Much like the art of mixology, preparing, inventing and experimenting at the juncture of the virtual and the physical realm by no means is an easy feat, considering web3 is still in its nascent stage of evolution.

Re-imagining business models

With ~238 DeFi (Decentralised Finance) projects in the world with $73.9B TVL(source: march-22 data from defipulse) at present with promising uses cases in the Banking, Financial Service and Insurance domain, other industries are also quick to the mix with their Dapps (Decentralised Applications) to invent innovative blockchain driven business models. When tokenomics and gamification converge, Game-Fi has gain explosive popularity with the crypto native consumers. As for the non-crypto native, it often can be a daunting thought and may feel reluctant to explore and familiarise themselves with what Web3 can offer.

Move2earn gamification with ESG elements

As one of the pioneers in this domain, a Solana based Web3 project, STEPN, conceived by an Australian start-up, Find Satoshi Lab, has opened a welcoming gateway for the non-crypto native, which has positioned itself as “a web3 lifestyle app with GameFi and SocialFi elements”, essentially a move2earn mobile game-like app with a vision to nudge millions of consumers to:

• Explore web3 (with a simple UI and zero entry barrier)

• Embrace a healthier lifestyle, simply earn crypto (Green Satoshi Token / GST) by walking, jogging or running outdoors (with a rented or purchased NFT sneaker)

• Contribute to carbon neutrality (with donations to carbon offsetting)

Leveraging modern delivery and agile principles, the app was built and a MVP (minimum viable product) released in ~4 months, and already with users across 43 different countries, this game-like app with a DAO (Decentralised Autonomous Organisation) governance model is focused on building a unique community, with a mix of pull motivations, not just by presenting monetary gain as an incentive, but also with the social aspect and personal health gain as other motivators.

Welcoming micro-habits

A web3 focused app well-timed to market in an era of post lock downs, restrictions, and quarantines, with promising potential to be enjoyed for years to come by anyone across different levels of tech or fitness savviness, spending 10 to 100 mins walking/jogging/running daily according to the user’s preferred in-app NFT purchase and minting.

Although the project is currently at public BETA stage, STEPN has managed to actualise the move2earn use case with the mix of ingredients catered for different users’ preference, with a grand vision of introducing people into the world of web3, normalising digital assets and collectively, promoting a healthier and rewarding lifestyle transformation for all.

As a user who strives to exercises regularly in-between lengthy back crunching online meetings and often taking his beloved 12 year old border collie with osteoarthritis for short gentle strolls to maintain her mobility, using STEPN on a daily basis made our outings even more eventful indeed.

Research:

https://whitepaper.stepn.com/

https://research.binance.com/en/projects/stepn

#STEPN #web3 #deFi #tokenomics #move2earn