Thinking On Paper

👟 STEPN launched on December 1st 2021 with 99,999 NFT trainers.

Each cost 1.3 SOL (Sol was trading at $228 dollars that day).

In March 2022, they launched their governance token, GMT.

The following month GMT was worth $4 and Stepn had a $3 billion market cap. If I’m reading the charts correctly, at one point 24-hour trading surpassed $4 billion.

Someone sold a Stepn NFT for 58 Sol.

Pretty darn extraordinary.

Move-to-earn was a thing. You probably remember it.

Of course there were many imitators to the Stepn throne.

You could sleep, eat, meditate and (insert verb here)… to earn.

The Stepn concept - if not the tech - was simple: you won GST (Green Satoshi Tokens, not GMT) based on how far you ran, jumped, hopped, swam, crawled.

I'll be honest, I stopped paying attention at that point.

But here’s the thing.

Where most died, Stepn survived.

Yes, It took a hit. The floor price is 0.01 Sol. GMT is trading at $0.2.

But the market cap is still half a billion.

A community has stuck with them. Or a new one joined.

Stepn has matured.

It's a lifestyle app.

A social platform.

Where people want to get healthy (and wealthy?)

Strava meets couch-to-5k meets friend Tech.

Last week it announced a partnership with Adidas.

We're curious to know more.