STEPN Product Development Milestone Events, Markets FOMO Stage & Roadmap For 4th Quarter

4 min read

Move-to-earn project STEPN has reached some significant milestones in its development so far in 2022. What are these milestone events and what is the project’s roadmap for the 4th quarter ahead?

The business model of STEPN was analyzed in a recent article, and it explained why the price of STEPN’s $GMT and $GST tokens dropped following their rapid price increase.

This article lists the projects major events accomplished so far and will analyze the project’s development strategy and roadmap projections to determine whether the project can continue to grow and develop or if it will start to decline.

Milestones in STEPN’s development

Significant events in the development of STEPN

  • Dec 9, 2021: Introducing the world’s first move-to-earn NFT mobile game. Read more: here.
  • Dec 14, 2021: STEP launches the first NFT airdrop campaign on Discord with a total reward of 10,000 NFT sneakers. Read more: here.
  • Dec 20, 2021: STEPN launches its public beta version on mobile.
  • Jan 20, 2022: STEPN raised $5.0M in seed round funding from Sequoia Capital, Folius Ventures, and other leading Web3 investors. Read more: here.
  • Feb 28, 2022: STEPN upgrades the decentralized wallet and NFT marketplace into the multi-chain wallet and multi-chain decentralized NFT marketplace. Read more: here.
  • Mar 2, 2022: Binance launches a token sale for $GMT on Binance Launchpad. Read more: here.
  • Mar 15, 2022: STEPN Giveaway Event to their Trailblazers after their ICO launch. Read more: here.
  • Mar 22, 2022: Binance holds a GMT trade contest to promote trading volume for currency pairs such as GMT/USDT, GMT/BTC, GMT/BUSD, and GMT/BNB. Read more: here.
  • Mar 28, 2022: STEPN doubles the chances to receive 2x Shoeboxes from Shoe-minting that encourages user minting more. Read more: here.
  • Apr 2, 2022: STEPN posted a Q1 profit of 198,635.62 SOL ($26,815,807.35) from NFT Marketplace trading and royalty fees. In addition, the project has deducted a part of the profit to buyback and burn GMT to help increase the value of GMT. Read more: here.
  • Apr 14, 2022: Binance launched STEP IGO on Binance NFT Marketplace, attracting more than 195,000 participants. Read more: here
  • May 1, 2022: The project launches beta phase IV and airdrop for SOLANA Genesis Sneaker holders 1 BNBchain Shoebox. Read more: here.
  • Jun 3, 2022: Introducing STEPN’S Anti-Cheating System — SMAC to exclude fake users. Read more: here.
  • Jun 6, 2022: It changed some economic mechanics in the game, such as minting time and energy. Read more: here.
  • Jun 8, 2022: Launching the decentralized exchange platform – DOOAR, on the mobile app. Read more: here.
  • Jun 21, 2022: Adding a new feature for the latest version app is to burn five lower quality Sneakers to get one better quality Sneaker) and have adjusted the energy sharing rule. Read more: here.
  • Jul 1, 2022: The project partnered with APE and rewarded the OG APE Shoebox to owners of the STEPN genesis sneaker. Read more: here.
  • Jul 12, 2022: the project announced $122.5 million in profits in Q2 through its platform fees (quadrupled Q1). they will leverage 5% of the profits to initiate a Q2 GMT buyback and burn program. Read more: here.

Development Strategic Analysis

batch Stepn Strategic

STEPN project FOMO stage

STEPN is one of the most successful move-to-earn games to date. When the project was first launched, it was heavily supported by big names like Alameda Research, Solana Ventures, and especially Binance. STEPN is the 28th IEO project on Binance. Right after listing, $GMT immediately 13x the IEO price.

After IEO, the project started running many incentives such as: distributing GMT for early users; holding a $GMT trading contest with prizes up to $30,000 on Binance, and increasing the chances for users to mint out more shoes. It was thanks to these incentives and the attractive part of participating in in-game activities that helped the price of $GMT increase rapidly from $0.6 to $2.68 within two weeks.

From March to early May, the project focused mainly on attracting users to play the game. This strategy was very successful. The $GMT token price peaked at $3.83, up 380x from the IEO price. According to Dune Analytics, the number of users on STEPN also increased from 16K active users to more than 700K active users within two months. Q1 profit came in at $26.81 million, and STEPN’s Q2 profit surged over four times Q1 at $122.5 million.

Screen Shot 2022 08 03 at 17.10.21
Source: Dune Analytic

Constructing the Core in the 2nd Quarter

From May up to the present, the project has focused mainly on product development. Specifically, on June 3, 2022, the project upgraded the SMAC anti-cheat system to optimize the user experience and focus on real users. Next, on June 10, they launched a decentralized exchange on the mobile application. STEPN’s decentralized exchange, though, has higher transaction fees than others (1% fee). Still though, building an exchange right on the app will help optimize the user experience. After playing the game and receiving rewards, users can easily sell in-game tokens through DEX on STEPN’s mobile platform.

On June 27,  the project launched a new feature, allowing users to burn five lower-quality sneakers to get one better-quality sneaker. This feature helps to reduce the supply of shoes in the market while increasing the user’s gaming experience with better-quality sneakers.

However, upgrading the product during this period, aimed at retaining users, was not effective. This was the period when the market entered the crisis phase, which followed the previous strong wave of FOMO in the project. The token lost approximately 76% of its value, falling from $3.8 to $0.94. It is currently in a sideways phase.

So will the $GMT token continue to fall, or worse, will the project stop working?

Looking at the project’s roadmap starting from April until now, the project is still very focused on product development and completed the roadmap even earlier than expected. This shows that the capacity of the STEPN team is there, and that they can accomplish what they have announced they plan to do. This helps to strengthen the trust of users that the project team is really enthusiastic and attached to the project; in addition, they have the capacity to build the project.

Screen Shot 2022 08 03 at 17.10.48
Source: STEPN


From the events above, some conclusions can be drawn:

  • The project’s initial incentive and marketing strategies were really successful and helped the token price increase hundreds of times.
  • Because the incentive was attractive, many people participated and minted too many shoes minted too causing the supply to be high and the price to be pushed up too high. Specifically, the price of shoes increased to 10 $SOL (the price of $SOL at that time was about $97), meaning users had to spend at least about $1,000 to participate in the game. Consequently, this creates barriers for new users and reduces demand. Supply is increasing continuously, but demand is decreasing. This causes shoe prices and the $GMT price to decrease continuously.
  • The capacity of STEPN’s development team is excellent; they have always completed the outlined roadmap and continuously improve the product to improve the quality and best serve their users.
  • Looking at the roadmap, there are still many features that the project has not released. With the capacity of the current development team, the project should be able to fulfill the plans they have set out.
  • In the coming months, the project team will focus more on building on the project’s core values and building a more stable economy to attract users who want to stick with the project because of its health and civilization values.
  • This is still not a good time to invest in $GMT. However, it appears the project will continue to grow in the future because of the vision as well as the capacity of the project team.

Image: Pixabay

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