Can investing in StepN be profitable now?
One of the dangers that always threatens the play-to-earn and move-to-earn projects is that their token economy is not working properly, in such a way that the reward system and its burning are not balanced and make the NFTs and reward tokens belonging to that system worthless.
For this category of projects, there are two very important metrics on the customer’s side. First, the number of active users, and then, the number of new users.
Currently, the total number of users of this project is about 520K people and the number of today’s active users is approximately 5% of the total users. And its active users in the last seven days have been about 30% of the total users.
Also in the chart showing new users of this project, due to the Bitcoin’s price drop and the fear that occurred in the crypto market subsequently, we are currently witnessing a positive trend.
In the chart below, we can see that the ratio of shoes to the number of users is 69%, which shows that 69% of users currently have shoes for walking, and this number of users in total can be considered active. And this number is a sign of the excellent performance of this project in involving users.
According to the statistics above, StepN has had a good performance in attracting and retaining users so far.
Similar to Axie Infinity, StepN has two tokens: a governance token (GMT) and a reward token (GST). And of course, you need some Solana in your wallet to get NFT shoes.
The deposits and withdrawals of Solana tokens into the project reflect the motivation of users to invest and are also one of the metrics we consider for project’s revenue.
The GST deposits and withdrawals of the project show how activities are daily and how attractive it is for users to stay in the project.
In the figure below, you can see the trend of deposits and withdrawals of Solana to the StepN project.
This shows that the trend of Solana deposits has many times been more than its withdrawals and it can be concluded that the tendency to invest in NFT shoes has been more than the exit of capital.
In the figure below, you can see the trend of deposits and withdrawals of the GST to the project. Considering that the shoe minting policies have changed a lot in recent days, and in most of those changes, the required number of GST has increased.
So right now there are a lot of users wanting to mint the shoes and that is profitable for the users and that means the gameplay is working well.
Conclusion:
In my opinion, StepN can become a very successful project in terms of Move To Earn. They should be able to maintain a balance between the users and the project token economy. This is what they have been doing to do so well.
And according to the research that was done in response to the question in the title of this article, I have to answer that yes, the StepN project is currently continuing its growth path and has a healthy economy, and investing in it can be profitable.
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