StepN Business Experience: Earn 3 million in 3 months, but “don’t even think of taking a penny home”

On May 21, Zhu Xiaohu, the managing partner of Beijing Jinshajiang Venture Capital, a self-proclaimed “conservative” investor, bought a pair of StepN running shoes, and said in a circle of friends that he earned $30 on the first day of running and is expected to pay back his capital in 3 months. “StepN’s economic model is well designed. If there is a chance to run through, it may not be a Ponzi. It is worth experiencing and learning.”

StepN is an extremely popular Move to Earn game this year. It rose against the trend in the first half of the year when the cryptocurrency industry declined. It was once called the “light of the currency circle”. The game is based on the Solana blockchain and the BSC chain, and Zhu Xiaohu bought the StepN running shoes based on the BSC chain. According to the price at the time, it is expected to be 30,000 yuan.

Just a week later, the black swan appeared in front of investors.

On May 27, StepN officially announced that it would stop providing GPS and IP location services to users in mainland China at 24:00 on July 15. Within two days, the price of BSC chain running shoes dropped by 90%, the floor price fell from 30,000 yuan to more than 3,000 yuan, and the price of BSC chain’s StepN game token GST fell from nearly 200 yuan to 20 yuan. According to this calculation, Zhu Xiaohu’s running shoes will be a long way off.

Behind the popularity and slump of StepN is the carnival and sadness of countless ordinary users. Some users entered the market with 1 million yuan, and only a fraction left after two days; some users made a big profit of 3 million yuan and lost more than half of them in two days;

In the hype of shoe prices, human nature is vividly displayed, and the idea of ​​”getting rich overnight” is accompanied by the overwhelming majority of players. It is still a tangle for many people to make money and return the money.

However, the overnight plunge made users finally understand the connotation of the emoji circulating in the community: “StepN makes money and StepN spends, and don’t even think of taking a penny home.”

Earn 3 million in three months, lose 95% in two days

No matter how busy he is, Wu Yi (pseudonym) at work can’t help but check the price of shoes in the StepN market every ten minutes. However, there is no expected rise.

During the slump from May 27th to 29th, Wu Yi’s StepN assets of more than 3 million yuan fell to only a fraction.

Wu Yi is a white-collar office worker. He started paying attention to virtual currency a year ago, and GameFi (chain game) has also become the focus of his attention. However, due to the lack of free time, he never made up his mind to enter the game even though he paid attention to several chain game projects.

In February 2022, an article about StepN attracted him: “You can make money by walking, you can exercise without spending too much time, it’s tailor-made.”

After investing 10,000 yuan to experience, Wu Yi invested 40,000 yuan one after another. His equipment was upgraded from a pair of gray sneakers to 1 pair of green sneakers and 8 pairs of gray sneakers.

According to the rarity, StepN shoes are divided into 5 levels: common (gray), rare (green), rare (blue), epic (purple) and legendary (orange). more earnings.

In addition, users can also increase the number of energy by increasing the number of shoes, thereby increasing the walking time and earning more income.

After owning 9 pairs of shoes, Wu Yi’s daily walking time increased to nearly 1 hour. Every day on the way to and from get off work, Wu Yi walks around long distances as much as possible, and even takes one less subway stop to walk home. “I used to walk less than 10,000 steps a day, but after playing StepN, I walked more than 15,000 steps a day.”

StepN adopts a dual-token model, in which GST is an in-game token with an unlimited supply, and GMT is a game governance token with a limited supply of 6 billion. Players can get GST by walking, and then exchange GST for SOL or BNB and cash in profit; in addition, players can also earn gems, or consume GST to generate (mint) new shoes, which can be sold in the market for profit.

Because he entered the game early, Wu Yi earned more than 2 million in two months by walking, reselling new shoes, etc. However, instead of withdrawing cash, he chose to keep reinvesting. Green shoes were upgraded to blue shoes, one account was upgraded to multiple accounts, and he walked by himself instead of looking for someone to walk on his behalf, and the Chain Tour guild to walk on his behalf.

