If you’ve been paying attention to how the world of GameFi is progressing (and if you read our STEPN article) you might be acquainted with something Move2Earn, or as Step App puts it, FitFi Fitness Finance. That is, monetizing exercise. Sounds pretty cool, huh? With Step App, we have a project that not only has its sights set on gamifying your work out, but on creating a place where developers, gamers, crypto enthusiasts, fitness enthusiasts, and so many others can work together under one roof to make FitFi happen. Let’s dive in to what makes this project tick, shall we?
Step App is a Move2Earn app that gives its users the ability to earn tokens while exercising and completing tasks/competing with each other. It is the first FitFi app on Step Protocol and in the Step Metaverse, a metaverse that the project’s team hopes will host a thriving community of other FitFi apps, developers, influencers and players.
What is Step App?
Step App is a Move2Earn metaverse project. Looking to use metaverse and GameFi elements to get people active and earning crypto at the same time, Step App is one of a group of new projects that promise users the ability to monetize their fitness.
Step App is the first app on Step Protocol, and is meant to bring retail users, developers and influencers en masse to the Step Metaverse. As such, it will use gamification, AR (Augmented Reality), and economic incentives to attract people interacting with the metaverse and crypto for the first time.
How does Step App work?
Unlike other Move2Earn projects, the project offers an SDK (Step Protocol SDK) that third parties can use to build within its metaverse. This is so that the development of what Step App calls the FitFi economy is that much easier to see through.
And, of course, like other Move2Earn projects, Step App offers users the ability to socialize with others as well as earn crypto while they exercise. By gamifying and introducing a social and competitive aspect, the project hopes to foster a strong and committed user base.
For the metaverse component’s part, Step App will be the first of many apps in the Step Metaverse. The app itself uses AR, and according to its litepaper, players’ characters grow and evolve along with the completion of fitness tasks.
Step App’s token economy
Step App’s governance token is FITFI, while its in-game token is called KCAL, which can be used to buy SNEAKs, the NFT that allows users to participate in Step App. One of the ways Step App makes money is the fees collected on its NFT marketplace.
Within its token economy, Step App has made sure to include plenty of economic incentives that serve its user base and drive further adoption:
Step App’s SNEAK NFTs, just like fellow Move2Earn project STEPN, is a player’s way to earn crypto while exercising. Right now, it looks like players can join Step App’s early sign-up campaigns to earn SNEAKs.
FITFI can be staked to earn rewards as well as compete against other players. There is also a buy-back and burn mechanism in place to increase the value of FITFI. In order to control liquidity, there is a lock mechanism in place for staked FITFI, and furthermore, LP tokens receive more weight in staking rewards.
To further incentivize users to stake FITFI and LP tokens, Step App gives players the opportunity to unlock SNEAK and avatar skins in exchange for locking in their tokens.
To increase the value of Step App’s in-game token, minting is such that SNEAKs can only be minted using KCAL. Players earn KCAL if they run while staking SNEAK.
What’s next for Step App?
So far on Step App roadmap, the team has conducted a genesis NFT and beta launch, with plans to launch its mainnet and NFT marketplace later on in Q3 of 2022.
How to acquire $FITFI
FITFI is available on multiple exchanges like Poloniex! You can acquire FITFI through trading a USDT trading pair: FITFI/USDT.
Feeling ready to get started? Sign-up is easy! Just hop on over to https://poloniex.com/signup/ to start your crypto journey🚀