Doubling (or Tripling) Down with STEPN

If this is the first time you are hearing of STEPN, then I recommend reading my first post at the beginning of March where I share more about the earn-as-you-run concept with this crypto project. I will assume baseline knowledge of how the whole game works for the rest of this post.

With the introduction out of the way, it will be Day 60 with STEPN tomorrow for me. And I have not looked back since.

2 months of at least 30 minutes of daily jogs/runs/walks/exercises

Day 60 was a significant milestone that I kept in my head because I calculated that I needed about 40 days to attain the maximum level (Level 28) without spending any GMT and another 20 days to break even for the NFT that I bought. The first I have comfortably achieved well within my projections. The latter I have not, but not because STEPN failed on me.

Quite the contrary, I tripled down my capital into STEPN by purchasing two more NFTs. That means we have plonked in about S$5k into STEPN (average of $1.5k-$1.6k per NFT). One of the NFT is specifically for my wife so that we now have two golden geese laying golden eggs for us. These golden eggs are worth a daily total of ~S$130 but we have been reinvesting them into levelling up our main NFTs and purchasing one more. So across two accounts, there are 3 NFTs and 1 NFT.

And with 3 NFTs, it means we double the energy refreshed every 24 hours and get double the earnings daily with a 20 minute run instead of 10.

My first 20 minutes jog!

So with a gross earning of 38.62 GST and after repairing the durability, I have a net earning of 32.81 GST * 5.792 USD * 1.36 SGD/USD = ~S$258. That’s more than chump change for me!

The next phase (Phase 2) of my strategy to either mint or purchase 2 more NFTs for my wife’s account so as to have double earnings for both accounts. Given that the floor price of mint 0s is currently 14.5 SOL, I estimate that we will hit that milestone within 14.5 SOL * 2 * S$135.82/SOL / S$258 = 15.2 days, i.e. Day 75.

Thereafter, Phase 3 will then be focused on cashing out to make back our capital of S$5k. And this will likely take about S$5k / (S$258 * 2) = 9.7 days, i.e. Day 85. From there on, it will be pure profits and we can decide whether to cash out or reinvest. We think that for Phase 4, we will be cashing out 50% and reinvesting 50% moving forward, as we collect more NFTs in preparation for the upcoming developments even as we enjoy the spoils of our labour.

Of course, all this assumes that the quoted prices of each cryptocurrency remains constant and the project doesn’t implode and disappear.

I’m still quite bullish of this project given that it’s growth has been exponential even while still in the beta phase. Yet at the same time, I’m wary of the potential that this might just be another Ponzi scheme and will fizzle out once there are no longer any user growth. Comparing to Axie Infinity, I still think there is a lot of room for more growth and there’s still a lot to look forward to in the latest roadmap.

Can you think of all the possibilities with the rental system and online marathon?!

But anyway, you make your own judgement. See this Reddit thread, this CoinMarketCap article and this Medium article for further discussion and you come to your own conclusions about STEPN.

Let me know what you think in the comments. If you’re keen to come onboard, do reach out to me as you need an activation code to get started. I’ve a few friends who have hopped on since my first post and I’ve created a Whatsapp group to discuss strategies and keep each other up to date on latest developments. I’m happy to expand the group further and welcome newbies to the club.

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