STEPN: Should Players Prepare for More Dips in the Short-Term?

STEPN-Should Players Prepare for More Dips in the Short-Term

STEPN. According to Footprint Analytics, interest in “play to earn” GameFi projects has been declining since the beginning of the year. Between April 2021 and August 2022, the GameFi new user index dropped by 57%. From STEPN’s activity over the past several months, it appears that interest in P2E initiatives has been declining. Meanwhile, since May, the site’s monthly active user statistic has dropped by roughly 95%, according to data compiled by Dune Analytics, which tracks the success of websites.

Prospects for STEPN

This month, STEPN arranged a number of challenges and campaigns in which runners could earn prizes, in an effort to rekindle interest in the flagging move-to-earn gaming platform. For instance, on September 2, in honor of its first year in operation, it held a Before-After Challenge that ran from September 2nd to the 8th.

In order to win some $GMT prizes, users were required to show off their STEPN APP transformations in a series of before and after movies. STEPN will continue the 12K Steps Challenge from September 12-15. That required all GMT token holders to walk 12,000 steps every day.

Lessen Your Pace

Play for fun and profit opportunities continue to rank low on investors’ priority lists despite tightening conditions in the general financial arena and a decline in the global crypto ecosystem. Despite STEPN’s best efforts to re-engage gamers through challenges and promotions, the move-to-earn site has continued to decrease.

According to statistics collected by Dune Analytics, the number of daily users of STEPN has been steadily decreasing since the beginning of this month. In that time period, the percentage of users that log in every day fell by 24%. More so, a 32% drop in STEPN’s new user base.

The STEPN initiative is predicated on the NFT sneakers that runners can buy from the marketplace and use during outdoor activities to earn NFT and token prizes. In addition to a steady fall in interest, the number of brand new shows has also been on the decline. The value of this indicator has dropped by 84% between June and August. Additionally, between July 20 and when this was written, deposit transactions on STEPN dropped by 96%. This month, the initiative saw a 91% drop in deposit transactions.

Time Zone and Summer Time Zone Offset (GMT/SGT-SOL)

The tokens for making moves in order to earn money have been unsuccessful this month. Data from Coinmarketcap reveals that on September 9, GMT soared to a high of $0.815 before plunging by 21% to its current price. The GST-SOL peaked at $0.44 on September 10 and has since dropped 28% to $0.03419 at the time of this writing.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.