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The Web3 fitness, STEPN, project has announced a series of in-app events to help users get more out of the bearish market. STEPN is one of the Web3 projects that have been in the news in the past year as Solana’s flagship product. Since its establishment, STEPN has raked up more than $130 million in profits.

The Web3 lifestyle app often picks up suggestions from its users through feedback from its large community of more than 700,000.

STEPN’s Events: A Great Way to End the Year

STEPN made the announcement on its Twitter page, which has reached more than 600k followers within one year, noting that the company has been quite attentive to the concerns of its users. 

The tweet also asked users to take a guess at some of the events that may be rolled out. One of the reasons for this event may be the fact that STEPN recorded a reduction in the number of its monthly users. 

Move-to-earn gaming company STEPN. Image credit: Cryptoslate

This in-app event is likely a way to keep users involved in the building process of the product. We are guessing that some possible updates that may come with the event will have some form of relation to Christmas, easter, or the winter.

There may also be may be other exciting features like mystery boxes and a slight change in how level diamonds burn.

A Look at STEPN’s Journey So Far

STEPN is a high-risk investment, according to experts and crypto platforms like Binance. This is very evident, as STEPN’s GMT token has been sloping downwards since the 10th of November.

The token’s trend has established itself as bearish and will most likely remain so in the nearest future. At the time of this publication, STEPN has a market cap of $ 230.68M USD, with a recent slight increase of 2.86% in price.

STEPN Sneakers. Image credit: STEPN

STEPN’s GMT token has a circulating supply of 600.00M, and for the average crypto or Web3 project, these are staggering figures. Users of STEPN have earned millions of Solana’s green Satoshi token, which is the reward for investing in the Web3 product. 

While STEPN had a very great start, it has experienced a serious decline in the past few months. This has given it’s market a bearish prediction status for the near future.

STEPN’s Current Situation

STEPN is very well established and is a different kind of project compared to competitors like Sweatcoin, Step, Genopets, Calvaria, and a few others. It is one of the few move-to-earn apps that are quite unique from the levels to user earnings. 

Definition of STEPN
What is STEPN? Image credit: BeInCrypto

The concept of buying STEPN sneakers using sol and making money for simple activities is very appealing to many. Some investors have put huge bets on STEPN and are sure the market will favor them in the long term.

However, STEPN has faced some serious accusations in the last few months as well. The general overview of the program is excellent, but some users say it is a “game of the rich.” This is because restoring HP costs gems, and users need more than 100GST to do this. 

The average daily earning is around 20 GST, validating the accusation. A lot of users hope the situation will be much better when the in-app updates come around.

What is the Future of STEPN?

Solana established STEPN as a move-to-earn app that lets users earn crypto rewards in form of Solana’s GST tokens. In simple words, it is a product of Solana that pays users for exercising. This Web3 app has a design that will be very beneficial to Solana and its users.

Experts predict that STEPN will increase in value, and the GST will be worth more than $5.2 in the next year. According to reports, there are millions of STEPN users and this estimate is bound to keep increasing. 

These developments and predictions will be very favorable for Solana’s tokens, STEPN, and the users. The crypto market is currently in a bearish form, and this applies to STEPN’s GST-SOL.

STEPN application
STEPN, is the application that pays you to move. Image credit: CryptoStars

Yet, many experts maintain that the long-term prediction is bullish. Although there has been a surge in the number of move-to-earn apps established in the last few years, but few are integrated with NFTs.

What is STEPN’s Stance on the Bear?

The last few months have been particularly sloppy for STEPN and its users, with fear rising especially for people who are not used to the market. Some users have made many complaints about the project, but STEPN continues to reassure its community, explaining that the whole Web3 community has been affected in recent months.

A good part of STEPN’s community has deep-rooted belief and faith in the project and has vowed to keep building “relentlessly” despite the bear, hoping to enjoy humongous benefits once a bull run comes.

STEPN’s Mission

Currently, STEPN’s sneakers cost between $400 to $100,000 and may increase in worth in the next few years. 

STEPN, the prominent move-to-earn game Image credit: Binance

The sneakers are in the form of NFTs and can be traded on secondary markets, with thousands getting into the market monthly.

STEPN seeks to be the pioneer of an evolutionary concept that involves P2E and AR gaming but in a different form. The Open letter released via Medium by STEPN mentioned that their mission for FSL is as follows:

  •  To provide utility for NFTs
  •  Multiply the number of Web3 users
  •  Establish social components.

STEPN looks like it already enjoyed a great foundation, although growth has slowed down in recent months. The company was also recently in the news as there were rumors of a layoff of many STEPN employees.

STEPN sneakers
STEPN Sneakers. Image credit: Bitcoin Wiki

We are sure that the in-app events, which are one of many to come, are a tactic to help it grow through the bear. STEPN announced a new set of in-app events to which users will have access very soon. These events are going to affect the tokens and the market in a positive way.

According to users, the world cup, Christmas, and winter are probable events that will inspire the STEPN in-app events. Expectations are currently high, as hundreds of thousands of STEPN users are looking for ways to get more out of the bearish market

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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