My experience with STEPN - The reality of the play-to-earn NFT game

You know, I've recently been hooked on an app called Stepan. You can earn coins just by walking or running. Can you believe it? At first, I thought it was suspicious, but once I actually started, it was really fun.

What is Stepan?

STEPN is not an ordinary health app. It allows users to earn virtual currencies like GST and GMT by actually running outside while wearing NFT sneakers. The concept of "moving to earn" is innovative and has garnered a lot of attention in the Web3 world.

To be honest, at first I thought, "There’s no way there’s a sweet deal like earning by running." But then I heard that over 5.7 million people are using it, and I got curious and started.

Basic Mechanism

There are three core elements of STEPN:

• Move to Earn: You earn money by actually moving your body. It's not just a game; you can earn rewards by sweating in the real world.
• Two types of tokens: GST is a token that can be earned daily, while GMT is a high-value token with limited issuance.
• NFT Sneakers: The center of the game. Efficiency varies based on rarity. The more expensive ones can earn more, but the initial investment is also significantly higher.

How much does it cost to get started?

This is the biggest wall, isn't it? To be honest, you shouldn't trust articles that say something sweet like "You can start for free!" At the very least, you need sneakers that cost between 5,000 and 15,000 yen, and if they're expensive, they can cost several hundred thousand yen.

I started with a Common sneaker that cost about 10,000 yen, but looking back, I should have done more research. The market price changes every day, so it's wise to buy when it's cheap.

Can you really make money?

This is a difficult question. "Making money" means different things to different people.

In my experience, you can earn about 4 to 8 GST by running for about 30 minutes a day. But the problem is that the price of GST fluctuates greatly. Last year it was over 1,000 yen, but now it's just a few yen. It's tragic, isn't it?

Moreover, there are costs for sneaker repairs, so it's not simply a matter of "pure profit based on the distance run." You should also be prepared for the fact that it will take quite a while to recover the initial investment.

My Thoughts After Actually Using It

Personally, I think it's better to use it for health purposes rather than for money. It serves as motivation to run every day, and if it can provide even a little pocket money, that would be great.

However, there are some points of dissatisfaction. The accuracy of the GPS is somewhat questionable, and there are times when it cannot measure the distance accurately between high-rise buildings. Also, it is difficult to maintain the optimal speed, and even a slight deviation from the speed range results in a sharp drop in rewards.

Also, to be honest, the market volatility is insane. It's not uncommon to wake up in the morning and find that the value of your assets has halved. Because of the strong speculative elements, you might be disappointed if you start thinking that you can "definitely make money."

What will happen next?

I don't think STEPN is just a passing trend. Recently, it has also been attracting investments from major VCs, and it is collaborating with Adidas and Snoop Dogg, which is quite serious.

In the new version called 'STEPN GO', features like the rental function for NFT sneakers have been implemented, lowering the initial investment barrier. It's now also possible to make payments in physical stores using GMT Pay, enhancing its practicality.

However, with the overall market cooling down, it is uncertain how long we can hold out. To be honest, I'm a little worried.

Finally

I think STEPN is a groundbreaking app that combines health and cryptocurrency. However, it's better to discard the illusion of "making money easily." It might be correct to think of it as a health investment and start with the mindset that earning a little pocket money would be lucky.

I have made morning jogging a habit, so I am very satisfied in that regard. As for the money, well, I just hope to recover it. Would everyone like to give it a try? But don't push yourselves too hard!