LOOTBOXES IN A FITNESS APP? PAID TO RUN?
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Just want to highlight another promising Move-2-Earn GameFi Project on Avalanche (AVAX)— Step.App that I’m currently invested in aside from the prominent Stepn that I mentioned in my previous article yesterday:
Get 10 free $FAT when you join Step App Dashboard here.
The Step App team has decided to introduce a staking campaign to allow everyone a fair chance at the first batch of Sneaker NFTs (SNEAKs) instead of simply selling it to the early adopters or by doing whitelists.
Step App Staking Campaign
The Step App staking dashboard offers the first of its kind perpetual staking. You stake once to get access to any opportunities that come. Lootboxes, yield, sponsored SNEAK drops, and pretty much everything else — starts here
The staking campaign begins with Lootboxes.
- Stake $FITFI
- Earn Drop Tickets (DT)
- For every 100 $FITFI staked per 24h, you earn 1 DT.
- At the end of the Lootbox event, a snapshot is taken and a lottery takes place
- Lootboxes are awarded
- You get bonus Drop Tickets for higher stakes, but no single address can win more than 5 Lootboxes
- Lootboxes contain SNEAKs, skins, and Avatar badges or tags
- The probability of a Lootbox giving a SNEAK is 35%
Events keep looping: Lootbox events can be followed by different Lootbox events, yield events, brand drops, and other opportunities
You do not need to re-stake for future events.This staking is perpetual and rolls over to the next event automatically.
The staking is flexible and has no lock. You can leave whenever you like. Staking does have a short cooldown period of 14 days, meaning once you want to exit, you have to wait 14 days.
Anyone who wants to immediately unstake can do so aswell. This skips the 14 days of cooldown. The penalty of that is 16%. This amount goes to the DAO treasury, which can vote to do anything with this amount. Even burn it.
Introduction to FitFi & GameFi
The NFT economy has ushered a variety of altcoin sector bull runs. The most prominent of these have been the dominance of GameFi and metaverse products for much of 2021. The greatest performing assets of last year fit into these sectors.
FitFi
FitFi is at the cross-section of making the physical and the digital; it’s a culmination of a very physical experience (fitness) within the metaverse, through the use of NFTs and geo-location technology. Augmented reality for better immersion is an added feature of Step’s FitFi metaverse.
Fitness Finance is a market economy in which participants earn from the value generated by the $100B fitness industry. It’s the web3 version of digital fitness experiences and apps.
Web2 allowed users to consume fitness content; to create fitness content. It pushed the value generated from their fitness content to the owners of those platforms.
GameFi
GameFi is a similar culmination. Gaming is a $200B market where people consume and create for the benefit of a few. Web3 enabled everyone to earn a piece of that market they take part in. This became a reality with the surge of GameFi and play2earn.
FitFi and move2earn are defining points in bringing the massive fitness market to the people in a frame where they earn from it.
There have been a number of FitFi products already, namely Stepn and Genopets. Both have been built on their native systems. This thwarts the output capacity of FitFi experiences, boosts the development costs, and divides the fitness market across a dotted range of FitFi projects.
Step App is addressing the FitFi market’s biggest bottleneck and expense driver from initiation. The Step Protocol SDK is usable by third parties to build within the Step Metaverse.
The ready to deploy geo-location technology, NFT minting and trading functions, user onramp, token mechanics, and more are necessary features can be deployed in a snap by any developer, team or even global brand to make a web3 FitFi app.
Step App is the foundation of the FitFi market. The early mover advantage ensures the protocol and associated SDK can become the industry norm: a powerful metaverse and technology stack that power the FitFi economy.
Step App
This app is built by the core team of the protocol itself, and it’s designed to achieve a number of goals:
- Be a dominant FitFi app from the get-go
- Onramp mass of retail to the Step Metaverse
- Build a massive network for fitness influencers and athletes as the global brand ambassadors of Step App and the underlying Step Protocol & Metaverse.
This early and aggressive move to the top ensures that other developers and teams feel compelled to see Step as a partner in their success. The ecosystem provides not just immediate technology but also a massive base of go-to users, fitness ambassadors, and onramps.
An app economy for FitFi, developed by thousands of distinct teams, projects, and companies. Operating on the Step Metaverse, powered by the Step Protocol SDK.
Step App is rich in immersive, social, and competitive experiences. The fundamental purpose is to captivate masses that will experience crypto for the first time.
Augmented Reality: Users’ metaverse characters grow and evolve as they fulfill fitness quests. Gamification: Player-vs-player match making allows people to combine their fitness with social experiences at a local, regional, or global level. Earn: Users earn for hitting fulfilling quests, combining their fitness goals with novel income incentives.
The social and earn mechanics twine with strong token sinks to create a balanced economy, with more details below. The app focuses on experience-based consumption to ensure token emissions are offset by leisurely spending.
Game Economy
Play Income
- Micro-transaction: non-Sneak purchases such as map styles, character skins, Sneak skins, skins, etc. Purchase in credit cards or crypto from the shop.
- Staked Play: Players can run against friends or match up against others. These competition runs can be done with staked governance tokens. 2.5% fee applies on the winning pool.
- Tournament Gaming: Players can compete their step count on a global and regional leaderboard. Tournament wins unlock unique skins and get a dedicated leaderboard. Participation in the tournament requires a ticket, purchases of which feed a prize pool, with the game taking 5% of all accrued ticket fees.
NFT Income
- NFT Marketplace: A 2.5% fee applies on all NFT trades on the in-app NFT marketplace.
- NFT Sales: Limited edition Sneaks are issued once a month.
FITFI Token Value from Game Economy
- Buy-backs: 50% of play income is used to buy tokens on the market.
- Burns: governance can vote to burn up to 50% of bought back tokens.
- Staking Rewards: up to 50% of market bought tokens are distributed to stakers.
- Locks: Staked tokens require a 10-day cooldown for exiting, and bypassing this cooldown carries a 12% fee on the principal stake.
- Liquidity Incentives: LP tokens get a 50% higher weight in staking rewards.
KCAL token value from game economy
- Minting: SNEAKs can be minted only with KCAL tokens.
- Earn: Running while staking SNEAK NFTs earns KCAL.
- Staking: All SNEAKs must be staked to earn KCAL. The earned KCAL is issued in epochs of 10 days. Unstaking before the KCAL is claimed burns the pending KCAL.
Token Value in App
- Staking: staking tokens and LP tokens unlocks certain SNEAK and Avatar skins. Avatars are visible on the leaderboard, to friends, and on the public map.
- Discounts: 2.5% royalty fee is charged on the trades of game NFTs, i.e. skins. This fee is discounted to 2% if the player is staking a minimum amount of game tokens.
- Buy-backs: 50% of NFT trading fees are bought back on the market, which the DAO may vote to burn.
- Staking Yield: Up to 50% of NFT trading fees are available as staking rewards.
The Team
Advisors
Step also has major advisors, including one that has closed nearly half a billion dollars in licensing deals. We’re using our network to acquire IP and branding rights from international brands to make the app attractive to global fan bases of notable IP.
