MCS | StepN: First Ever Move2Earn

MCS | StepN: First Ever Move2Earn

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What is Move2Earn?

Where there were many successful experiments on Play-2-Earn (P2E) projects in which users are incentivized rewards to play games, Move-2-Earn (M2E) is a new form of Game-Fi where users get rewarded for moving. To put it simply, users are earning tokens and NFTs while exercising.

As moving involves walking, jogging and running, it allows users to capture both health and wealth through M2E. If you are already fit and exercise often, it is a chance to earn rewards just by going through your daily routine.

Move with STEPN

StepN is a Web3 lifestyle app with built-in Game-Fi and Social-Fi elements.

It’s the world's first project to implement Move2Earn, where users holding sneaker NFTs can earn rewards just by performing essential daily activities. StepN was ranked 4th of 500 teams competing in the Solana Ignition Hackathon 2021.

StepN aims to be a long-lasting platform that will drive millions of people to a healthier lifestyle through Game-Fi, connect the public to Web3.0, and foster user generated Web 3.0 content through the Social-Fi aspect.

And StepN token economy is constituted of two tokens, GMT - a governance token, and GST - reward tokens earned through sneakers NFT.

More details are outlined below but in simple terms, the tokens are utilized in the StepN app or can be cashed out.

Source: StepN

Market Potential

There are more than 400 million people using health apps around the world, and more than a billion people walk, jog, or run as a form of exercise.

Move2Earn's market potential is endless, and COVID19 has further strengthened people's awareness of individual physical and mental health.

And in 2021, the online fitness industry grew an unprecedented 33 percent annually.

If StepN does a good job at targeting the online fitness industry, it may attract a lot of people to Web 3.0.

StepN's Efforts

Blockchain technology quickly became known to the public, but there were many problems, and one of them was climate change.

First of all, StepN was created through Solana, a POS-based blockchain, which consumes much less energy than POW.

Second, StepN intends to donate its Treasury profit pool to the purchase of carbon removal credits on the blockchain. Furthermore, GMT Stakers will be able to vote to determine the amount of the pool to donate to purchase Carbon Removal Credits.

Others wishing to donate more can also voluntarily donate their GST profits to carbon removal credit purchases.

Finally, StepN is also partnering with Nori, an eco-friendly app, StepN is now making significant changes in health and fitness of more than 200,000 users.

By combining exercise for earn, gaming, and Web3, StepN has the potential to encourage millions to develop healthy daily running and walking habits

TOKEN

Source: StepN

Governance Token: GMT (Total Supply : 6,000,000,000)

30% of total GMT will be distributed to users who use the Move-2-Earn platform and participate in governance.

To ensure the longevity of the STEPN project, the total emission of GMT will halve every three years.

Utility Token: GST(GST has an unlimited supply and is earned when a user moves in Solo or Background Mode.)

Token Distribution

Source: StepN

Move and Earn:30%

Ecosystem/Treasury:30%

Private Sale:16.3%

Team:14.2%

Binance Launchpad Sale:7%

Advisors:2.5%

Source: StepN

Token Burning

GST

  1. Sneaker Repair
  2. Sneaker sockets unlocking
  3. Level up/Mystery box boosting

GMT

  1. Customisation fee

GST+GMT

  1. Level up Sneakers
  2. Shoe-Minting
  3. Upgrade Gems

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