An innovative NFT idea!
Stepn has encouraged crypto fans and “non-crypto natives” alike to lace up their running shoes and hit the pavement to earn rewards for movement in the form of Green Satoshi Tokens since its launch at the beginning of the year (GST).
Before users can start earning rewards with the Stepn app, they must first purchase a sneaker NFT on Solana. New users should expect to pay at least a couple of SOLs to get started.
Each of the 1,001 soccer boots in Atlético de Madrid’s new collection is classified as common, uncommon, or rare. The 850 standard boots are based on the club’s national and international titles, the 140 uncommon boots are based on the stadiums, and the 11 rare boots are based on the starting lineup.
All 1,001 boots are of the “Genesis” variety, which means that, like previous Genesis sneakers, they come with exclusive rewards in the Stepn and app. They also entitle owners to rewards through the Whalefin app.
Every NFT owner is automatically entered into a prize draw for a vacation, hotel accommodations, and tickets to an Atlético de Madrid match at Civitas Metropolitano. Holders of uncommon boots will receive an official shirt from the club, while holders of rare boots will receive autographed shirts.
Stepn had already attracted 3 million users in the first six months of its launch when Summer arrived.
While the price of the game’s native GST token was skyrocketing, so was the barrier to entry. For example, a pair of sneakers could cost up to $600, but users could theoretically break even after a month of using the app.
GST tokens also allow users to create their own sneaker NFTs to rent or sell on secondary markets.
Stepn announced plans in July this year to use 5% of its Q2 profits ($6.125 million) to buy back and burn some of its circulating supply of GMT governance tokens, which was close to 600 million at the time. There are currently 263.6 million GMT tokens in circulation.