The VC arm of Binance has made a strategic investment into the very first move-to-earn blockchain application.
With the investment, STEPN will be looking to expand its user base and accelerate the development of its ecosystem. Back in January, the blockchain gaming platform secured a $5M seeding round led by major crypto investors including Sequoia Capital, Alameda Research, Solana Capital, Solana Ventures, etc.
Meanwhile, according to the official blog post, Binance Labs will be strategically investing in STEPN and overseeing the project’s development due to its immense growth over the past several months.
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STEPN’s goal is to reward users by engaging in an active lifestyle, and keeping the game’s ecosystem up and running by giving players tokens for their participation. These tokens can be used to purchase in-game items, or sold on a cryptocurrency exchange.
In order to play the game, new players must acquire a pair of NFT Sneakers in order to start earning Green Satoshi Tokens (GSTs) and STEPN’s native Green Metaverse Tokens (GMTs) by running, jogging or walking.
Co-founder of STEPN Jerry Huang spoke on STEPN’s recent success, stating:
"Our community is the mainstay of our growth and seeing them rewarded is our biggest motivation. Currently, a new player can earn good returns by walking/running even for 10 minutes, and a savvy player can earn not only handsome token returns but other NFT rewards every day!"
Play-to-earn has been a hot topic amongst the crypto community as people look for more ways to earn passive income. A recent survey showed that more than 90% of respondents in the Philippines would like to have blockchain gaming as a full-time job or a side gig.