Running with the NFT Fitness App for 2 Months

Jamal Molla
Written By Jamal Molla
I write about cryptocurrency, with a special interest in NFT and metaverse in particular.

Earlier in April, most Crypto Twitter users were celebrating how they earned money simply by using the “move-to-earn” Stepn, an NFT Fitness App to workout (walk, jog, or even run). When you workout using the app, you will earn GST (Green Satoshi) tokens. In fact, some people earned as much as $20 worth of GST tokens each time they use the app to workout. However, this happened when the unit price of the GST token was close to $9 in April.

As crypto wind blew the global crypto market, the price of GST plummeted to $3.50 as of May 10. In essence, if you cover a distance of 2.5 miles, you will only earn $2.27 worth of GST. This is a far cry compared to the amount you would have earned if you run the same distance in April. As of the time for writing this piece, the price of GST tokens has plummeted to 8 cents. Still, this is still free money if you are someone that loves working out for pleasure.

Before you start earning money with the Stepn App, you need a shoe NFT from the Solana marketplace, which costs nothing less than $100 worth of SOL. Those who used the app earlier in April celebrated because they were able to quickly recoup their $100 investment in the shoe NFT and also made money on top of that. However, with the current Bitcoin price, it will take you around 363 months to recoup your investments, which is about 30 years!

The move-to-earn” Stepn App also pushes you to spend more money if your NFT shoe is damaged or when you need an outright replacement. These are enough tokenomics to turn off a potential investor. All of the happenings around the “move-to-earn” Stepn App make it appear as a Ponzi scheme. Even the UX is much more complicated than popular Web2 fitness apps like Strava and Nike Running Club. What’s more? At the moment, Stepn doesn’t support any social media network; plus, it displays stats in kilometers.

One mistake that Stepn made at launch was to make the NFT shoe required to access the app pricey. Most of the NFT games or projects out there come with a more competitive and reasonable price. Since we are still in the early stage of the token economy, the owners of Stepn still deserve accolades for trying to develop a fitness app where users can earn money from. The team still has an opportunity to make big changes to attract the next generation of crypto users.

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