What is StepN? How I made 85 dollars per day from jogging

What is StepN? How I made 85 dollars per day from jogging

What is StepN? How I made 85 dollars per day from jogging

When I first heard about StepN, I was a little skeptical. As a regular runner – though one who sometimes needs a bit of motivation – the idea that I could make money running seemed too good to be true. I had been crypto-curious for some time, and had heard of ‘move-to-earn’, but I assumed the rewards would be too small or inconsistent to be worth the hassle.

After using the StepN app for two weeks, I’m now thoroughly impressed. On average, I’ve been earning around 85 USDC each day for a 20-minute walk or run.

But how does the StepN NFT project work, and what exactly is the difference between the platform’s GST and GMT tokens?

    What is StepN?

    StepN is a move-to-earn project first hosted on the Solana blockchain (and now also on Binance Smart Chain). Users earn the app’s native reward currency, Green Satoshi Tokens (GST), by walking, running, or jogging outdoors. The name “Green Satoshi Tokens” comes from StepN’s commitment to using a portion of its profits to purchase Carbon Removal Credits on the blockchain.

    I was initially shocked to find out I could earn GST tokens just by jogging in the park

    GST tokens can be used for in-app purchases or can be cashed out for profit. To start earning, users must own at least one NFT sneaker, available for purchase on the in-app marketplace, Magic Eden (Solana’s NFT marketplace), or on Binance NFT.

    The StepN platform also has a governance token (GMT) which gives holders the right to make decisions on the direction of the project. GMT can also be considered an investment in the StepN project itself, as the team announced that they will use profits from royalty fees to buy back and burn GMT tokens from the secondary marketplace, meaning that, if the project keeps onboarding new users, the GMT token should increase in price.

    Getting started with StepN

    After downloading the app, I could see why StepN is gaining in popularity. To control growth, the app is currently invite-only, and an activation code is required to create an account. Getting a code is extremely competitive! The official Discord and Telegram groups are full of hopefuls asking - sometimes begging - for them, and those that are shared are snapped up within seconds by the fastest fingers.

    Currently, the StepN team are releasing 1000 codes per day via Discord, Telegram and https://stepn.com/getCode. Active users also have a limited number of codes to share with their friends.

    After trying unsuccessfully for a few days on Discord, I finally succeeded by visiting the getCode website at exactly 13:00 UTC (check the Discord/Telegram groups for the latest schedule). Though a little frustrating, the experience showed that StepN has a highly active and engaged user community and growing organic demand, which built my trust in the project.

    Buying a StepN NFT sneaker

    The next step was to purchase a StepN NFT sneaker. The in-app marketplace is the best place to do so, with a far greater selection and lower prices than Binance and MagicEden.

    There are three different types of sneakers with different optimal earning speeds (walkers at 1-6km/hr; joggers at 4-10km/hr; runners at 8-20km/hr; and trainers, which are versatile). Faster sneakers earn more GST, but the difference is small, so the choice should be based on personal preference and fitness level. After testing the speeds, I opted for joggers, which would allow for both brisk walking and jogging speeds. Running every day is taxing on my knees, so having the option to walk was important.

    In addition to their different optimal speeds, sneakers have many other rarity attributes which can affect their value and earning potential. Enough complexity to be totally overwhelming to a newbie!

    StepN GST price prediction
    My StepN sneaker NFT, which cost around 12 SOL. 

    The research I did suggested that the fastest way to earn back my initial investment would be to purchase a common sneaker at level 9 with an efficiency to resilience ratio of 3:1.

    Efficiency and resilience are the most important statistics – efficiency affects the amount of GST earned while moving, while resilience affects sneaker repair costs. Earnings are maximized by repairing the sneaker after each use, so resilience has a direct impact on daily earnings.

    You can also purchase a level 0 sneaker or an unopened “shoebox”, but it will cost you time, GST and GMT to ‘level up’ your sneaker and thereby increase your earnings. This is likely to result in a slower return on investment than my strategy above, but it depends on the difference in sneaker price.

    Integrating StepN into my daily run

    After diving a little further into the StepN world, I soon discovered that there are significant benefits to owning more than one sneaker.

    First, the number of sneakers you own determines the number of minutes you can earn on the app each day. One sneaker gives you only 10 minutes earning time, while three sneakers gives you 20 minutes. This means double the daily earnings.

    I now own three sneakers, and am earning an average of 85 USDC per day just from my usual, no-stress daily jog.

    Stats showing my daily jog

    Overall, my experience with StepN has been excellent. The app is user-friendly, engaging, and accessible to crypto-beginners. There is a convenient in-app exchange between SOL, USDC, GMT and GST, which I’ve been using to convert my daily GST earnings to USDC.

    There are some kinks still to be worked out – in particular, delayed or failed exchange transactions and in-app transfers – and it remains to be seen how the project will fare in different market conditions or once adoption reaches a critical mass. But there are also new and exciting features on the way, including a sneaker rental system, which will significantly lower barriers to entry by allowing new users to earn without first purchasing an NFT.

    Even more than the generous financial rewards, my favorite thing about StepN is that it provides an excellent incentive to get outside and move. I’ve been for a jog or walk every day since I started using the app, and the struggles I once had to motivate myself to exercise have vanished. This is, after all, a key part of StepN’s ambitious mission statement – to “inspire millions to a healthier lifestyle, connect them to Web3 and combat climate change”.

    StepN has certainly had a positive impact on my health and lifestyle, as well as providing an accessible journey into the weird and wonderful world of crypto. My first foray into move-to-earn has definitely been a win-win.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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