YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Layoffs Hit Struggling Crypto Fitness App STEPN

October 12, 2022
in NFT News
Reading Time: 5 mins read
A A
Layoffs Hit Struggling Crypto Fitness App STEPN
ShareShareShareShareShare

STEPN is taking a step back.

The “move-to-earn” fitness app has laid off over 100 contract workers. including community moderators, ambassadors, and others, according to reports from the South China Morning Post and crypto news writer Colin Wu of Wu Blockchain.

Launched in 2021, STEPN is an app where users buy virtual running shoes as NFTs which allow them to earn STEPN’s native token, GMT, by logging steps IRL. The virtual shoes, which deteriorate over time, were once among the hottest items in crypto.

In May and June this year, STEPN saw a massive spike in monthly active users, logging over 700,000 in May and nearly 500,000 in June according to data from Dune Analytics.

Monthly active STEPN users. Source: Dune Analytics

But when July rolled around, STEPN saw a massive dropoff. It saw 50% less monthly active users in July. It had 140,000 in August, and just 99,000 in September. The number of daily active users has also sharply declined, down from a peak of 58,000 on June 21 to just 5,800 on September 15. 

And per CoinGecko data, GMT isn’t doing well, either. The token is down 84% from its all-time high and down 15% in just the past month.

You might also like

Can ETH Shanghai fork, NFT Surge, make Ethereum No. 1: Analysis

Can ETH Shanghai fork, NFT Surge, make Ethereum No. 1: Analysis

February 2, 2023
Coinbase NFT halts artist drops as trading volume tanks

Coinbase NFT halts artist drops as trading volume tanks

February 2, 2023

This exponential decline can’t be good for STEPN. It begs the question: what is the company doing to keep itself afloat? 

STEPN Co-Founder Yawn Rong wrote on Twitter Tuesday that STEPN is going through a “transitional period.”

“We will be devoting all of our resources to progressing to the next stage of FSL,” Rong said, referring to Find Satoshi Lab, STEPN’s parent company. “Over the next few weeks, we will be shifting gears as we evolve our vision,” he wrote. “Through this transitional period, we will not leave you in the dark.”

3/5 This month, we are focusing on the road ahead. We are running on! Our team must concentrate on ongoing projects full-time, so we will not be hosting an October Town Hall. In the meantime, we will be devoting all of our resources to progressing to the next stage of FSL.

— Yawn Rong (@yawn_rong) October 11, 2022

According to Wu, that means STEPN is winding down. Citing community sources, he wrote that the company is reducing its investment in STEPN, delaying development progress.

“It began to focus on promoting its parent company Find Satoshi Lab, and mainly focused on new projects to be released such as the NFT exchange market,” Wu wrote late Tuesday evening.

It began to focus on promoting its parent company Find Satoshi Lab, and mainly focused on new projects to be released such as the NFT exchange market. In addition, the large amount of GMT’s investor saft will be unlocked in March next year.

— Wu Blockchain (@WuBlockchain) October 12, 2022

While STEPN may be laying off staff, its “Careers” tab on its main website, where candidates can fill out a form expressing interest in working for the company, is still live.

STEPN, which is based in Australia, has not yet responded to Decrypt’s request for comment.

Stay on top of crypto news, get daily updates in your inbox.


Credit: Source link

Related Stories

Can ETH Shanghai fork, NFT Surge, make Ethereum No. 1: Analysis
NFT News

Can ETH Shanghai fork, NFT Surge, make Ethereum No. 1: Analysis

February 2, 2023
Coinbase NFT halts artist drops as trading volume tanks
NFT News

Coinbase NFT halts artist drops as trading volume tanks

February 2, 2023
T-Shirts Matter’s Banksy NFT collection – Cryptopolitan
NFT News

T-Shirts Matter’s Banksy NFT collection – Cryptopolitan

February 2, 2023
Crypto Phishing Scams Likely Coming as Hacker Leaks Emails of 235M Twitter Users By DailyCoin
NFT News

Coinbase NFT Says It Is ‘Pausing Drops’ Amid Imminent Shutdown Rumors By DailyCoin

