Crypto Metaverse News

Investigating Sneaker NFTs And The Move-To-Earn Craze

Move-to-Earn, the latest craze, started with the launch of the STEPN app and website. It’s become one of the most downloaded apps on the App Store, and its governance token GMT (Green Metaverse Token) is currently the top trending crypto on Coinmarketcap, up over 10% today and 2000% since early March.

STEPN (also called StepN) is a “Web 3.0 lifestyle app with SocialFi and GameFi elements” – its players can make money by running, jogging, or just walking outdoors as long as they have a GPS connection on their mobile phone, and own a sneaker NFT.

The move to earn concept was born in August 2021 and STEPN began to get attention in media by December, which called it “the first Move2Earn mobile NFT gaming platform.”

“We are proud to reveal the potential of what individuals can achieve with their fitness goals using crypto as an incentive,” said Yawn Rong, the Founder of STEPN. “With STEPN, we’re one step closer to achieving our mission of empowering players to take control of their health by making move2earn more simple and accessible.”

To play, runners need to first buy a pair of training shoes represented by an NFT – a non-fungible token sneaker. As STEPN is powered by Solana, sneaker NFTs can be bought with SOL on a Solana NFT marketplace called Magic Eden. The catch is the floor price of a STEPN sneaker NFT has already shot past 10 SOL – currently, it’s 12 SOL, and the price of Solana is $107 per coin. So right off the bat, you have to spend over $1200 just to play STEPN.

Some sneaker NFTs are on sale for much more than the floor price. Some entrepreneurial investors are even hiring teams of runners to do the running – and earning GMT coins – for them.

The sneaker NFTs come in four different types depending on the user’s fitness level – the walker, the jogger, the runner, and the trainer, and all have different stats and attributes (efficiency, comfort, resilience, and more).

(All information was provided by Business 2 Community)

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