STEPN News: Move-to-Earn App STEPN Made Over $122M in Q2

STEPN News: On the other hand, STEPN indicated that it is constantly on the lookout for new opportunities to collaborate with and support events that are closely associated with the company’s brand.

Solana, California-based move-to-earn app made $122.5 million in Q2 2022 through platform fees.

Deployment of Funds

For the second quarter of the year, STEPN intends to begin a repurchase and burn program using 5% of its income. It was stated that the program would include GMT and shoes. Additionally, in order to minimize a spike in price volatility, the buyback and burn program could take several weeks, according to STEPN’s research team.

In addition, the platform will commit funds to expand its present capabilities and grow a team of developers and designers. In order to use a percentage of the company’s earnings to further the development of its physical product lines for marketing, branding is still a key priority. The goal is to increase overall brand recognition and adoption.

Attacks of distributed denial of service have previously hit STEPN. With the income it made in the second quarter, the platform plans to invest more in security and server upgrades.

Improved SMAC (STEPN’s Model for Anti-Cheating) is also one of the important areas of fund deployment, which aims to eliminate phony users and prevent fraudulent motion data on the app.

An Experiment with China by STEPN

With platforms like STEPN flourishing, the “move-to-earn” business model is becoming increasingly popular. The Green Metaverse Token (GMT) native coin increased more than 30,000 percent since its token sale on Binance Launchpad in April of this year.

Web3 “lifestyle app,” launched in December 2021, has shown phenomenal increase in daily active users since its public beta.

Due to increasing regulatory pressure, the company withdrew from mainland China, despite its success in the country. Users in the area would no longer be able to access IP and GPS-related services, as the platform announced. The 15th of July has been designated as the deadline.

An official statement from the STEPN team clarified their position, stating that they would not be doing business or providing any methods for consumers in the jurisdiction to download the app. According to Jerry H, the game’s founder, barely 5% of players are from China, thus a ban is unlikely to have much of an effect on sales there.