Sequoia India leads the investment and interprets how "stepn" detonates the chain game market

Daily Planet 2022-04-05 01:54:23 阅读数:533

sequoia india leads investment interprets

author | Qin Xiaofeng

Starting time | 3 month 3 Japan


Last few months ,GameFi  The most popular chain tour in the market is 「STEPN」. The game is based on  Solana  Blockchain construction , Known as the world's first Move To Earn( Earn while exercising )NFT  game .

This year, 1 month ,「STEPN」 Announced a complete 500 US $10000 seed round financing , Sequoia Capital India and Folius Ventures Lead investment , A moment of fame ; In the near future , Currency security  Launchpad  Announcing that it's coming online STEPN Governance token GMT, Ignite the enthusiasm of chain game players again .

In the sound of praise ,「STEPN」 Has also been questioned as 「 Copy fun step 」. However , Carefully analyze their economic models and playing methods , It can be found that there are essential differences .

「 Interesting step 」 The core model of is the Ponzi scheme of drawing heads and paying dividends , And the pass is continuously issued 、 No consumption scenario , The final price collapse , Project running .「STEPN」 Do not rely on the development of offline pull new , Developed a variety of sports play methods , At the same time, a variety of general certificate application scenarios are designed , Finally, the dynamic balance between circular casting and destruction is reached .

“STEPN Our goal is to promote a healthier lifestyle for millions of people , Bring them into Web 3.0 The world , At the same time, make a positive contribution to carbon neutralization .”STEPN  Official expression .

「Move To Earn」 Is your innovative play really reliable ? New players in the chain game market 「STEPN」, Can it be like 《Axie Infinity》 Generally successful out of the circle , Bring incremental benefits to the encryption market ?Odaily The daily planet experienced this game , The economic model and development prospect of the project will be deeply analyzed below .

( One )Web3 Chain Tour 「STEPN」, Hot overseas

“ I'm glad to witness 「Move to Earn」 The origin of , I think 2022 year , More people will be obsessed with STEPN.” In the near future ,Adidas Vice President, 、Runtastic CEO  Scott Dunlap  Posting on social media said . This is not Scott Dunlap First praise STEPN, Previously, it has repeatedly tweeted to promote the project , said “STEPN Will become 2022 The dark horse of the industry ”.


image Scott Dunlap So optimistic STEPN  There are still many people . Last few months , Many fund managers 、 encryption KOL One after another incarnated STEPN Of 「 tap water 」, Recommend this chain game to users inside and outside the circle . They may give affirmation on social media , Or write an article about how to play 、 Analytical economic models :

  • “ This is such a simple design . People are equipped with NFT Sports shoes , Then earn tokens by walking or running . The game has a complete decentralized wallet , have SWAP In exchange for 、 Cross chain conversion function and comprehensive anti cheating mechanism , Prevent from being used .” Former Google wallet Executive 、6th man Partner of venture capital firm Mike Dudas Express .
  • “STEPN It's the first game of its kind , Full of Gamification and mobile earning mechanisms . Soon , Every runner earns... While tracking his progress Token And collection NFT. Encrypted incentives 、NFT This intersection of collections and real-world utilities provides us with a solution for the integration of the physical world and the digital world in the future .”Sfermion Fund partners Dan Patterson Express .

STEPN Is based on Solana  Public chained Move To Earn( Earn while exercising )NFT game , Previously in Solana 「 Hacker song 」 Chain travel plate won the fourth place , And obtained the official Grant Reward .

Move To Earn The game is GameFi A new form of , Players can use their own motion data as game input , Then get tokens and  NFT  Reward .

“ As early as last year 8 month ,STEPN This idea came into being , Although not the first to propose M2E The project of this concept , but STEPN But the fastest way to put this idea 「 cash 」 Project , It took just 120 The product delivery was completed in days .”STEPN The team says .

