Play-to-earn (P2E) games continue to dominate the crypto industry as more than half of the active wallets tracked by Dappradar have connected to blockchain-based games in the first quarter of 2022. Games like Axie Infinity — even with last month’s catastrophic Ronin Bridge hack — Pegaxy, Alien Worlds and others continue to put up millions of dollars in trading volume in the previous 30 days. 

Despite this, the unsustainability of some P2E games grows more evident in the performance of their tokens. An example is Axie Infinity, whose Smooth Love Potion (SLP) is still at depressing levels, causing further declines in unique wallet addresses that interact with the game for a third straight month.

Now, an offshoot of the P2E model, called move-to-earn (M2E), has been captivating crypto fans lately. The industry’s new buzzword follows the play-to-earn model but centers on health and fitness, where users are rewarded for their physical activity. Genopets and Dustland Runner are just some projects utilizing the M2E model, but STEPN seems to be attracting the most users at present.

STEPN is a Solana-based game that lets users purchase nonfungible token (NFT) sneakers to start playing. When users play the game, the app tracks their movement through the GPS on their mobile phones and rewards them with in-app tokens called Green Satoshi Tokens (GSTs). These tokens can later be traded for USD Coin (USDC) or Solana (SOL), allowing users to realize their earnings.

What’s the hype all about?

The interest around STEPN is due to its governance token Green Metaverse Token (GMT) going parabolic, appreciating 24,500% since its token sale on Binance on March 9. Venture capital firm Sequoia Capital and other Web3 investors have also invested in STEPN, purchasing $5 million worth of GMT in a seed funding round back in January. GMT’s rise can be attributed to its rapid user growth as the larger crypto crowd caught on. For instance, STEPN’s Twitter followers had hit 250,000 when it was just under 50,000 a month ago.