Although the pay-to-earn (P2P) sector has become under sharp scrutiny following the USD 620 million Ronin hack, another category of GamiFi is growing in popularity pretty fast.
A Solana-based move-2-earn project referred to as STEPN by Find Satoshi Lab got USD 26 million in the first quarter. The model, move-to-earn, closely resembles the play-to-earn system where users earn for their step counts.
Buy NFTs to Earn Revenue Every Step
According to Shiti Manghani, there were more than 10,000 daily active users, and that number is still growing. While other peer-to-peer games are designed to incentivize gaming online, STEPN is a type of GameFi designed to empower users to pursue fitness and wellness. People who purchase the project’s non-fungible tokens (NFTs) are able to earn rewards for each step they take.
This creates a spillover effect as STEPN increases in strength. One example is the upcoming STEPN 5K that is slated for the AthensDAO conference of Solana-based DAO in May 2022. According to Dean Pappas, the leader at Grape social networking organization, many of the network’s members already use STEPN.
In his Telegram message, Pappas indicated that they are very excited to demonstrate how cryptos are applied in real life. STEPN is one of the best examples, which has helped to simplify the process so much. You can exercise every day for about ten minutes to start earning.
Users are rewarded for the steps they take using the native cryptos. Over the last 30 days, STEPN’s price rose by about 50%. On Tuesday this week, STEPN value was USD 4.8.
What Do You Need to Get Ownership?
To get rewards, you need to acquire NFT ownership, just like the P2E Axie Infinity. STEPN users can also trade SOL cryptos for NFT sneakers through their mobile app.
According to Manghani, the former CEO of home-fitness enterprise Breathe Happy, STEPN sees more than US12 million in everyday NFT trading volumes on the Solana blockchain. He added that users do not have to purchase a USD 1,300 Peloton or bike.
At the time of going to press, the cheapest NFT sneakers were around USD 1,100 (11.5 Sol). Every player has to start by owning the pricey NFT to start running for cash. A new feature that will allow users without shoes to lease the sneakers is being developed.
The move-to-earn game Genopets that reward users for real-life steps pools together both play-to-earn and free-to-play options because nothing is required to mint NFTs.
In the beta mode, Jay Chang, the platform’s co-founder, indicated that the Genopets have yielded unassertive results. He added that Fridays attract up to 30,000 players looking for new challenges. The numbers show that more people prefer to pay for move-to-earn in order to get better experience.