What is STEPN Crypto? Crypto App PAYS You For Walking!

Описание: What is STEPN Crypto? Crypto App PAYS You For Walking!

Crypto !
It’s the only word that we’ve been hearing these days. People have gone crazy over the concepts of another web, digital art, and digital currency or a token.

The current wave of cryptocurrency has made more and more people indulge on the web and have made them curious about researching in these fields even more!

Recently, There’s been a surge in a new crypto called STEPN, a crypto app that pays you for walking. Yup, that's right. You get paid for walking. Haven’t heard of it yet?

First of all, for the viewers who’ve been living under a rock and have no clue about what a cryptocurrency is,
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

A crypto token is a virtual currency token or a denomination of a cryptocurrency. It represents a tradable asset or utility that resides on its blockchain and allows the holder to use it for investment or economic purposes.

STEPN is a GPS-based game where the app tracks your movements and steps, similar to what your Fitbit does.

The crypto market is full of unique ideas, but STEPN still manages to stand out. It's both a cryptocurrency and a "move-to-earn" app that pays you for going outside and being active.

STEPN (GMT) is a crypto token using the Solana (SOL) blockchain. Experts say that the massive uptrend in GMT price has been due to the hype surrounding decentralized finance (DeFI for short) projects that reward users with tokens for staying active. STEPN rewards users for walking, jogging, or running!

As per the data on CoinMarketCap, the total market capitalization of STEPN tokens has crossed $2 billion. It is also now the 53rd largest crypto in terms of market capitalization and constitutes 0.12% of the total crypto market value.

The idea behind the app is simple enough. After you download the app and get NFT sneakers from its marketplace, you get paid in crypto for walking, jogging, or running outdoors. You need to be connected to the app with a good GPS signal for your movement to count.

There are also a lot of activities in the game, like Marathon, which keep players engaged and motivated and that’s something most modern games have yet to achieve, let alone NFT games.
However, there is a starting cost to using this app and it isn't cheap.

You need its sneakers, which are non-fungible tokens (NFTs) available on the STEPN marketplace. The marketplace is built on Solana (SOL), so you purchase them using that cryptocurrency.

The most affordable NFT sneakers cost 13 SOL, over $800, at the time of this video. STEPN is working on a sneaker rental option, which will allow owners to lease out their sneakers to other users and share in the profits.

Renters will be giving up a big portion of the profits, though -- the split is 30% to renters and 70% to owners.

STEPN offers NFT sneakers on its in-app marketplace. By buying these NFT Sneakers, users get to play STEPN, which in turn allows them to earn the in-game Green Satoshi Token (GST). Users can later trade the GST reward for SOL or USDC. STEPN’s official website says users can make “handsome earnings” by simply walking, jogging, or running outdoors”.

STEPN’s recent earning report is believed to be one of the major reasons behind the massive price uptrend. As per an official statement of the company, STEPN made a profit of $26.81 million from its NFT Marketplace trading and royalty fees in Quarter 1, 2022.

STEPN was founded in August 2021 by Yawn Rong, an Australian blockchain entrepreneur with his neighbour and partner Jerry Huang. Mr Rong has previously founded Crypto SA, an Australian crypto fund and is a pro-regulation auditor along with serving as an ambassador for Algorand. His partner, Mr Huang is also a game developer and former founder of Falafel Games.

The points collected are classified as game currency and can be used for various rewards like upgrading sneakers or NFTs and levelling up. The points can also be used for cashing out the money in the real world.

For this, STEPN has ensured that there is no cheating in the game via a few mechanisms where if found cheating they will be punished. These mechanics are a Tracking system (GPS), Motion sensors, Health data of your mobile, and Machine learning.
Quick disclaimer: This is not Financial Advice; it is simply a result of extensive research on the internet!
Make sure you don't point fingers at us if things go wrong. We advise that you take your time to also read on this, as every investment opportunity is a chance to learn!

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What is STEPN Crypto? Crypto App PAYS You For Walking!
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