In the past few years, new trends have continuously appeared in the cryptocurrency market, such as ICO, finance decentralized (DeFi) meme coin non-fungible token (NFT) or Play to earn (playing games to make money).
What is Move to earn?
And most recently, the cryptocurrency community continues to stir up excitement with Move to earn trend. Move to earn is a relatively new concept. However, we can simply understand that this model is formed by applying the following factors Game Fi Social Fi and NFT. Move to earn projects are created to encourage a healthy lifestyle and users will receive rewards for performing the application’s tasks.
In which StepN is The most prominent name is attracting the attention of many users in Vietnam and around the world. This application is built on top of the Solana network. The platform describes itself as a “Web3 lifestyle app” that rewards users who maintain a healthy lifestyle through walking or jogging.
To be able to catch To start making money from StepN, users will need to purchase or rent a pair of NFT shoes. Currently, the lowest cost to own a pair of “virtual shoes” is more than 10 Solanas, equivalent to more than 20 million VND. This price has continuously increased over the past month.
Each pair of these “virtual shoes” will have different functions to serve the needs of walking or jogging. Currently there are 4 types of shoes including walker jogger runner and trainer. The price of these “virtual shoes” depends on many factors such as rarity and level functions.
StepN also uses a dual token model similar to many other Play to earn games. Specifically, this application has 2 tokens: Green Satoshi Token (GST) and Green Metaverse Token (GMT). GST is a utility token and has an unlimited supply while GMT is a governance token with a limited supply of 6 billion coins.
Even though StepN has an unlimited supply, it also has a mechanism “Burning” this type of token helps control the circulating supply and limit inflation. Accordingly, players will need to use GST to repair or upgrade “virtual shoes”. This upgrade helps players increase their earning potential.
Since being sold on Binance Launchpad on March 2, the value of GMT has increased by 31,000%. On April 1, the price of each GMT token increased to a record level of 3 11 USD. Currently, due to the general decline of the market, the price of this token has been adjusted to about 2 2 USD.
StepN also saw huge growth in the number of monthly active users. This number has increased from 1,500 people in January to more than 100,000 people in March.
When you run or walk, there are more than 30,000 other people who are also exercising with you, not in the virtual universe but in real life” StepN announced on Twitter.
According to Crypto Potato, there are many reasons why the price of the GMT token increased more than 300 times in the past month. Like many previous crazes in the cryptocurrency market, the Move to Earn model is making many participants feel excited. Since then, the number of FOMO people has also increased sharply.
In addition, this project also has a clear development direction. Recently, a StepN spokesperson opened up about collaborating with a brand sports big. The above news has helped market sentiment become more positive, leading to increased demand for GTM tokens.
Many mixed opinions
Many users join this application with the expectation that it can similar to Axie Infinity. However, there is also another group that comes to StepN for new experiences.
“I decided to invest in this application for many different reasons. As someone who works in the technology field, I want to learn about NFT blockchain and new types of games. For me, this is quite a suitable time to learn about these models. Furthermore, the application is also related to running, an activity that I really like. These two factors combined made me want to enter the market. In addition, jogging and earning tokens is also quite interesting,” shared Mr. Nguyen Hai Dang, an investment participant.
Mr. Dang added that he himself participated in the application experience. This is about more than 2 weeks. However, because the initial investment is relatively large and most of the GST collected is used to upgrade shoes and increase levels, it is not possible to recover capital or profit.</p >
“I personally believe that the Move to earn model has the ability to develop quite sustainably. Of course this depends on many different factors. The trend is there, but whether or not the application achieves success depends a lot on the developers. If you are a person who likes to run and is passionate about movement, this will be a pretty good model to join. Participating in this model will motivate you to run. On the contrary, running will help you make money. However, it is also important to note that investing will be risky. So players have to prepare mentally for that,” Mr. Dang said.
Meanwhile, according to Wu Blockchain, if a game has more people making money than spending money, in the end it’s still just a game. a ponzi (multi-level) model. At this time, the money earned by the previous player will come from the following players.
Talk to your jogging friends, Mr. Nguyen Truong Giang (Hanoi) know that I “do not encourage solicitation.
“This is just a game, don’t consider it an investment. I do not recommend soliciting friends. Those who are running with you can share, those who want to join can find out and decide for yourself. If you consider this as an investment, I have advice: Higher profits always come with greater risks. The game is not as easy as you see from the outside,” Mr. Giang shared.
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