New reviews by DappRadar counsel the move-to-earn platform STEPN has just one lively consumer. Undoubtedly, these reviews don’t bode nicely for the platform. Moreover, STEPN is dealing with criticism for shedding round 100 workers as a result of present bear market situations.
What’s the cause for this huge decline?
Whereas DappRadar reported that STEPN has one every day lively consumer, others reported barely totally different – however nonetheless low – outcomes. Dune Analytics revealed that the every day lively customers of the move-to-earn app have dropped from 105,257 on June 26, to six,000 in September and 11,877 on October 5. From its finish, the move-to-earn firm claims DappRadar’s consumer knowledge is wrong.
Many are left questioning why STEPN is declining in reputation. The reply isn’t so clear-cut. First off, many move-to-earn platforms launched as STEPN’s direct rivals. Usain Bolt’s Step App is considered one of these many apps.
Moreover, move-to-earn, and different “to earn” mechanisms have been accused of being Ponzi schemes. Ponzi scheme-based apps are a type of fraud on account of the truth that they rely upon paying again earlier buyers with funds from the newest buyers. Due to this fact, the one approach for “to earn” customers to earn cash is to encourage different individuals to affix the ecosystem. This discourages customers and makes the enterprise mannequin unsustainable.
In regards to the move-to-earn app STEPN
STEPN is a Web3 life-style and move-to-earn app powered by the Solana blockchain. Customers can earn cash for operating, strolling or jogging, within the type of STEPN’s token – Solana’s Green Satoshi Token (or GST tokens). To get began, customers should buy NFT sneakers. Then, they should replace their NFT sneakers to begin incomes GST. Confronted with current setbacks, the STEPN staff introduced through Twitter that “modifications are taking place in order that we are able to proceed so as to add worth to GMT and the Discover Satoshi Lab ecosystem.”
