STEPN: Should Players Prepare for More Dips in the Short-Term?
Footprint Analytics stated that play-to-earn GameFi projects have witnessed faded user interest since early this year. The GameFi new user index has plummeted by 57% from April 2021 to August 2022. The interest decline in P2E projects appears visible from STEPN’s performance within the past few months. Moreover, Dune Analytics suggested that the move-to-earn site saw the monthly active user metric plunging by about 95% since May.
STEPN Outlook
STEPN organized multiple challenges and campaigns for runners to participate for rewards this month to revive user interest in the downbeat move-to-earn gaming platform. For instance, it celebrated its 1st anniversary on September 2 with a Before-After Challenge between September 2 and 8.
Users were to unveil their STEPN APP progress via multiple before/after videos to win some $GMT rewards. STEPN following with the 12K Steps Challenge between September 12 and 15. That requested GMT token holders to complete 12K steps per day.
Slow Down
Amidst tightening conditions within the broad financial space and a slump in the overall crypto ecosystem, play-to-earn games remain at the backseat on investor worries list. The move-to-earn site continued to decline despite STEPN’s attempts to revive gamer interest via challenges and campaigns.
Dune Analytics data shows STEPN’s daily users noted consistent drops since early this month. The metric for users whole utilize the site daily slumped by 24% in that timeframe. Moreover, STEPN’s new users fell by 32%.
The STEPN project relies on its NFT sneakers that runners can purchase on the marketplace for outdoor activities to earn NFT and token rewards. Unfortunately, the newly minted shows count also plummeted amid the sustained decline in interest. This metric has plunged by 84% from June to August. Moreover, STEPN’s deposit transactions dipped by 96% between July 20 and press time. The project noted a 91% dip in deposit transactions this month.
GMT and GST-SOL
This month hasn’t been lucrative for the move-to-earn tokens. Coinmarketcap data shows GMT surged towards the $0.815 high on September 9 before plummeting by 21% to current levels. Moreover, GST-SOL climbed to the $0.44 peak on September 10 before a 28% slump to press time of $0.03419.
Editorial credit: photo_gonzo / shutterstock.com
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