The whole truth about STEPN NFT sneakers: are they worth buying?

Инна Головачева
Специалист в области Цифровых Финансовых Активов (ЦФА)
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Every day I receive messages: have you bought crypto sneakers? STEPN, which launched a "move-to-earn" project less than a year ago, has gained wild popularity.

What does STEPN offer, and how does it all work?

You download the application, buy NFT sneakers of different configurations, upgrade levels, different conditions and possibilities of "crossing" (the Axie Infinity project, by the way, also worked on the principle of crossing tokens), then turn on the application, run a certain number of kilometers at a certain time and voila! GST tokens appear on your wallet, which you can exchange for USDC (stablecoin) and withdraw to your Binance wallet. Tempting, isn't it?

The sneakers are sold from 800 US dollars apiece. You can buy any amount, upgrade or sell. In return, if you run 4 times a day at different times (to get more money), you can earn about 10 GST (real example).

The project is superb. Under the guise of trying to coax the world into sports, we are served money on a platter. They serve on a silver platter and tease: bring a friend and get super bonuses! But the CEO of the project is definitely not concerned about health. 

Possible payback periods for STEPN sneakers

First, let's be realistic about things. Money will not come out of thin air, especially out of your running 4 minutes 4 times a day to get 10 GST to your wallet. In order to pay the money, you need to take it somewhere, and it is clear that they will be paid to those who entered the project at the early stages. The project is a year old. How long it will last is a big question. I definitely would not invest now, so as not to turn out to be the very pig to be butchered. And they will be, whatever one may say. As soon as the token falls down, everyone will hurry to change it for a fundamental asset, and one fine morning the project will turn out to be a scam. They will announce a delay in the withdrawal of funds and later will completely disappear from view, which has happened more than once. But are we not victim pigs, are we? July 2022 is definitely not the start of the project, but rather the time when its end is approaching.

Let's turn on the calculator. You bought 2 pairs of sneakers for 1600 dollars. You run, walk, enjoy the sunset and chime—10 GST in your pocket. The GST rate is $3, it is 30 bucks every day. You rub your hands out of joy and run more. In a couple of weeks, the GST rate is $1.1, and now your income is 11 dollars per day in just a few days. It's embarrassing, right? The rate of Bitcoin and all the alts is the lowest, so they will grow back, it’s okay. We run further. For a month of running, you have 300 GST in your pocket for the price of $1.1. But this is 330 dollars. But this is “yet”. To compensate for the sneakers, you will need 1600/330=4.85—just 5 months.

It remains to run for 4 months, but there are a couple of points. Every day your sneakers wear out and require an additional upgrade (in this, marketers have justified their salaries for all 100 per cent). GST for some reason is getting cheaper despite the growth of bitcoin.

What is the real essence of the STEPN project?

Well, now let's get to reality. Like any pyramid, the project works as long as investors run with money and buy sneakers, but now we all know that those who bought sneakers not only failed to earn money, but are frantically thinking about how to at least get back their investments and are withdrawing all their money from the application wallet to the Binance wallet, afraid of losing at least the funds earned by labor and sweat. And, of course, don't forget the bot army that uses the GPS Hack. It’s a program that makes the GPS “appear” to be in running while you drink bear in the same pub where you got the dish with your money. This program worked fine even in the POKEMON GO project. Read about it if you are interested.

Now, in order to raise the GST token in price so that you could at least cover your expenses on the sneakers, you need huge infusions from the project developers (well, or at least large-scale advertising, and meanwhile the sneakers were advertised by glorious and terrible Russian star blogger MORGENSTERN), so that the pigs run to buy new sneakers. They definitely won’t earn money, but the runners will bring the next ones to the project, and the moment will come when, at the maximum number of users and the highest level of monetization on wallets, taking into account the price of the token itself, CEO simply will not give the opportunity to withdraw money to a real exchange / wallet. And then the only question is when this moment will come. But runners won't know about it for sure.

Any scheme of genius is simple. But, even if all of the above did not affect your desire to just run around and boast that you have NFT sneakers, then why not? But don't count on making money.

You are for a healthy lifestyle. And the crypto is in your pocket! Or it was there, anyway! What if this is just the beginning, and children will run to buy sneakers? And an entire herd of pigs that can be butchered and butchered are still running without sneakers. And might you be not in the first, but in the second wave of those who at least got back their investments? Let's wait for September. There are suspicions that it will see the closure of the project.

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