Here’s How a Fitness app that pays you in Crypto for working out
Making money while walking your dog is an idea that most people can support. A chance to get outside, exercise, and profit from something you already have to do have to be appealing. Jerry Huang and Yawn Rong had this in mind when they co-founded and launched StepN, the activity-tracking app that allows you to earn cryptocurrency while exercising, in December 2021.
GameFi, a gamified “X-to-earn” space in Web3, has made the app a name. Axie Infinity was one of the first NFT projects to use this model, in which users’ market value increases the more they interact with the blockchain-based game. StepN’s popularity grew for a long time, despite a cyber attack in June 2022. At its peak, the app had over 700,000 monthly active users, which is impressive for such a young NFT project. However, by September 2022, monthly active users had fallen below 100,000. Furthermore, StepN’s native governance and value token have a market cap of just over $25 million, down from $77.45 million at the start of the year.
StepN is a fitness app that, like other activity-tracking apps like Strava, keeps track of the distance you’ve traveled during a given workout session. However, with StepN, users can earn cryptocurrency while doing so. The app essentially gamifies fitness, with the potential to earn a significant amount of money depending on a variety of factors. StepN cleverly taps into an existing demographic of exercise enthusiasts and encourages others to begin exercising as well. StepN’s whitepaper also provides a simple entry point for non-Web3 users into the complex and messy world of crypto and NFT. The concept of StepN is intriguing, but it is not without risks, which we will discuss later. First, let’s look at how the app works, how to use it, and why it’s so effective at getting users to exercise and reinvest cryptocurrency into the ecosystem.
All you have to do, like with other fitness apps, is open StepN before you go for a walk, jog, or run. For the time being, you will select Solo Mode (two other modes are currently in development). Because the app uses GPS to track your movement, it cannot be used on treadmills or ellipticals, so make sure you’re exercising outside. Before you begin moving, you must select a digital sneaker that is appropriate for your planned activity level. If your speed exceeds or falls below the activity range of your chosen sneaker, you will no longer earn tokens, so pick your shoes wisely. You have the option of walking (1-6 kph), jogging (4-10 kph), or running (8-20 kph).
For every minute of movement, you’ll earn GST (Green Satoshi Token), StepN’s native in-game spending token. The app detects natural movement, so no hopping on an e-scooter to make money and cheat on your workout goals (in fact, there are numerous anti-cheating mechanisms in place). The length of time you can use the app and earn GST in a single session is determined by your Energy. How much Energy you have is proportional to the number (and type) of digital sneakers you own. If you have two Energy and a single Common sneaker, for example, you can only earn for ten minutes (one Energy = five minutes of earned time). The more sneakers you purchase and own, the longer you will be able to move and make. Three sneakers equal four Energy or 20 minutes of earning time; nine sneakers equal nine Energy or 45 minutes of earning time; and so on.