What is STEPN?
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
STEPN is a smartphone app where you buy a sneaker NFT and earn tokens for walking or running, based on recorded movement. Built by Find Satoshi Lab in Australia, it launched on Solana in late 2021. GMT is its governance token, with a role distinct from GST, the token earned inside the app.
Key points
- Holding a sneaker NFT and moving earns tokens based on GPS and accelerometer data
- Two-token design: GST is earned in-app, GMT sits above it as the governance token
- Sneakers have durability and energy, capping how much can be earned per day
- Usage surged in 2022, then fell sharply as in-app earnings declined
Definition
A move-to-earn smartphone app that records walking and running with an NFT sneaker and distributes tokens according to the activity logged.
STEPN's idea was to make a real-world action — exercise — the condition for receiving tokens. The app measures movement with GPS and device sensors and pays out when you move within the speed band matching your sneaker NFT. Sneakers are typed for walking, jogging or running, and moving outside the band reduces what you earn.
Its economy uses two tokens. GST is what daily activity earns, and it is spent repairing sneakers, levelling them up and minting new ones. GMT has a capped supply and is used for governance votes and higher-level features. Building in places to spend GST was meant to stop distributed tokens from simply flowing out to the market.
What actually happened matters as a record. Usage and sneaker NFT prices rose steeply through early 2022, but as new-user growth slowed, demand for GST fell and so did what players could earn. The team adjusted minting costs and other parameters, yet active users have remained far below the peak.
STEPN has since expanded to chains beyond Solana, run tie-ups with apparel brands and released successor apps. Mechanically, it is most often cited as the first large-scale example of combining activity tracking, NFTs and token distribution.
Watch out for
- · Taking part requires buying a sneaker NFT whose price swings widely; there is no assurance of recovering that outlay
- · How much can be earned is set by parameters the team can change, which users have no control over
- · The app handles location and movement data, and counterfeit versions distributed outside official app stores have caused losses
Frequently asked questions
Does owning a sneaker NFT guarantee tokens for every walk?
No. Daily energy is capped, and earnings drop as a sneaker's durability falls. Repairs cost tokens too, and both income and costs depend on parameters the team sets.