NFT "move-to-earn" app that pays people to exercise Stepn is rolling out another token airdrop for its Genesis NFT holders.
So, who makes the cut for this next airdrop?
The giveaway, titled the STEPN New Horizon Initiative, will apply to anyone who owned one of the organization’s Genesis Sneaker NFTs as of 0:00 UTC on Sunday.
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Stepn is the talk of Crypto Twitter: an app that rewards you in crypto for exercising outdoors. But first you have to buy a pricey sneaker NFT. Stepn CMO Shiti Manghani joined the gm podcast to talk about how the app works, its GST and GMT tokens, Stepn's recent decision regarding China, and why the future for NFTs is utility. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
Genesis sneakers are marked by a “G” in their identification numbers and are not to be confused with other sneaker types, like the "OG" sneaker.
Furthermore, anyone who had their sneaker listed on a marketplace at the time, or not within their spending account at the time of the snapshot, doesn’t count.
The airdrop will take place “in the next few days,” and reward holders of its common sneakers with 4,000 GMT—the governance token that lets holders vote on STEPN proposals. This differs from Green Satoshi Token (GST), the unlimited supply token used to reward users for walking, jogging, or running.
Back in April, all the degens on Crypto Twitter were boasting about the money they were making just by going out for a run and tracking it on Stepn. The app rewards you in its GST (Green Satoshi) token for walking, jogging, or running outdoors. Some Web3 folks were racking up more than $20 worth of GST per run.
But that was in April, when GST was close to $9.
By May 10, when I started using the app (late to the party), GST was down to $3.50. I earned 0.65 GST for my first 2.5-mile run, or $2.27...
Meanwhile, holders of STEPN’s Uncommon, Rare, and Epic NFTs will be distributed 8,000, 16,000, and 32,000 GMT, respectively.
GMT currently trades for $0.45, down a whopping 89% from its all-time high of $4.11, according to CoinGecko.
“Thank you to the STEPN genesis holders for sticking by us in this bear market, we appreciate every single one of you,” tweeted the company on Friday.
STEPN the wrong direction?
Some users were disappointed with the exclusivity of the airdrop, however, feeling it isn’t much in way of “giving back to the community,” as STEPN claimed.
“Are you still using the word 'community' when you're talking about giving back?” replied Twitter user @incomespy to STEPN’s announcement. “I'd avoid using that word when you're giving back to a tiny minority of Genesis holders.”
Here since march 2022 and still here but not a Genesis holder. Could be nice to give to us who haven't sold even in bear no ?
Those who count as STEPN’s Genesis holders depend on the blockchain they’re using. On Solana, sneakers G1 to G10,000 count as Genesis Sneakers, while Ethereum’s equivalent group includes sneakers G16,000 to G17,000.
Other users, such as @CryptoPharmaci2, were not Genesis holders, but believed they’d put in enough time—and distance—into the app to be considered “loyal” enough for a reward. “You guys just feed the top 1%,” he added.
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