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Earn money with NFT sneakers while jogging? We test it!

2 min read

These are the most expensive shoes I’ve ever owned. My entry-level model alone currently costs around 500 US dollars. I can’t touch it or wear it on my feet. Because the sneakers from Stepn only exist on my smartphone – and as NFT on the blockchain.

Move-To-Earn is the principle with which the Web 3.0 startup wants to revolutionize the fitness world. Your app tracks my GPS data. Every kilometer I walk or run is credited to my NFT sneakers as a crypto token, in the form of GMT. This is Stepn’s native cryptocurrency. It is based on Solana.

Stepn is one of the best performers of the year

The value of GMT has increased by several thousand percent in recent months, most recently by almost 50 percent on April 19, 2022, and by almost 9 percent on a daily basis at the time of writing. This makes GMT one of the best performers of a rather bad year in terms of market technology. Its fully diluted market cap is noisy Coinmarketcap currently almost 20 billion US dollars. As much as Ryanair, Credit Suisse or Toyota.

The web is full of wild stories about the wonders of these NFT sneakers. For example, a user reports in the Google App Store that his whole family wears the virtual seven-league boots and thus earns a small monthly salary. One of the largest running shoe manufacturers in the world, Asics, will drop custom models on the platform on April 20th that cost thousands of dollars. binance is partner. Other users complain about bugs in the app, talk about a scam.

How quickly do you get your money back?

Is this the great fitness revolution? Or just speculative Web 3.0 fairy dust? How long does it take to jog in the entry-level price? How suitable is the system for everyday use – can we maybe even… trick it? What about privacy? And what would such a model mean for our society if it caught on? Doesn’t it also have pitfalls?

My first run is sobering. Five kilometers. Stepn didn’t count any of them – despite the activated GPS. Probably a bug that will hopefully be fixed soon. I am now testing the NFT shoes all spring. I walk through the parks and collect virtual coins. A bit like Super Mario in the Mushroom Kingdom. Ding Ding ding. I just hope I don’t run into any Goombas!

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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