Step out, STEPN? Popular NTF project reports success but will it survive the onslaught of a sweaty competitor

Popular wear-to-earn (W2E) project STEPN, based on Solana, showed a successful Q2 2022. The company reported a profit of $122.5 million. 5% of that amount will go to support the cost of the startup’s token GMT. Also, STEPN hit 3 million active users. That’s pretty impressive, especially considering the current state of the market.

If you’re not yet familiar with it, STEPN allows NFT owners to earn extra income from them through real-world action. In this game, they should use virtual sneakers for walking and running to receive awards. 

But as we know, nothing lasts forever. Especially painful but convincing was the downfall of Bitcoin and Ethereum (and other cryptocurrencies as well). STEPN’s steps up can backtrack as a new competitor steps into the arena.

Sweat, baby, sweat

Another project which welcomes physical activity will finally release the long-promised tokens on September 12. SweatCoin is a Move-to-Earn (M2E) startup that automatically turns the steps into internal cryptocurrency. You don’t need to wear anything extra (yet). SWEAT tokens have been promised to users a few times since the launch of the mobile app in 2016. But this did not prevent the platform from gathering 100 million registered members. Once the cryptocurrency is there, all the sweatcoins earned in existing users’ accounts will be converted to SWEAT for free.

With so many users using SweatCoin for so long, STEPN should be nervous.