The crypto space is getting a lot of criticism because web3 projects seem to be disconnected from real life. Stepn is here to prove the world otherwise. The core mission of this startup is to demonstrate that a model where people earn crypto based on their physical activity is viable through run-to-earn apps. It is essentially a bridge between the NFT world and the real world with a very original blockchain and application. How does it work? If you’re a French speaker lost on this page, I found the best summary here… But for everyone else, this way please!
1. What is Stepn?
Stepn is a web3 project of a new kind. It’s a run-to-earn concept where players can earn crypto by running outdoors.
It has its own token ($GMT) that you use to buy NFT sneakers on their app and get rewarded for your runs after that.
2. How to use Stepn?
First, you need to buy a sneaker NFT to be able to run-to-earn from the app:
Then, equip your sneaker in the app and start running outdoors:
If you run enough, you’ll receive earnings in GMT token that you can swap for USDT later:
3. The GMT token as an investment
The GMT token is not bothered at all by the current bearish sentiment: price on the rise, volumes on the rise.
It’s fair to say that the market cap is already quite high for a small token launched very recently with a modest 257 million USD. The price is also just reaching an ATH.
As a consequence, I’m not investing just yet, especially as the price just rose 84% in 24 hours. I’m waiting for the price to drop a bit and de-risk the entry point.
4. Stepn Roadmap and Team
Stepn is half-way through its roadmap and the upcoming steps are very interesting because they are multi-chain:
The team is diverse with very experienced advisors (Adidas VP, Head at Aliance and various founders with web3 background):
5. Conclusion and price prediction
Stepn is an amazing run-to-earn project with a vision. I believe in the concept and in the team. I’m keen to use the product, buy a sneaker NFT and give it a try. As a token investment (GMT), I would wait a bit because I think the current valuation is a bit inflated for a project that started only a couple of months ago. However, I do believe in an impressive valuation in the long run: I will make a price prediction.
The running gear market will reach 55.8 billion USD by 2027 (source here) and I would assume that such an early bird project with a functional app will probably absorb 0.5% of a market that is getting digitalized at very high speed. It would bring the price of the token to $5 by 2027 (~10x). This optimistic price prediction is also based on the idea that tokens and play-2-earn projects will bridge with the running market (a bit like Braintrust will likely do with recruiting) bringing a lot of growth to the space.
Let me know what you think.
Until then… Take care.
Clem
Disclaimer: this is not financial advice
