New stories by DappRadar counsel the move-to-earn platform STEPN has just one lively consumer. Undoubtedly, these stories don’t bode properly for the platform. Moreover, STEPN is dealing with criticism for shedding round 100 workers because of the present bear market situations.
What’s the cause for this huge decline?
Table of Contents
Whereas DappRadar reported that STEPN has one every day lively consumer, others reported barely completely 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 information is wrong.
Many are left questioning why STEPN is declining in reputation. The reply will not be 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 depend upon paying again earlier traders with funds from the most recent traders. Subsequently, the one method for “to earn” customers to earn cash is to encourage different folks 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 start out incomes GST. Confronted with latest setbacks, the STEPN staff introduced through Twitter that “modifications are taking place in order that we will proceed so as to add worth to GMT and the Discover Satoshi Lab ecosystem.”