P2E Start-up STEPN Secures $5M Seed Funding

P2E Start-up STEPN Secures $5M Seed Funding

Launched on Solana’s blockchain, the move-to-earn game STEPN received its first investment from some of the largest VC firms.

Blockchain gaming has seen immense success over the past months, reaching over 2B revenue in 2021. However, STEPN approaches P2E a bit differently, and encourages users to move by awarding them with GST tokens. 

According to STEPN’s official announcement, the $5M seed funding round was backed by Sequoia Capital, Alameda Research, 6th Man Research, Morningstar Ventures, DeFi Alliance, M13, Folius Ventures, Solana Capital, Corner Ventures, Sfermion, Lemniscap, Openspace Ventures, WelinderShi Capital, Spark Digital Capital, Solar Eco Fund and Zee Prime Capital.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is an Automated Market Maker in Crypto? (Animated)

What is an Automated Market Maker in Crypto? (Animated) What is an Automated Market Maker in Crypto? (Animated)

The funding will help STEPN’s team implement various social features including an achievement system, NFT sneaker rent, and assist the development of its native token. Founder of Folius Ventures Jason Kam spoke about the relevance of NFTs, and how a mobile move-to-earn game has immense potential, stating:

"The additional monetary incentive alters the dopamine curve just enough to bring millions into healthier lifestyles and to the Web 3.0 world. The experience and the execution speed of the team has really impressed us so far, and we cannot wait to work with them to foster a vibrant and sustainable Token Ecosystem for the long-term."

Released in August of 2021, STEPN, currently in its beta phase, lets users equip virtual sneakers or NFTs to jog, walk, or run, which earns them GST tokens. Tokens are used to level up, fix your own virtual sneakers, mint new ones, and trade them on the marketplace. However, in order to use STEPN, players need to purchase a pair of NFT sneakers that, on average, cost 6.22 SOL (~$856).

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree