Can Stepn Run to Success?

Stepn has made a name for itself in the move-to-earn genre by running past its competition. The question is, will its sudden popularity result in the project getting too big for its running britches? Or can Stepn avoid the same missteps other play-to-earn games didn’t?

Today's Topics:

• Stepn looks to make its own path

• Two sides of the NFT world meet in New York

• Wise Twitter Thread

• Quick Links

Can Stepn make strides in the play-to-earn space?

If you haven’t jumped on the Stepn bandwagon yet you might want to get moving. Run, walk, or jog, just don’t remain sedentary when it comes to this ‘move-to-earn’ game. The game’s utility token - Green Satoshi - has already seen a huge rise and fall in price, which has some within the industry quick to compare it to Axie Inifity.

It doesn’t help that Stepn uses the cyclical nature that’s baked into so many play-to-earn games. The problem is that the model of these types of games have proven to be unsustainable in the past without an influx of capital. Some have even gone so far as to call Stepn and other games within this genre by a less desireable term: Ponzi Scheme.

While Stepn is pushing us to get outdoors, it has to avoid a token model that’s going to result in the project going belly up. The problem is that currently it takes too long for new users to break even, which can lead to a decrease in interest and users. Obviously this is something Stepn wants to avoid.

The good news is that the project’s core team seems to understand that and is taking the necessary steps (pun intended) to adjust its tokenomics and rewards. Will they succeed? That remains to be seen as its still early in the play-to-earn market. Nevertheless, we’re going to put on our running shoes. Just in case.

Business in the front, party in the back

NFT NYC was last week and if anything it showed us just how far-reaching the technology truly is. Not only do NFTs have a worldwide appeal, but they also attract investors from all different walks of life. Let’s take a look at two NFT projects with very different approaches.

Doodles held its kickoff party in Times Square, where it’s CEO, Julian Holguin, took attendees through a Powerpoint presentation. The entire “party” had a very corporate feel. That was until Holguin announced the project’s Chief Brand Officer - Pharrell. If nothing else, the Doodles gathering showed the there are some within the NFT world who take their businesses very seriously.

By contrast, Goblintown was hosting its own get together which resembled more of what NFTs are meant to be: a community. There was no talk of branding, no Powerpoint presentations, and no roadmap discussion. It was a gathering of people enjoying the moment - even if that moment was celebrating NFTs that center around urine and goblins.

Of course, the one you choose to attend might speak volumes about the way you view cryptocurrency. Some see it as a legitimate investment and a way to make money. It is something that should be treated seriously.

Others want to enjoy the moment. Crypto is a movement. It’s supposed to be fun, exciting and groundbreaking. It’s not supposed to be a stiff in a suit talking about marketing strategies and mission statements.

A mixture of both is probably the best way to go. Still, aren’t you just a little curious about that Goblintown party?

Wise Twitter Thread

Quick Headlines

Everybody in the 313 - The price of ApeCoin rises and Em and Snoop are at it again. Their new music video shows them aping in as they promote the Bored Ape Yacht Club with enough smoke to make a firefighter run for cover.

Is a bull market on the horizon? - Probably not, but Bitcoin and Ethereum are still seeing some pretty respectable gains, and Polygon seems to be the Cinderella story of the week.

Litecoin is the second most transacted digital currency - Bitcoin may be scaling with Lightening, but Litecoin seems to play a part, and the results are shocking.

With great risk comes great reward - More people are involved in crypto lending than any other type of transaction, but do the risks outweigh the rewards? Some say they don’t.

And the truth will set you free - The nature of Bitcoin indicates that its private property is subject to covenants that may restrict your usage of the coin, but how does that work?

Hacks:

$1M reward for the return of $100M - Ouch. $100 million was stolen from Harmony, and they just want it back. They say they won’t even press criminal charges if someone can find who did it and return it.

Fun Meme's

Hit Reply to let us know how we are doing! We would love to hear from you.

Was this email forwarded to you? Sign up here.

Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.