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- STEPN is a fitness application, and DOOAR, which is functioning on a Solana based decentralised exchange
STEPN is a move-to-earn application that functions on a blockchain mechanism. The application is developed by Find Satoshi Labs and was launched in August 2021. It has launched MOOAR, a subscription based multi-chain non-fungible token marketplace.
The introduction of the NFT marketplace will assist STEPN to evolve its self-sustaining ecosystem. It is a fitness application, and DOOAR, which is functioning on a Solana based decentralised exchange.
MOOAR users will not only be able to purchase the sneakers they need to use Steppen (which currently trade at a minimum price of 0.98 SOL or about $32 on Magic Eden), but can additionally create and sell NFT collections on the platform.
An official press release from the company states that the primary goal of the three applications is to ” work in collaboration to actively support each other.”
Most importantly, the platform is launching with no platform charges and no compulsory royalties.
While talking to a crypto media outlet, the Chief Operating Officer of STEPN , Shiti Rastogi Manghani, said that, in the long term, resorting to celebrity would be noxious to the value of NFTs, and that MOOAR aims to provide fair recompense to artists.
Shiti underlined that “you can already see on some of the platforms that have started the 0% royalty fee that the downward trend on volumes is a sign of things to come,” and she added, “This is why we’re taking such a hard and strong stance, that we want to stand by creators and we want to enforce this rule in the fee structure.”
The creators willing to sell on the MOOAR protocol can fix royalty charges from 0.5% to 10%, with a default rate of 2%.
In July 2022, STEPN shared its quarterly execution report by means of a blog entry on Medium. The report featured the organization’s presentation and furthermore talked about refreshes that have been sent off as of late.
In Q2 2022, STEPN had the option to gather $122.5 million in benefits through exchange charges. The transition to-procure based application further shared plans to launch a Q2 GMT buyback and consume programme by utilising 5% of its benefits.
Currently, STEPN is featuring three types of modes, and it is believed the firm will add some more in upcoming times. The major modes of application are as follows:
- Solo Mode: In Solo mode, users need to wear NFT sneakers and walk all around to earn GST (Green Satoshi Tokens).
- Marathon Mode: The Marathon mode in the STEPN application allows the users to take part in weekly and monthly occurring marathon races and the registration for participating.
- Background Mode: As the name suggests, the application will count the steps in the background without being active in the mainstream.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
