STEPN Ice challange

STEPN’s Twitter ambassadors ktrainUSA and Firelauncher are teaming up for a brand new STEPN Ice challenge. The competition will feature a double-challenge where participants get the chance to win GMT rewards.

Both challenges are inspired by Firelauncher’s epic journey hiking Mount Everest and ktrainUSA’s use of cold therapy to enhance recovery after every run. The STEPN Ice challenge begins today and will end on Friday 5th August at 3 P.M. CET.

The STEPN Ice Challenge: What You Need to Know

The STEPN Ice Challenge will feature two competitions. The first one is more of a guessing game for the STEPN move-to-earn users. It is inspired by Firelauncher’s participation in the Mount Everest Marathon. To this effect, the STEPN ambassador has shared his finishing certificate for the marathon.

Participants will now have to guess Firelauncher’s finishing time in the marathon. And you don’t even have to get the answer right to win. A reward of 20 GMT tokens will be awarded to 5 of the closest guesses.

The second competition in this week’s challenge is a bit more creative. Users simply need to use their creativity and imagination to record a 30 seconds video of themselves using cold therapy for muscle recovery.

Now, ktrainUSA and Firelauncher admit that they both use cold recovery to help optimize running performance. They are now encouraging folks to also do this owing to the benefits they have experienced.

There are also no limits as to the kind of videos users can post. It’s all about showcasing what you can do with ice to help with exercise recovery. Winners of the ice recovery challenge get a reward of 25 GMT tokens each.

Criteria for Selecting Winners

To win the STEPN Ice challenge, participants will need to fulfill a few simple conditions. First, all guesses and videos should be posted under the STEPN ice challenge thread on Twitter.

You are also required to follow ktrainUSA and Firelauncher on the social media platform. Participants must also like and retweet the challenge.

All entries should be in before the Friday deadline. Please also note that out of the four winners of the ice recovery challenge, 2 will be men and 2 will be women by default.

Who Are These Ambassadors Anyway?

ktrainUSA and Firelauncher are two of many STEPN ambassadors. Their job is to help grow the STEPN community and make the move-to-earn app a dominant force in web3. Firelauncher describes himself as a long-distance runner, mountain climber, and marathoner.

He is also the brand ambassador for ASICS running shoes. Firelauncher holds a Guinness World Record and is a crypto and NFT enthusiast as well.

ktrainUSA on the other hand has worked as a beta tester for STEPN. He also works as a community ambassador for the M2E app and the host of the STEPN Daily show. The show is available 5 days a week.

The STEPN Ice challenge is a good opportunity for the two to band together in an exciting limited event for the STEPN community.

STEPN and The Growing Popularity of Move-to-Earn

The STEPN ice challenge and STEPN’s growing list of ambassadors are the many signs of how popular move-to-earn has become in recent months. This Report by DappRadar and The Blockchain Game Alliance in fact showed the rapid emergence of M2E in 2022.

Nonetheless, STEPN has remained the most dominant force in this area. The platform is currently a $1 billion company and there are reports it is raking in nearly $100 million a month in fees.

Also, in an episode of Decrypt’s gm podcast last month, STEPN’s CMO Shiti Manghani confirmed that the M2E app has managed to hit 3 million active monthly users.

While so many other M2E apps have already launched, none of them has come even close to achieving the kind of success STEPN has.

STEPN’s GMT governance token has also attracted investors. It has since dropped from its peak In May. But GMT still had a market cap of around half a billion dollars at the time of writing. It is the largest M2E coin by a huge margin.

What Is STEPN’s Plan for The Future

In its Q2, 2022 quarterly report, STEPN announced that it had returned a profit of $122.5 million. All this was earned through platform fees and came at a time when the broader crypto market was facing major headwinds.

The success in Q2 underpinned STEPN’s potential and served to clear the doubts about the sustainability of its model. It is largely expected that net profits will grow in Q3 and Q4, especially now that the ‘crypto winter’ appears to be abating.

However, it’s actually interesting to learn what STEPN intends to do with its Q2 profits. This could give us some hints on the kind of future STEPN users should expect in the short term.

GMT Buyback and Burn Program

STEPN noted that it will use 5% of its entire Q2 profit haul to buy back the GMT token. Although this may seem like a small percentage, it actually sets a precedent for what could come in the future.

GMT buybacks and burn programs will likely become a common feature of quarterly profit expenditure.

Partnerships and Expansions

The STEPN Ice Challenge is a clear example of how STEPN intends to pursue a wide range of partnerships to expand its community. However, the move-to-earn app is making big moves to try and get sponsorship deals with key brands in sports and fitness.

This idea is not new in crypto. For instance, FTX, a leading crypto exchange, paid the Golden State Warrior $10 million for a global sponsorship deal.

STEPN will likely pursue such agreements in the future and its Q2 quarterly report suggested as much. As for expansion, the aim is to hire new talent to accommodate the growth of the STEPN brand.

Building on The STEPN Brand

Finally, STEPN has stepped up efforts to enhance brand visibility and growth. In fact, The STEPN ice challenge and the STEPNrun contest are two recent events designed for this.

The move to earn app is also developing branded merchandise for marketing purposes. The goal is to make STEPN synonymous with move-to-earn and so far, things are looking good.

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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