Wait to Earn
When I introduced the HIBIKI RUN app in my post, I appreciated its calm strategy and we also outlined the main problem of the industry. And of course not only M2E, but mostly "xxx to Earn" type projects. The failure of these projects is not a big surprise. No company is sustainable in the long term if it only motivates with its money. But early adopters will understandably benefit. Which was not my case…
I jumped right into several M2Es and where else to start our narrative than with the king of all lifestyle apps…
History
Paired with the Luanchpad GMT token on Binance, 2021 Stepn was undoubtedly an event. The concept of the user making money by walking with the app turned a non-functional NFT into a relatively functional sneaker. Using the GST token (utility token tradable on CEX) and its burning mechanism in the form of upgrades and repairs, a sustainable economy and decent earnings were created.
Some players, despite the high entry barrier (at that time even $800 per shoe in SOL and much more in BNB), quickly understood the potential and took full advantage of it. The creativity of some runners - in the number of NFTs and, apparently, mobile phones per person - often knew no bounds, and today we can hardly imagine their fabulous earnings. At that moment, I also entered the game.
The same year that China banned cryptocurrencies and users there (myself included) started dumping their NFTs en masse after the announcement of STEPN, this rigged colossus was exposed in all its glory... And it wasn't a pretty sight. A large percentage of "small users" (players with one NFT) invested their winnings back into the game. For greater profits. Combined with the bear market, they were left with a bitter aftertaste of hype and tens of dollars worth of NFTs.
As you can see, I didn't really warm up to STEPN. I walked away with zero profits, minimal loss and lots of experience. Maybe it's my nature. I don't like taking risks and I like stability. That's why I invest in cryptocurrencies, right? :)
Present
Who certainly did not suffer a loss, however, was the Web3 developer project Find Satoshi Lab. She has never reliably refuted the Ponzi scheme allegations. Today, GMT still boasts a market cap of $183.42 million, according to CMC, and nearly three million active app users — trending downward, of course. How many of them are forced to stay and hope for a return on their ruined investment at the next Bullrun, we'll probably never know...
Future
Objectively, it can be said that Social - Fi STEPN still works perfectly. There is really no shortage of running races and various events. The project is also actively modifying game mechanics to revive the prices of its tokens and attract new players. Essential for sustainability. And usually these are very unpopular steps. The community's mixed reactions only confirm this. The large amount of updates doesn't seem coordinated and basically made the game unprofitable for small investors.
Find Satoshi Lab has developed an ecosystem that they believe should create the right conditions for an influx of new players. Whether they can do it is GMT's million dollar question. If this helps retail investors that would be great... For me STEPN needs to regain its credibility first...
Thank you for your time, see you soon.
Of course, these are just my personal opinions, so this is not financial advice...
I'll be bold and put in some referral links of my favorite platforms too, if you want to earn some crumbs like me, I'll be grateful for the use:
Final Autoclaim - A very versatile and proven faucet.
Ember Fund - train your market knowledge and earn some BTC
Mining blocks - mining simulation and faucet
Freecash - The best paying platform
Freebitcoin - no introduction needed, a matador for BTC crumbs
PipeFlare - if you have advice for mobile gaming and NFT
Cointiply - One of my favorites, decent earnings, hassle-free withdrawals
CoinPayU - A stable platform also suitable for content creators
Source CMC
Image source: openfabric.ai
(originally published on Publish0x)
