New experiences by DappRadar counsel the move-to-earn platform STEPN has just one energetic consumer. Undoubtedly, these experiences don’t bode properly for the platform. Moreover, STEPN is going through criticism for shedding round 100 staff as a result of present bear market situations.
What’s the motive for this huge decline?
Whereas DappRadar reported that STEPN has one each day energetic consumer, others reported barely totally different – however nonetheless low – outcomes. Dune Analytics revealed that the each day energetic customers of the move-to-earn app have dropped from 105,257 on June 26, to six,000 in September and 11,877 on October 5. From its finish, the move-to-earn firm claims DappRadar’s consumer information is inaccurate.
Many are left questioning why STEPN is declining in recognition. The reply just isn’t so clear-cut. First off, many move-to-earn platforms launched as STEPN’s direct rivals. Usain Bolt’s Step App is one in every of these many apps.
Moreover, move-to-earn, and different “to earn” mechanisms have been accused of being Ponzi schemes. Ponzi scheme-based apps are a type of fraud on account of the truth that they depend upon paying again earlier buyers with funds from the newest buyers. Subsequently, the one manner for “to earn” customers to earn cash is to encourage different individuals to hitch the ecosystem. This discourages customers and makes the enterprise mannequin unsustainable.
In regards to the move-to-earn app STEPN
STEPN is a Web3 way of life and move-to-earn app powered by the Solana blockchain. Customers can earn cash for working, strolling or jogging, within the type of STEPN’s token – Solana’s Green Satoshi Token (or GST tokens). To get began, customers should buy NFT sneakers. Then, they should replace their NFT sneakers to begin incomes GST. Confronted with latest setbacks, the STEPN group introduced by way of Twitter that “modifications are taking place in order that we are able to proceed so as to add worth to GMT and the Discover Satoshi Lab ecosystem.”