👟 STEPN launched on December 1st 2021 with 99,999 NFT trainers. Each cost 1.3 SOL (Sol was trading at $228 dollars that day). In March 2022, they launched their governance token, GMT. The following month GMT was worth $4 and Stepn had a $3 billion market cap. If I’m reading the charts correctly, at one point 24-hour trading surpassed $4 billion. Someone sold a Stepn NFT for 58 Sol. Pretty darn extraordinary. Move-to-earn was a thing. You probably remember it. Of course there were many imitators to the Stepn throne. You could sleep, eat, meditate and (insert verb here)… to earn. The Stepn concept - if not the tech - was simple: you won GST (Green Satoshi Tokens, not GMT) based on how far you ran, jumped, hopped, swam, crawled. I'll be honest, I stopped paying attention at that point. But here’s the thing. Where most died, Stepn survived. Yes, It took a hit. The floor price is 0.01 Sol. GMT is trading at $0.2. But the market cap is still half a billion. A community has stuck with them. Or a new one joined. Stepn has matured. It's a lifestyle app. A social platform. Where people want to get healthy (and wealthy?) Strava meets couch-to-5k meets friend.tech. Last week it announced a partnership with Adidas. And I'm curious to know more. Which is great news, because Stepn CEO Shiti Rastogi Manghani will be speaking to Jeremy Gilbertson and me on Thinking On Paper Podcast & Book Club this Thursday. 16.00 GMT. Link in comments. #web3 #nfts #health
The evolution of this community is intriguing. Excited for this chat!
Founder // Creative // Technologist // Web3 & AI Evangelist // Problem-solver // Communicator // Navigator // Forever curious.
10moReally curious to hear more about their journey. I often wondered if they made it through the last bear cycle but never dug in. Glad to hear you guys will be having a chat with them!