STEPN: Should users ‘prepare to go’ for more dips in the short term

according to Fingerprint AnalyticsGameFi projects featuring a “play to earn” (P2E) business model have seen a drop in user interest since the beginning of the year. Between April 2021 and August 2022, the index of new users in the GameFi area fell by 57%.

This drop in interest in P2E projects is evidenced by STEPN’s performance in recent months. In fact, sand dune analytics revealed that The go-to-earning platform has seen its monthly active users drop by 95% since May.

Source: Dune Analytics

What was Steben doing?

To revive runners’ interest in the complex ecosystem of gaming to earn money, the month featured a series of promotions and challenges organized by STEPN for its users to participate in for rewards.

On September 2, to celebrate its first anniversary, STEPN organized “Before / after the challenge September 2-8. For a chance to win some GMT tokens, users were asked to share their progress so far with the STEPN app through a series of before and after videos.

STEPN followed up with “12,000 Step ChallengeFrom September 12 to 15, its users, for GMT tokens, had to log 12,000 steps per day.

But wait…

With conditions tightening in the broader financial markets and a slowdown in the general cryptocurrency ecosystem, P2E gaming is back on the list of investor concerns.

Despite STEPN’s attempts to renew players’ interest with upgrades and challenges, the platform continues to move to earn a dip.

According to data from Dune Analytics, the number of daily users on STEPN has been dropping consistently since the beginning of the month. Since then, the index of existing users using the platform daily has decreased by 24%. In addition, the number of new users of STEPN has also decreased by 32%.

Source: Dune Analytics

The STEPN ecosystem is powered by NFT sneakers that users can purchase from the market for outdoor commuting to earn NFT tokens and rewards. Unfortunately, the number of newly minted shoes has also declined as interest in the platform continues to decline to turn to profit. Between June and August, daily new STEPN sneakers fell 84%.

In addition, between July 20 and the time of publication, deposit transactions on STEPN decreased by 96%. This month alone, a 91% drop in deposit transactions was recorded.

Source: Dune Analytics

GMT and GST-SOL

The month has so far not been a magical one for the tokens that drive the gaming system to move for profit. according to CoinMarketCapIt rose GMT to a high of $0.815 on September 9, after which it has since fallen by 21%.

The price of GST-SOL also reached $0.44 on September 10. Since then, it has fallen by 28%. At press time, it is trading at $0.03419 on the price chart.

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