StepN, an app that lets users walk and run to earn tokens, has quickly become a household name in the play-to-earn blockchain gaming, or GameFi, world since its launch in December. Every month, there are two to three million users worldwide who are now active on the app, StepN’s co-founder Jerry Huang recently told TechCrunch.

Although it is nowhere close to the hundred-million player size enjoyed by popular web2 titles, in the world of crypto, it’s a meaningful breakthrough for a five-month-old app. The market cap of StepN’s native token GMT was around $860 million, as of May 22.

StepN was founded by Huang and  his co-founder Yawn Rong and debuted in Adelaide, Australia, at a Solana hackathon in October. The blockchain community has adopted the idea of staying fit after its launch two months later. Now, tens of thousands of new users are joining the app every day, according to Huang.

To begin earning tokens and logging one’s mileage on StepN, users need to first spend at least 12 sol or around $600 on a pair of virtual shoes at current market rate. The digital shoes are created as a non-fungible token (NFT) that runs on the Solana network and Binance’s smart chain so can be resold later. 

In order to level up, StepN users will need to accumulate new kicks over time. The usual return on investment generally requires about a month, after which people can start generating income of up to several thousand dollars per day depending on their level, activeness, and the current price of StepN tokens.

Its dual-token system allows price manipulation among users. StepN will ask players to burn its “governance coin” GMT to mint new shoes when the price of its “utility coin” GST is too high and shoes get pricey. The GST supply increases as a result, leading to a sell-off and lowering its price.

StepN’s next step is to build a social product around its token holder community with a rapidly expanding team of 70 people across countries including Australia, the UK, the US and Singapore. 

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