Using its “move-to-earn” running software, Stepn has teamed up with the Spanish soccer club Atlético de Madrid and the all-in-one crypto exchange Whalefin to offer a new collection of 1,001 soccer boot NFTs.
Stepn, which came out at the beginning of the year, has inspired both crypto fans and “non-crypto natives” to go jogging in order to earn Green Satoshi Tokens as a reward for moving around (GST).
Users must first buy a shoe NFT on Solana before they can start collecting rewards with the Stepn app. New users have to pay at least a few SOL to sign up.
Atlético de Madrid’s new collection has a total of 1,001 pairs of soccer cleats. They can be grouped as common, uncommon, or unusual. The 850 regular pairs honor the club’s many local, regional, and national trophies. The 140 unusual pairs honor the many places the team has played, and the 11 rare pairs honor the starting eleven.
Each of the 1,001 pairs of boots is a “Genesis” model, which, like the previous Genesis shoes, gives its owner special benefits in the Stepn and app. The people who own them can also get prizes in Whalefin’s app.
Each NFT holder is entered into a drawing for a trip to Madrid, Spain, with a hotel and tickets to an Atlético de Madrid game at Civitas Metropolitano.
The owner of a rare boot will get an autographed shirt, and the owner of a regular boot will get the club’s official shirt.
By the time summer came around, Stepn had been out for six months and had 3 million users.
Even though the price of the game’s own token, GST, was high, it was also hard to get in. Users could spend up to $600 on a pair of shoes, but after a month of using the program, they might have made back what they spent.
People can also make their own shoe NFTs with GST tokens, which they can rent out or sell on secondary markets.
Stepn said in July of this year that it planned to use 5% of its Q2 revenue ($6.125 million) to buy back and burn some of its circulating supply of GMT governance tokens, which was close to 600 million at the time. There are 263.6 million GMT tokens in circulation right now.
Even though it’s easier to join, the app’s financial benefits aren’t as important as they used to be.