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What is Step App? Move-to-earn tech builds Web 3.0 excitement ahead of Tokyo launch

By Raphael Sanis

10:21, 30 November 2022

The Step App logo on a green background
Step App rewards users for exercising with its native cryptocurrency – Photo: Shutterstock

Step App, the cryptocurrency protocol rewarding users for exercising, is launching its self-titled application on 1 December during an event in Tokyo.

Its conference is said to embody “Step’s goal to build a bridge between Web 3.0/metaverse and ‘the real world’ by using fitness and health as the common denominator”.

The Jamaican sprinter Usain Bolt will be both a key speaker and DJ at the event, which is sponsored by the Bybit cryptocurrency exchange,

Its website implied this is the first of many events. The site says: “This year’s edition of the Step App conference evolves around the launch of our main app and is a kickstarter to a healthier, wealthier global community. This event is a celebration with and for our entire step community.”

What is Step App? 

Step App is another cryptocurrency platform that is gamifying the fitness industry. Described as fitness finance (FitFi), it is rewarding users with its native tokens for walking, jogging and running.

The platform has large ambitions for its main app, which is launching later this week. Step App is looking to become the “dominant FitFi app from the get-go”.

To achieve this goal, it is looking to onboard a large amount of retail customers and “build a massive network for fitness influencers”.

STEPN’s success

Stepp App has its work cut out when it comes to competition. The move-to-earn platform STEPN paved the way for the industry earlier this year and has already seen initial success.

SOL/USD

179.94 Price
-1.850% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,443.39 Price
-1.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.61 Price
+1.840% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

67,572.55 Price
-0.200% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

STEPN (GMT) has welcomed more than 4.72 million international users and raised $5m from investors. The Web 3.0 app has also collaborated with many high-profile partners, including the sportswear brand Asics.

Step App’s system follows a similar user process as STEPN, where investors purchase upgradable NFT (non-fungible token) sneakers and earn cryptocurrencies in-app.

GMT to USD

Bearish movement tokens

Another similarity linking the two move-to-earn platforms are their bearish native tokens with both seeing significant losses throughout this year.

At the time of writing, STEPN was down 90% from its all-time high of $4.11 on 28 April.

It was a similar story for Step App, who lost 94% since its all-time high of $0.73 on 6 May 2022. It also recently stooped to its all-time low of $0.02 on 21 November.

However, the cryptocurrency has been rallying this week on the lead up to its Tokyo event. As of 30 November, Step App was trading at $0.04 and up 30% in the past seven days.

Markets in this article

GMT/USD
GMT/USD
0.15846 USD
-0.00598 -3.760%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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