STEPN Records Over $100M in Profit in Q2
- STEPN has amassed 3 million users in less than six months.
STEPN is the first Web3 NFT game that demands users to move from location to location in order to advance and earn cryptocurrency. Users gain more tokens by moving around. Although the game has been controversial, the platform announced that it recorded about $122 million in profit during Q2 through platform fees.
STEPN highlighted many areas where it would use its profit to enhance its app after reviewing its progress in Q2 and staying in close contact with its community. The Solana-based app said it previously suffered multiple distributed denial-of-service (DDOS) attacks and as a result, plans to improve its security conditions with the profit from Q2 to stop such occurrences.
The platform wrote in its official announcement,
We are committed to delivering the best possible service to our users and have been working to amplify the platform’s security and server capacity to prevent future DDoS attacks. With the profits realized during Q2, we will be able to double down in our commitment to this and devote more resources to our efforts.
STEPN also identified improvement of SMAC (STEPN’s Model for Anti-Cheating), a system designed to stop false motion data on the app and delete bogus users, as another crucial area to deploy funds. STEPN claims to have heavily invested in this mechanism since its inception and intends to improve on it in order to guarantee the integrity of the STEPN game world. The platform further plans to enhance its AI’s capacity to spot irregularities, stop accounts from using mining bots, and restrict accounts from pretending to move in order to earn more rewards.
STEPN also intends to deploy funds to expand its team to meet the growing needs it has witnessed in recent months. The firm is seeking professionals in tech development, marketing, public relations, and business development to help deliver a complete product suite of DEX, NFT marketplace, and social products.
STEPN Expands Despite Pressure
The move-to-earn model is quickly becoming a significant trend, which has helped companies like STEPN expand. Green Metaverse Token (GMT), STEPN’s native token has increased in value by more than 30,000% since its token sale was carried out on Binance Launchpad.
Since the public beta version of the self-described web3 “lifestyle app” was launched in December 2021, the number of daily active users has increased dramatically. While STEPN enjoyed impressive attention, it has also faced severe scrutiny and was forced to withdraw from mainland China due to increasing regulatory pressure. The platform said that it would no longer provide IP and GPS services to users in the area.
STEPN believes a ban in China would not affect its overall operation and profit since the region only constitutes 5% of its total user base.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