Wu Yi said: “Through playing StepN, I see the hope of financial freedom.”

In mid-May, Wu Yi saw that after StepN was launched on the BSC chain, the profit far exceeded that of the Solana chain. After many struggles, he finally decided to transfer most of the assets to the BSC chain. In the following days, Wu Yi successively transferred more than 150 coins. 10,000 yuan of assets will be transferred to the BSC chain.

Wu Yi said that he has been reminding himself that such high profits must have bubbles and high risks. However, he concluded through calculations that the investment in the BSC chain can be repaid in about 5 days, and there are many in the community. People posted screenshots of making money, “I’m itching to take a gamble, as long as it doesn’t crash within 5 days, I’ll make money.”

However, “return to capital within 5 days” eventually became “continuous reinvestment”. “Looking at the growing assets, I always hope to earn more.”

On May 27, StepN issued the “Announcement on Checking Accounts in Mainland China”, stating that in response to relevant regulatory policies, StepN will check accounts in mainland China. If users in mainland China are found, it will stop providing GPS and IP locations on July 15. Serve.

After the announcement, the price of StepN shoes and currency began to drop continuously. Wu Yi watched his shoes with a price of 60,000 yuan drop to 40,000 yuan, and then to 20,000 yuan. “It’s impossible to sell at such a low price. , wait for the rebound.”

On the evening of May 28, after some struggle, Wu Yi decisively turned off his mobile phone and went to sleep. When he woke up the next morning, the price of shoes had dropped to about 5,000 yuan.

From 60,000 yuan to 5,000 yuan, Wu Yi feels like a dream. He said that he has not been able to sleep well in the past few days, and he has to check the price of shoes for the first time when he wakes up countless times, but there is no miracle. The floor price is stable at around 5,000 yuan.

At present, Wu Yi once held virtual shoe assets of up to more than 3 million yuan, and could only sell more than 200,000 yuan.

Douyin shoe business switched to StepN, invested 1 million yuan and finally became a leek

Wu Yi is lucky, because he entered the game early, he can at least keep his capital, and there are many people who have “blood loss” in this wave of slumps.

Chen Ning (pseudonym) is a businessman who runs a Douyin shoe store. Due to the impact of the epidemic, StepN has even become his “life-saving straw”.

In early April, under the introduction of a friend, Chen Ning spent 1 million yuan to enter StepN. He purchased 10 second-hand mobile phones, each with 1 pair of green shoes and 8 pairs of gray shoes. In addition to himself, Chen Ning also let his family participate in walking, and even became a regular job for the anchors of the shoe store, each of whom walks for at least 1 hour a day.

According to a friend, it only takes about a month for StepN to make money by simply walking. If mint and gems are added, the payback period is only half a month. At the same time, friends also reminded that playing chain games is very risky, and the life of chain games is very high. The cycle is not too long.

However, neither Chen Ning nor his friends thought that the risk would come sooner than expected.

When entering StepN, Chen Ning bought SOL at a price of more than 800 yuan, and then bought StepN shoes. But Chen Ning did not expect that after buying StepN virtual shoes, the price of SOL ushered in a continuous decline. From early April to mid-May, the price of SOL fell from more than 800 yuan to more than 200 yuan.

Chen Ning said: “I thought I would make a return in one month, but I didn’t expect that due to the sharp drop in SOL, the assets had more than doubled. In addition to the virtual currency earned by walking, there would be more than 700,000 yuan left.”

In late May, Chen Ning decided to take another gamble on the newly launched BSC chain StepN. In addition to transferring some of the Solana chain assets to the BSC chain, Chen Ning also invested another 200,000 yuan, “I don’t believe my luck is still the same. The last time was so bad, an accident happened as soon as I invested, and I only needed a week’s return time.”

However, Chen Ning did not wait for a week’s return, but instead waited for StepN’s announcement of checking mainland users. Within two days, his assets of more than 1 million shrunk to more than 100,000.

