joining The Find Satoshi Lab ecosystem. It will provide additional value and utility for loyal STEPN users and the $GMTĀ Token, the core of theĀ FSLĀ ecosystem.

As a thank you to its loyal users, STEPN offers exclusive rewards and benefits through the Mooar NFT platform. Through MOOAR and future product launches, STEPN aims to push the next frontier of Web3 identity.

Exclusive Benefits

STEPN is rewarding loyal users with exclusive NFTs. Image Credit: Switcheo Labs.

STEPN announced on its Twitter page that it would be offering its loyal players rewards as a thank-you for their continued loyalty. Times have gotten hard in the crypto market, and as the app rides “through this bear market,” it wants to reassure its loyal users they can expect product developments and utility.

STEPN will contact its users’ registered email for further details and invite them to the Gimme MOOAR spaces, where they will answer any questions in a big reveal on 1 November.Ā 

What is a bear market, and how does it impact the play-to-earn market?

Eligibility Criteria

stepn reveals new gmt earning plans with the introduction of rainbow sneakers 1000x700 1
Image Credit: Play To Earn.

Eligibility Criteria for STEPN users to benefit from the new partnership:Ā 

  • Genesis Sneaker Owners Ā Users who have run more than 1,500KM. Ā 
  • Users who have given out >50 activation codes.
  • STEPN will calculate rewards from the eligibility criteria players meet.

STEPN: What is It?

STEPN is a move-to-earn app that allows users to walk, jog or run outdoors to earn crypto tokens and has rapidly become a key player in the play-to-earn blockchain gaming, or GameFi, sector. Founded in Adelaide, Australia, STEPN made its premiere at a Solana hackathon in October 2021. It placed fourth in the competition, which helped it land its first group of beta users.Ā 

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Image Credit: Binance.

Amid economic concerns, STEPN has plans to reduce its staff and reign in its operations in response to the Bear Market.

“WuBlockchainĀ reported on Wednesday that STEPN would dismiss more than 100 MODs, ambassadors, and other staff, according to community sources.” – Medium.

The parent company of the popular fitness app, Find Satoshi Lab, also intends to delay some development progress on the move-to-earn app while reducing investments. Despite STEPN announcing $112.5 million in profits from platform fees in July, the GMT token is still suffering market volatility.

What Is a Bear Market?

If a market encounters prolonged price declines, it is considered a ‘Bear Market,’ when investment drops and widespread pessimism enters the market. Securities and other asset prices fall 20% or more after recent highs and trigger a Bear Market.

The Bear Market indicated an economic decline. Image Credit: Go Banking Rates.

Bear Markets often signal declines in the overall market to indexes, such as the S&P 500. Individual securities or commodities are often also in a Bear Market if they experience a 20% decline over an extended period (usually two months or more). Not surprisingly, Bear Markers often also accompany a general economic downturn such as a recession.Ā 

It is possible to compare Bear markets with upward-trendingĀ bull markets.

Is STEPN Floundering

Despite its early solid success, STEPN is experiencing a decline. After millions downloaded the app simply because it lets users collect unique NFT sneakers and earn tokens simply for moving, the market is shifting.

One explanation for this moment of decline comes from users, as they cite certain aspects of the project, including low movement rewards for users and hidden costs to increase dividends for their dwindling interest.

STEPN has made significant layoffs. Image Credit: Crypto Slate.

Calvaria seems to be its emerging competition. The new crypto presale project wants to makeĀ blockchain gaming more attractive to casual and traditional gamers by developing two main games ā€“ one play-to-earn game that utilizes blockchain technology and rewards players and another free-to-play game that is easily accessible and available in app stores.

An Open Letter

In a recent open letter to its community, STEPN sought to assuage fears and lay out a plan to tackle issues currently facing WEb3.

Our mission for the FSL ecosystem is to solve the three main problems plaguing Web3:

  1. Providing utility for NFTs.

  2. Establishing Web3 identity and social components.

  3. Removing the barrier to enter Web3 through education to onboard the next billion users.

-STEPN

The letter also addresses the Bear Market, claiming the slowing market offers a unique opportunity for growth.

Image Credit: Play To Earn.

Much of the Web3 community at large has suffered over the past few months. We are proud of the resilience our community has shown. You motivate us to advance our design in the wake of the bear, but building something great takes concentration and time. -STEPN

Conclusion

STEPN is rewarding its current players to offset its recent losses. Will it work? That depends on how they respond to the market shift away from standard play-to-earn gaming towards game enjoyment before earning potential developments.

STEPN looks set to take on the challenge, but we’re sure they’ll find a way to battle the bear effectively.

Any investment/financial opinions expressed by Play to Earn Diary are not recommendations. Our content is for educational purposes only. If you plan to invest in any game or cryptocurrency then please do your own research and only spend what you can afford to lose.

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