Deepika- STEPN is a Web3 lifestyle app that rewards you for the movements such as walking, jogging, and running.
- The platform has two tokens namely GST which is the utility token and GMT which is the governance token.
Web3 represents the evolution of the World Wide Web, combining the best features of its predecessors, Web1.0 and Web2.0. This new generation emphasizes advancements while embracing decentralization, giving users full control over their data.
Now, as this theory comes into realization, more and more platforms are coming for the users based on Web3. While other platforms focus more on finance and blockchain systems, there is one platform called STEPN which is on a way to revolutionize your lifestyle. Well, to know what it is and how it is doing that, continue reading the article.
STEPN – A Web3 Based Lifestyle App
STEPN describes itself as a Web3-based lifestyle app with inbuilt Game-Fi and Social-Fi elements. It is the first project which has successfully implemented the concept of “Move&Earn”. It is also ranked as the 4th project out of more than 500 projects at the Solana Ignition Hackathon that happened in 2021.
Developed by Fin Satoshi Lab, STEPN aims to transform people’s lifestyles by encouraging active participation through Non-Fungible Tokens (NFTs) in the form of sneakers. These sneakers track users’ movements, allowing them to earn currency based on their activities.
How Does STEPN Work?
STEPN works in the same way in which other apps work. You just have to download it from the play store or apple store. After downloading it, you have to sign up on it with the help of your email address. Then, you will receive an OTP or verification code to enter the interface.
Now, after verification, you can create a new wallet by choosing the Wallet icon appearing on the top right of the corner. After creating a wallet, the app will generate a 12-word recovery phrase which you have to carefully record because it is the key to unlocking the wallet when lost.
Now you have to purchase a sneaker from the marketplace by transferring GMT to an in-app wallet. Now you can head over to the marketplace and choose the sneaker that you want. For iOS, you have to purchase from the in-app currency SPARK and use apple pay.
Once equipped with a sneaker, you can begin your STEPN journey once your energy restoration reaches 25%. Energy levels restore every 6 hours, allowing you to embark on your fitness adventure with STEPN.
STEPN’s Tokenomics
The app has a dual token system in which it has two tokens namely GST (Green Satoshi Token) and GMT (Green Metaverse token). GMT is the native token of the Find Satoshi Lab (FSL) and its fixed supply is capped at 6 Billion tokens. GMT is used to stake and in return gives the users various rights such as governance.
GST has an unlimited supply and can be earned when the player moves in the solo or background Mode. You can level up the sneaker with the help of GST tokens. Both tokens are used in their respective way and make the ecosystem to be powered with the help of their utilities.
Concluding Thoughts
STEPN emerges as an innovative and interactive app, aiming to revolutionize users’ lifestyles in a fun and engaging manner. By offering diverse modes and opportunities to earn rewards, STEPN encourages users to lead healthier, wealthier lives.
