- StepN is one of the biggest move-to-earn platforms in the industry.
- The number of users have crashed from over 700k to 42k.
- This is likely because of the weak performance of GST prices.
StepN, one of the biggest players in the move-to-earn industry, has seen the number of its daily and monthly users plunge. As a result, its native tokens, Green Metaverse Token (GMT) and Green Satoshi Token (GST) have plunged by over 90% from their all-time high.
StepN user growth plummets
Advocates for the Web3 believe that several sectors are the easiest to disrupt. For example, they believe that Audius, a Web3 platform, can disrupt platforms like Spotify and Apple Music. Similarly, there is a belief that a platform like Storj could disrupt the file storage industry.
In this line, many analysts believe that the fitness industry can easily be disrupted by Web3 platforms. StepN is one of the biggest players in the industry. It combines the concepts of fitness and NFTs and then rewards users for exercising.
The concept behind the platform is simple. All people who use the platform receive a payment based on the level of their activity. These rewards come in the form of the GST token, which is a small-cap token on the Solana ecosystem.
StepN was extremely popular when it went public in 2022. However, data compiled by Dune Analytics shows that the number of users of the platform has declined sharply from its peak. Some of this decline is attributed to the platform’s decision to suspend users from China.
At its peak in May last year, StepN had over 700k monthly active users (MAU). The number has continued to decline in all months since then. StepN had just 42,965 monthly active users in February and 46,463 in January. As shown below, the situation has continued getting worse.
StepN is not the only move-to-earn platform struggling. Sweatcoin, which is still one of the biggest move-to-earn platforms, has seen the number of users plunge as well. SWEAT Economy has seen its token plunge as well.
GMT and GST prices plunge
A likely reason for the slow user growth in StepN is losing members is the fact that the GST price has been in a strong bearish trend. GST plunged to a low of $0.022, which makes it almost worthless. As such, people don’t have the incentive to walk and exercise when using the platform. GMT, the governance token, has also seen its price retreat.
This is a common problem we see in Web3 platforms. For example, it is almost impossible to make any meaningful amount of Basic Attention Token (BAT) when using the Brave Browser. Similarly, storage providers for platforms like Filecoin often see their rewards plunge due to the FIL volatility.
