- GST reward token still down 98% from peak.
- BAYC owners may expect new NFT airdrop within days to onboard the STEPN lifestyle app.
- STEPN aims to boost its appeal with new players for its third Realm on Ethereum.
STEPN, the leading move-to-earn app, will now create a new Realm on Ethereum, essentially re-launching its sneaker model. STEPN currently exists on two networks, Binance Smart Chain and Solana, with different communities. The game’s goal was to own sneaker NFT and earn based on steps walked.
Just weeks after its launch, the STEPN move-to-earn model based on Green Satoshi Token (GST) became non-viable, as the asset lost 98% of its price. Some of the buyers that spend thousands on virtual sneakers were left underwater. But the game now tries to reinvent itself with a new mint, with the hope of building wider Web3 engagement.
The new mint will arrive first for holders of Bored Ape Yacht Club avatars, which are some of the most influential NFT. Initially, the NFT’s sole purpose was to produce more GST for the owners. This led to a bloated supply of GST, rising from 10M tokens to 220M within weeks.
Now, STEPN wants to build a larger metaverse-like experience, by onboarding other collections and items. This will increase users and possibly flow over some of the earnings to the two older Realms on SOL and BSC. STEPN also thinks of a new approach to NFT, possibly giving real-life benefits to Genesis holders.
Rare NFT do not guarantee value, but for now, some of the most hyped-up collections still hold significant floor value. Additionally, Ethereum remains one of the most well-represented networks, and STEPN may also have access to OpenSea.
STEPN Tokens Still Trade Near Lows
GMT, the game’s voting token, has fallen to $0.96, after a small recovery in the past week. GST slid toward $0.11, only ensuring small gains to players.
STEPN has entered the stage where the game depleted its initial P2E model, and will rely on other community perks to gain new players. The game also aims to position itself more as a lifestyle app than a source of earnings, though the initial appeal and earnings potential were quite high. STEPN gave rise to a series of move-to-earn games of varying difficulty, sparking demand for new games with a higher earnings potential in the early days.
