Can Move-to-Earn NFT Game Stepn avoid cheating?

  • In the past, these systems have proven to be unsustainable
  • AXS price at time of writing: $16.66
  • Axie’s story suggests that a sustainable move-to-win model will require constant updates.

Stepn is in a great race for this current year, in case you exonerate the pun. The app that rewards users with crypto tokens for walking, jogging, or jogging has started another type of game called move to acquire.

The Green Satoshi game utility token (GST) and STEPN Management Token (GMT) can be exchanged for Solana Local Token (SOL) or USDC stablecoin. Early adopters of the game were quick to share their nonsense and brag about its benefits, with some claiming to earn $200 a day practicing outdoors.

Calling Stepn a Ponzi would be premature and unfair.

The cost of GST started rising in March (you still can’t buy GMT via the app) amid Stepn’s main hype, and topped $8 in late April before crashing along with the rest of the market. of encryption.

The price fell on Stepn’s never-ending supply, barring customers in China, and is currently trading around $0.18, down 97% from its April 28 high.

An overabundance of GST tokens has also been a figure of the new price drop. As our Bybit data pool has noted, the circular GST supply increased from 20,000 to almost 50,000 in May.

Meanwhile, a look at Stepn’s tokenomics reveals that, like most shopping (P2E) games, it adopts a recursive design: first prompting customers to buy in a moment, then pushing them to spend more. to accumulate more later.

New Stepn players should initially invest resources in tennis shoe NFTs, and are then encouraged to acquire in-game tokens that allow them to mint more tennis shoe NFTs, which they can lease or sell in ancillary trade sectors. Etc.

Previously, these frameworks have ended up being impractical. In the event that no new external capital is injected into the project, the cycle will ultimately lead to a lower token cost and the inability to attract new clients to continue the cycle. Those who doubt these companies could use a less beneficial representation: the Ponzi scheme.

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The Stepn team will have to pay attention to the tokenomics of the project.

Be that as it may, calling Stepn a Ponzi, which portrays intentional venture extortion, would be unwelcome and unreasonable for the group behind it. Many startups run a Ponzi-type design in their early stages to jumpstart development. It is what they do after this bootstrapping stage that should illuminate our final judgment. For now, it’s important to note Stepn’s cutting-edge work in the emerging field of move-to-acquire, where activities seamlessly connect this current to virtual reality, using Web3 mechanics to pull users off their PC screens and to this current reality.

.Stepn is empowering us to go out and embrace a better way of life. Future developments within this space will expand on this thinking and follow a comparative way of coordinating this reality present in the Web3 space.

As for how Stepn might play out in the long run, it’s worth taking a look at P2E projects like Axie Infinity, which use a similar kind of token construction.

Axie Infinity rose to fame in 2021 and reached around 6.6 million customers. Due to the huge number of players and their unlimited number of tokens in the game, the game’s consumption mechanics proved to be lacking. Axie built a monstrous chip pool which, coupled with a steady decline in popularity, triggered a downward swing.

Axie’s historical background suggests that a practical move-to-acquisition model will require consistent updates to keep the action fun and connected, and to attract a steady stream of new customers.

Offering a sustainable return on the time and money customers contribute will also increase lasting interest. The bottom line is that Stepn’s group needs to focus on enterprise tokenomics and ensure that token cost remains important. Stepn must also ensure that the time it takes for another customer to recoup the initial investment is not too long.

Steve Anderson
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