STEPN Losing The Race
Market Meditations | October 13, 2022
Move-to-earn (M2E) was positioned to be the next big thing in blockchain gaming, with the popular Solana-based STEPN leading the race.
- Founded by Australian-based fintech Find Satoshi Lab, STEPN launched in 2021, giving users the ability to purchase NFT sneakers used to walk or run in the real world to earn Green Satoshi Tokens (GST).
- It would seem that many had “jumped the gun” on STEPN as its promising trajectory became quickly overrun by the bear market.
- According to data from CoinGecko, its governance token GMT, hit an all-time high of $4.11 and its utility token GST peaked at $8.51.
- However, at the time of writing, GMT has fallen 85.7%, currently trading at $0.58, while GST has lost 99.7% of its value trading at $0.025.
- According to Dune Analytics, the app’s daily active user count hit an all-time high of 105,257 on June 26 before crashing down to under 6,000 in September.
According to crypto reporter Colin Wu, in response to the failure, STEPN is planning on laying off over 100 of its contract workers such as moderators and ambassadors.
Furthermore, investment in STEPN is reported to be significantly scaled back and there will be a shift towards promoting STEPN’s parent company, Find Satoshi Labs (FSL), and its new projects.
