Earn crypto while walking with Digital Sneakers

Earn crypto while walking with Digital Sneakers
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Entertainment

Earn crypto while walking with Digital Sneakers

Digital Sneakers let you earn tokens while walking.

05/17/2022

StepN, co-founded by Yawn Rong, a former small company entrepreneur, and Jerry Huang, a Chinese gaming entrepreneur, allows users to buy digital sneakers (non-fungible tokens, or NFTs) and then earn tokens by walking or jogging.

The tokens can then be used to buy more digital sneakers to earn tokens faster, other digital assets like “gems” or participate in events.

It has more than 500,000 daily active users, claims to have made more than $26 million profit in the last quarter. Also, it has received funding from Solana Capital, DeFi Alliance, MorningStar Ventures, Sequoia Capital, and Curt Shi of Follow The Seed, as well as renowned local angel Rayn Ong of Archangel Ventures.

Mr. Rong claimed he “accidentally” discovered cryptocurrencies in 2017 but quickly realized they represented a significant economic opportunity and founded the investment and advice firm Crypto SA.

How it works?

The game grew so popular while it was still in the beta stage that the firm is now releasing only 2000 access codes per day via Telegram and Discord, in order to manage the influx of users, Financial Review.

This has not only helped to maintain the game’s buzz, but it has also given the founders time to continue creating the app’s infrastructure while early users test it out.

Users must acquire and transfer Solana’s native cryptocurrency, SOL, to their StepN wallet after receiving an access code and signing up. SOL may then be used to purchase their first pair of digital sneakers.

The catch? The sneakers cost between 12 SOL and $985. It would have cost $1200 last week, but SOL was sold out alongside all other cryptocurrencies. The most expensive sneakers cost $820,000, according to the report.

“We targeted the wealthy, who can spend thousands of dollars on virtual sneakers. As well as people concerned about their mental and physical health, as well as climate change,” Mr Rong explained.

Each pair of sneakers has attributes – rarity, stats, and energy – that affect a wearer’s earning (token generating) power.

Users can earn rewards for five minutes of workout time with each energy point, and 25% of energy is replenished every six hours. To prevent cheating, the app tracks a user’s steps, movements, and GPS location.

The company Partners with Nike and Adidas

According to Mr. Rong, the company is also working on partnerships with Nike and Adidas to launch NFT sneakers.

While the app was an instant hit with users, investors were taken on a wild ride due to the volatility of the token’s price.

By Elah Mae Ariate Wozinga Staff

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