Earn several thousand dollars per day by moving. Is the new mo | Tech for Good

Earn several thousand dollars per day by moving. Is the new move-to-earn StepN app financially sustainable or is it a financial pyramid?

The idea
StepN is a blockchain app that lets users walk and run to earn tokens. Users may then exchange the tokens for real money.

Since its launch in December, the app accumulated 2 to 3 million active users per month. With tens of thousands of new users joining the app every day, the developers had to limit the number of daily registrations.

How it works
To start earning by logging daily mileage, users have to buy a pair of virtual shoes first. At least 12 Solana coins or around $500 at the current market rate.

The digital shoes are in the form of NFT. You can sell them later but it is not a trivial amount for every casual player anyway.

Over time, users need to accumulate new kicks to level up. The usual return on investment requires about a month. Then users can start generating income of up to several thousand dollars per day. It depends on their level, activeness, and the current price of StepN tokens.

Is it sustainable?
Critics question the sustainability of the play-to-earn game model. To maintain it, the game should be addictive to prevent users from cashing out. Or, StepN has to attract new users who buy in and replace those cashing out. Some experts even compare such a model with a financial pyramid.

StepN proposes a twofold solution to sustainability. For one, it’s working on a price stabilization mechanism. The team ensures the cost of its coins is always at a rate that the shoes are affordable for new users. At the same time, it's not so cheap that existing users lack the incentives to create new shoes.

I do not believe in get-rich-fast schemes. The return will stabilize over time. The question is whether it will be attractive enough for new users to come in.

The future
Huang, the StepN founder, argues that besides earning money in the early stage, the real benefit of StepN is its fitness component. Users become accustomed to staying active. They will continue to walk or run regardless of financial rewards.

StepN raised $5 million from Sequoia Capital, one of the most reputable venture funds. It’s generating $3-$5 million in net profit from trading fees a day and earns up to $100 million every month.

The current crypto downturn may slow down the app's growth. Yet, the founders are optimistic in this regard. They say, now the bubble is bursting, their shoes will become more affordable. And they believe their app will survive as it has a real use case.

Now it's your turn
I'd be happy to know your thoughts. Have you tried StepN? What is your experience with the app? If not, would you consider risking a few hundred bucks to try?

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