FAMEEX Research focuses on the digital asset market, provides expert-level analysis with objective and fair insights for all users globally. With our innovative ideas, we aim to connect everyone in the world.
STEPN is the first project to effectively bring to life a functioning Move-to-Earn concept, finishing 4th out of 500+ projects at the Solana Ignition Hackathon 2021. Stepn is a web 3 lifestyle app with Social-Fi and Game-Fi elements. Players can make earnings by walking, jogging, or running outdoors.
Users equip themselves with NFTs in the form of Sneakers. By walking, jogging, or running outdoors, users will earn game currency, which can either be used in-game or cashed out for profit.
The game gained its fame on January 20 with the completion of a $5 million seed round, which was led by Sequoia Capital India and Folius Ventures, with Solana Ventures, Alameda Research, Spark Digital Capital, 6th Man Ventures, Sfermion and others participating.
What is STEPN?
STEPN is a web3 lifestyle app where users can earn tokens for every step they take. Users equipped with NFT Sneakers can move outdoors to earn tokens. It has unique Game-Fi and Social-Fi elements that keep users engaged and motivated to move outdoors and get rewarded. STEPN has a built-in wallet, swap, marketplace, and many features in-app for easy onboarding of the users. STEPN will use the funds to develop its app and grow the community. There are 3 gaming modes: Solo Mode, Marathon Mode and Background Mode, only solo mode is available for now. In Solo Mode, users are equipped with NFT Sneakers to earn tokens by moving. Energy is needed to earn Green Satoshi Tokens (GST). Every 1 Energy equals 5 minutes of move-to-earn movement and Energy which ONLY starts replenishing after users acquire an NFT Sneaker. The Marathon Mode and Background Mode are currently under development.
Regarding Game-Fi, cheating is something that needs to be intensively overwatched, otherwise, the Tokenomic will eventually collapse and lead to the end of the project.
Three mechanics are used to stop cheating in the STEPN, which includes the cheater's account being punished:
1. GPS tracking
2. Motion sensor and health data
3. Machine learning to detect cheating through data simulation
Using devices that have been jailbroken, rooted, or with an
altered OS will result in STEPN not working properly.
Transferring Sneaker from one account to another account will
the Sneaker enters a Cooldown period, during Cooldown period, users cannot use this Sneaker.
Two In-Game Currencies
STEPN has a dual-token system: a game token - Green Satoshi Token (GST) and a governance token - Green Metaverse Token (GMT). Users burn GMT to access in-app features and stake GMT to participate in governance, such as deciding how much STEPN donates its Treasury profit pool to purchase Carbon Removal Credit on the Blockchain to ensure transparency and immutability.
1. Game Token: GST (Green Satoshi Token), GST has an unlimited supply and is earned when a user moves in Solo or Background Mode, however, it has a built-in burning mechanism for deflation.
2. Governance Token: GMT (Green Metaverse Token), The GMT is minted at the Token Generation Event (TGE), with a total of 6,000,000,000 minted. Regarding the governance, the 2% Marketplace Trading Fee is reserved for the team to sustain its operation, no less than 5% of the Trading Fee will be given back to the STEPN ecosystem. The other tax collected by STEPN will be funneled into a Treasury pool, which will be up to the GMT staker to decide.
Ranked number two among gaming tokens on CoinMarketCap with more than $1.3 billion of market capitalization. The price of $GMT is now at around $2.2 while the $GST is $4.7 as reported
Find FAMEEX on 👇
Official Website: https://www.fameex.com/
Trade on-the-go with FAMEEX’s crypto trading app (iOS/Android)