February 2, 2023
Next Post
Valkyrie Funds to Liquidate Bitcoin-Focused Investment Vehicle

Valkyrie Funds to Liquidate Bitcoin-Focused Investment Vehicle

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Crypto exchange Bybit announces exit from Canadian market

Crypto exchange Bybit announces exit from Canadian market

May 30, 2023
Collateral Network (COLT), Quant (QNT)…

Collateral Network (COLT), Quant (QNT)…

May 28, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 26,892.00 0.8%
    • ethereumEthereum (ETH) $ 1,868.52 0.15%
    • tetherTether (USDT) $ 1.00 0.04%
    • bnbBNB (BNB) $ 305.41 0.14%
    • usd-coinUSD Coin (USDC) $ 0.999240 0.07%
    • xrpXRP (XRP) $ 0.509277 1.03%
    • staked-etherLido Staked Ether (STETH) $ 1,867.46 0.19%
    • cardanoCardano (ADA) $ 0.366056 2.6%
    • dogecoinDogecoin (DOGE) $ 0.071733 0.59%
    • matic-networkPolygon (MATIC) $ 0.889563 0.06%
    • solanaSolana (SOL) $ 20.57 0.53%
    • litecoinLitecoin (LTC) $ 94.35 5.47%
    • tronTRON (TRX) $ 0.074862 0.73%
    • polkadotPolkadot (DOT) $ 5.22 1.67%
    • binance-usdBinance USD (BUSD) $ 0.999705 0.13%
    • shiba-inuShiba Inu (SHIB) $ 0.000008 0.11%
    • avalanche-2Avalanche (AVAX) $ 14.11 0.29%
    • daiDai (DAI) $ 0.999984 0%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 26,927.00 0.7%
    • uniswapUniswap (UNI) $ 5.00 0.07%
    • leo-tokenLEO Token (LEO) $ 3.59 2.22%
    • chainlinkChainlink (LINK) $ 6.37 1.13%
    • cosmosCosmos Hub (ATOM) $ 10.34 1.27%
    • okbOKB (OKB) $ 45.90 0.46%
    • moneroMonero (XMR) $ 147.75 1.62%
    • the-open-networkToncoin (TON) $ 1.78 3.04%
    • ethereum-classicEthereum Classic (ETC) $ 17.82 0.56%
    • stellarStellar (XLM) $ 0.091175 1.02%
    • bitcoin-cashBitcoin Cash (BCH) $ 113.05 0.37%
    • internet-computerInternet Computer (ICP) $ 4.68 0.64%
    • true-usdTrueUSD (TUSD) $ 0.999508 0.06%
    • filecoinFilecoin (FIL) $ 4.70 0.76%
    • lido-daoLido DAO (LDO) $ 2.08 0.32%
    • aptosAptos (APT) $ 8.54 2.9%
    • quant-networkQuant (QNT) $ 114.96 1.26%
    • hedera-hashgraphHedera (HBAR) $ 0.050484 1.38%
    • crypto-com-chainCronos (CRO) $ 0.058645 1.44%
    • arbitrumArbitrum (ARB) $ 1.15 0.35%
    • vechainVeChain (VET) $ 0.019881 2.32%
    • nearNEAR Protocol (NEAR) $ 1.55 0.33%
    • the-graphThe Graph (GRT) $ 0.128679 3.33%
    • apecoinApeCoin (APE) $ 3.08 1.62%
    • algorandAlgorand (ALGO) $ 0.149120 1.25%
    • the-sandboxThe Sandbox (SAND) $ 0.564071 6.61%
    • paxos-standardPax Dollar (USDP) $ 0.999295 0.05%
    • fraxFrax (FRAX) $ 0.998295 0.09%
    • edgecoin-2Edgecoin (EDGT) $ 1.00 0.04%
    • eosEOS (EOS) $ 0.886397 0.46%
    • rocket-poolRocket Pool (RPL) $ 48.84 0.68%
    • elrond-erd-2MultiversX (EGLD) $ 36.86 0.8%