Solana-based 'move-to-earn' startup STEPN raises $5 million in SAFT sale (via Yogita_Khatri5)
STEPN, a move-to-earn NFT gaming startup, has raised $5 million in seed funding.STEPN, a Solana-based"move-to-earn" startup that rewards users for exercising, has raised $5 million in a seed funding round.
This was STEPN's first fundraise and realized via a simple agreement for future tokens sale, the startup's founder Yawn Rong told The Block. The funding will help expand STEPN's current team of over 30 and further refine its product, said Rong.STEPN is an Australia-based startup that offers a blockchain-based fitness app. It works by letting users buy NFTs that last for a certain amount of time.
There are three types of sneaker NFTs available within STEPN: walker, runner, and jogger. One walker sneaker, for instance, gets an average of 10 minutes of energy. Once a sneaker and energy is gained, users can either walk, run or jog depending on what sneaker they bought and earn GST tokens. The current price of oneEarned GST tokens can be swapped to SOL or the USDC stablecoin via STEPN's in-app swap function and can be withdrawn to an external account.
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