In mid-May, Chen Ning participated in a StepN offline party organized by the Chain Tour Association. More than 20 people participated. The association also made a cultural shirt for each person.

It was this event that strengthened Chen Ning’s determination to continue investing. A senior cryptocurrency player claimed to have tens of millions of yuan in virtual assets, invested tens of millions of yuan in StepN, and owned 20 or 30 accounts, which gave Chen Ning a vague sense of security.

Chen Ning said: “There are so many people running in the same t-shirts. Although most of them don’t know each other, they have a feeling of mutual sympathy. We exchange gold-making experiences and share money-making stories together. It seems that we can make a lot of money soon. A sum.”

Even Chen Ning, who has “lost blood” twice, still hasn’t learned his lesson.

During the slump, when the floor price of shoes in the BSC chain remained at around 10,000 yuan, Chen Ning thought it was time to buy the bottom. Ning’s assets more than doubled again.

No one is immune to the slump, no matter how much invested. In the community of the above-mentioned Chain Game Guild, in addition to abuse and self-deprecation, players also have negative emotions that continue to spread.

Players who have invested tens of millions also said in the community: “Return to this cycle = nowhere in sight. Find the next project to repay.”

Some people are in a dilemma, some people enter the market to buy dips

After the slump, StepN has stably maintained a low price for the past two days. The price of StepN’s floor shoes is about 3,000 yuan, which is about one-tenth of the price before the slump on May 27, while the price of StepN’s token GST has increased from 180 yuan. fell to 20 yuan.

In this regard, the StepN project team has not taken any effective measures to save the market. As for whether mainland Chinese users may find a way to continue playing StepN after July, the official responded in the community: “No, don’t think about it.”

According to the language selection data of StepN’s official community software, the number of Chinese users of StepN is second only to Japanese, and the number of Chinese users exceeds 100,000 in proportion.

Chen Ning believes that in this wave of hype and slump, the project party has made enough money and does not care about the choice of users in mainland China.

Previously, according to the project team, StepN has 2 million to 3 million monthly active users around the world, the daily net profit of transaction fees reaches 3 million to 5 million US dollars, and the monthly income can be as high as 100 million US dollars.

For Wu Yi, Chen Ning and others, any choice at the moment is painful. Liquidation means losing the chance of a comeback, however, they all believe that the possibility of prices rising back is almost nonexistent. So, what about continuing to walk and make money?

According to Chen Ning’s calculations, a group of accounts that previously invested 100,000 yuan can only earn 1,000 yuan a day while walking. If the currency price can be maintained until July 15, they can get back more than 40,000 yuan. However, this requires taking the risk that shoe prices continue to plummet or even clear.

In the dilemma, Wu Yi and Chen Ning both chose to “lie down” and wait for the change, and only sold a small number of shoes.

Wu Yi said: “Let’s sell it when the price rises again, in case it rises again.”

However, Wu Yi also teased helplessly: “Maybe this is what an emoticon package circulating in our community shows. StepN makes money and StepN spends, and don’t even think about taking a penny home. Maybe it will return to zero one day. There’s nothing left.”

However, there are also optimists in the StepN community.

Some people said: “This round of slump was actively planned by the project party, because the BSC chain has too much foam, users only need a few days to return to the original shoes without walking, and there are a large number of shoe dealers in the BSC chain, not sports enthusiasts, which violates the The original intention of the project party. Since the bubble will burst sooner or later, it is better to take the initiative to burst.” So he decided to invest 100,000 yuan to buy the bottom.

Some users also said: “This is a short-term repair by the project party. In the long run, timely braking will go farther, just “stud”.”

“Stud” is a term commonly used in the cryptocurrency industry, which means betting all of your capital as a bet.

In response to the above-mentioned optimism, Wu Yi only sent an emoji package in response: “Big brother can only take you into the industry, how long the money will run out depends on you.”