Is STEPN Legit or Scam?

Acquiring cryptocurrencies is comparable to purchasing stocks. A cryptocurrency can be purchased for its future value growth, just as equities. Research is the most crucial aspect of purchasing a cryptocurrency. Do your homework and learn how cryptocurrencies operate. You can decide whether or not to purchase it after learning how it operates. Many cryptocurrencies, including STEPN, have more recent technology at their core that may one day make them superior investments. Do your homework before purchasing any digital currency from any crypto exchange, though.

What you need to know about STEPN

StepN is a fitness app that keeps track of the distance you’ve travelled during a specific exercise session, much like other activity-tracking apps like Strava. However, users of StepN can earn cryptocurrency while doing so.

The program essentially turns fitness into a game with the potential to earn what, depending on several circumstances, might amount to a sizable sum of money. StepN cleverly encourages others to start exercising by appealing to an already-existing demographic of fitness lovers. The StepN whitepaper claims that this also provides a simple entry point for non-Web3 initiators into the complicated and disorganized world of crypto and NFTs.

Although StepN’s concept is exciting, there are certain hazards involved that we’ll explore later. Let’s first look at how the app functions, how to use it, and why it is so effective in persuading people to use and reinvest cryptocurrency into the ecosystem. However, the STEPN GMT comes with a limited supply of up to 6 billion. The pricing of GMT tokens witnessed formidable growth of almost 34000% between April and March 2022. One of the significant factors underlying the rise in the value of GMT would refer to the growing hype around DeFi projects, offering rewards with tokens for maintaining activity.

The value of STEPN reached an all-time high of $4.11 in April 2022, surpassing several other cryptocurrencies that have been active for many years as its acceptance expanded and more people began purchasing the coin. 89% of users buy STEPN rather than sell it, according to Coinbase, indicating a strong level of buying activity. Jerry Huang and Yawn Rong introduced this emerging digital currency in Australia in August 2021.

Since then, it has amassed more than 2 million monthly users and more than 262,000 wallets. On March 2, 2022, it was introduced on Binance and was priced at $0.01 per GMT. The value of STEPN hit an all-time high of $4.11 in April 2022, surpassing several other cryptocurrencies that have been around for a long time as more people began purchasing the coin as its popularity expanded.

Users and technical aspects

NFTs, or non-fungible tokens, demonstrated to everyone that it is possible to own digital assets without worrying about losing possession. To be sure that no one else may claim ownership of an image, you produce it and turn it into an NFT. NFTs also ensure that no alterations may be made to the NFTs without your consent. NFTs have become dynamic versions thanks to their distinctive advantages.

One of the most famous uses of non-fungible tokens is demonstrated by STEPN crypto, another creative application. A move-to-earn NFT game on the Solana blockchain is being played here. STEPN, a lifestyle app, encourages users to adopt healthier ways of living. The world of STEPN and how it functions are thoroughly explained in the post that follows. Additionally, you may discover more about the STEPN ecosystem’s games and different kinds of tokens.

STEPN and legal aspects

A Web3 lifestyle software (App) called STEPN was released by FindSatoshi Lab Limited (Company). App users can earn tokens by running, jogging, or strolling outside.

The terms, conditions, and notices govern access to and use of the App (the “app”) and the services made accessible through the App (the “Services”) (Terms of Use). You accept all of the Terms of Use, as they may be modified from time to time by us by using the Services. To be aware of any modifications we may have made to the Terms of Use. These include;

1. Modifications to the Terms of Use

The Company retains the right to periodically change these Terms of Use. Amendments take effect immediately after being announced on the App or through the services. Following such notification, your continued use of the App and the Services will signify your acceptance of the Terms of Use as revised.

2. Who can use the App?

To access the App and the Services, you must be at least 18 years old or the age of majority in your country of residence. As a user, you must adhere to all safety guidelines, which include resting, hydrating, and making adjustments as necessary.

3. Affiliate sites

Links to other apps or websites (Linked Sites) that are not run by the Company may be found in the App. The Company disclaims all liability for the Linked Sites, including any loss or damage resulting from your use, and has no control over them. The Company also makes no warranties or representations regarding the Linked Sites. The terms of use and service indicated on each Linked Site shall apply to your use of the Linked Sites.

4. Fraud prevention

After users have long pressed the stop button to finish a session, the Machine Learning Anti-Cheating System (System) will assess if users have taken advantage of the STEPN move2earn mechanics. The system will add or subtract users’ Turing scores after each session; users are not permitted to begin new sessions before the system has finished its analysis.

Is STEPN a Ponzi Scheme?

Because StepN charges a tax on both sides of NFT transactions (i.e., when something is bought and sold), the business claims it is “far more sustainable” than the competition. Users are thus rewarded even when someone leaves. Even though I don’t find that entirely persuasive, I would not classify StepN as a Ponzi scheme, at least not one that was deliberate.

A few new businesses beg you to believe they are not unreliable pyramid schemes by promising to pay people to walk. If you’re a spectator, everything is a Ponzi scheme.

Now, Stepn and an increasing number of rivals in the crowded move-to-earn industry have emerged with the idea that it is both straightforward and alluring. Stepn’s website states that users can earn significant sums of money by jogging, walking, or running outside. The slogan “You’re Already Moving,” from Stepn’s rival Walk with Step (or Step), is prominently displayed in the New York City subway system. Earn Bitcoin While Doing It. Social media rumours about making hundreds of dollars a day have only heightened the suspense. Stepn might become the “first crypto app with truly universal appeal,” according to cryptocurrency journalist Nat Eliason, who claimed in April that using it earned him the equivalent of a “six-figure paycheck just for stepping outside and spending time with my wife, daughter, and dogs.”

The Ponzi charges have almost become a joke to some of the move-to-earn movement’s adherents, which reflects how many risk-taking cryptocurrency traders have nearly come to embrace so-called “Ponzinomics.” DonCrypto, a member of Twitter, claimed in May that “Stepn is a Ponzi that pushes me to walk every day.” A different person jokingly said, “Perfect day for a Ponzi run.

Is STEPN a Scam?

The move-to-earn NFT game does pay in digital currencies, STEPN. Move to Earn, as the name suggests, means that you can get paid to move about, like walking, running, exercising, etc. It is a brand-new web-3 NFT that pays you for moving your body whenever and wherever you want by using your GPS and a digital sneaker (which you must purchase inside STEPN). Until this point, it hasn’t been a fraud, and it still pays individuals for moving around, running, dancing, exercising, etc.

STEPN is a game where you can earn money while taking care of your health. The entry hurdle to the game is a little high. You must first buy an NFT item, which ranges in price from 2.5 to 10 SOL (or around £243 to £972). The program, according to its creators, pays for itself two to three weeks after you start using it. If you have a very busy life, it will happen sooner. You could start making money after that. Your attention is needed for this project, in general. STEPN is not a scam but a venture worthwhile.

Conclusion

The absence of an uptick on the Open Interest chart showed that STEPN might be getting close to reaching its local peak. Buyers must therefore exercise caution. Although there was a lot of purchasing activity on the OBV, there was not much optimism among traders on the futures market. StepN feels like a distinctive NFT endeavour, fusing a strange balance of anxiety and optimism into the idea of an app that rewards users for exercising. Given the ongoing drop in the value of both GST and GMT, it might be a huge success in the NFT industry if it can figure out a way to avoid the issues that seem to be affecting it even now.

StepN might be right for you if you’re prepared to take some calculated risks to earn cryptocurrency and get some exercise. Always research before investing, choose wisely, and never risk more than you can afford to lose.