Since the launch of StepN in December 2021, monetization apps have been instrumental in attracting crowds in the GameFi or game monetization blockchain space.
According to StepN co-founder Jerry Huang, there are between 2 and 3 million active users worldwide.
It’s a small feat compared to the hundreds of millions of players other mega-hit web 2.0 games have, but it’s a huge breakthrough in the crypto space, especially for a lifestyle app that’s been around for just 5 months.
As of May 22nd, StepN’s native token (GMT) market cap reached $860 million.
Recommended Books | Shiba Inu Removes FTX From Average Holdings, Shows WhaleStats Report
What is StepN GMT?
StepN is an earning app that allows users to monetize their body movements using NFT sneakers. Users can easily earn GMT, the base token, simply by walking their dog or running outdoors to get some fresh air. GMT allows you to quickly pay for digital goods, vote or stake on the platform.
Around 2 to 3 million users worldwide are actively using the StepN app.
The app was created by Jerry Huang and co-founded by Yawn Rong of Australia. The app was first introduced at the Solana Hackathon in early October 2021. Although it took fourth place at the event, StepN’s exposure generated the first set of beta users.
Two months after launch, the monetization app had thousands of users signed up without a flashy advertising campaign.
Over the past few weeks, the app’s popularity has grown and spread like wildfire in the blockchain community. The number of situations where teams are forced to limit the number of registrations per day is increasing exponentially. To date, thousands of new users continue to sign up for monetization apps every day.
Huang and Rong are entrepreneurs and venture capitalists, initially supporting StepN with their own funds. However, in September they decided to expand and open the project to raise funds to gain further publicity and strong partnerships.
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com
Recommended Books | Charlotte Fang of NFT Project Milady charged with racism and homophobia
StepN Achieves $5M Seed Round
In November, the founders spoke with about 100 investors and tweaked their pitched deck about 40 times, then closing a $5 million seed round with Sequoia Capital and other investors.
At that time, the founders did not yet have a real product, and StepN was a pure concept, so it was difficult to explain the idea to investors. Questions posed by investors also helped improve the product.
StepN generates net income of between $3 million and $5 million per month, or up to $100 million per month. Not bad at all for a 5 month old gamification revenue app.
Featured image from Asia Crypto Today, chart from TradingView.com