According to the official website , last year 11 month ,STEPN Online beta , Test phase invited from 43 A country's 1,000 Multiple players participate in , More than... Per week 70% Player retention rate ; last year 12 Public beta version launched in January , Less than a month ,STEPN In Japan, App Store downloads exceeded Nike, Detonate overseas forums . at present ,STEPN More than daily active users 3 ten thousand people , Known as the next 《Axie Infinity》.

(1) Diversified playing methods , Jump out of the homogenization competition of chain game

STEPN The basic way of playing is very simple , Players are equipped with... In the game application NFT Sneakers participate in the game ; Earn token income by running in the real world , The proceeds can be used to upgrade 、 Repair sneakers to improve “ Earn money ” efficiency , You can also sell directly .

The specific operation steps are as follows , Players first need to  STEPN Official website   Download Mobile Applications STEPN App, Register via email STEPN account number ; After registering and logging in , Players can create or import existing Solana wallet , And transfer from the trading platform to SOL To the wallet address , So that you can buy... In the game NFT Sneakers and game rewards .

Players in the application market , You can buy NFT Sports shoes , There are four different types , Namely :Walker( The pacers )、Jogger( Jogger )、Runner( The runner ) and Trainer( Trainer ). Different types of shoes , There are certain restrictions on the player's movement speed per hour , for example Walker The speed limit is 1-6 km/h , Beyond the corresponding range , Exercise will not generate token income . The price of different types of shoes is also different , among Trainer The highest , Because its speed limit range is the widest , by  1-20 km/h.

Each type of sports shoes is divided into 5 Seed quality , It is divided into :Common( Ordinary , gray )、Uncommon( rare , green )、Rare( rare , Blue )、Epic( epic , violet ) and Legendary( legend , Orange ). Shoes of different quality , Its properties are different , The token income generated is also different .

After buying NFT After sneakers , Players can officially participate in the game . Game playing methods include :

· Single person mode : Players click on the game page 「Start」 Start running , To earn tokens ; In the same way NFT Under the condition of sneakers , The longer you exercise , The more tokens you get . Of course, daily exercise time (「 energy 」) There are certain restrictions , Once used up , Stop earning tokens , The following analysis of economic models will focus on .

· Cast new shoes : Players can reach... With two levels 5 Class sneakers , To cast new shoes , Each sneaker has 7 A chance to forge new shoes ; Every time a shoe box is cast , Players can directly invest in NFT Sell in the market , You can also open it yourself and continue to upgrade , Cast new shoes .

What's interesting is , New shoes are cast , It's going to happen 「 mutation 」, Even two pairs of ordinary shoes can be cast with high quality 、 Other types of shoes . Some players said in the community , Use two pairs by yourself Common The shoes of , Cast a pair of Uncommon The shoes of , direct sales , Made thousands of dollars .

· Renting sneakers : If you have a lot of sneakers , Of which 10 Grade shoes can be rented out ; During the rental process , No deposit is required , But it's time to NFT Unable to transfer out of account ; When the final account is divided ,STEPN Will charge 8% The tax rate of , The fixed ratio of income distribution between the lessee and the lessor is 3/7. Rental play can cooperate with the future gold studio , Revenue sharing , to NFT Players bring a lot of benefits .

In addition to the above three ways of playing ,STEPN Marathon mode will also be open , Players can choose to compete , And finally get a lot of income according to the ranking . Besides , Background mode will be supported in the future , Players can do this without opening STEPN App In the case of GST,App The background will directly obtain the number of steps from the health data of the player's mobile device .( notes : Introduction to specific playing methods and rules , You can click jump to read relevant articles )

(2) Some of the problems , Still to be improved

“STEPN The game design is really good , But it's just a little expensive 「 hand 」, Sometimes you walk without swinging your arms , Put your cell phone in your pocket , There will be some gaps in the data , Resulting in a decrease in the amount of money earned .” The player A towards Odaily The daily planet reaction .

actually , The reason for the above problems , The root cause is STEPN Anti cheating mechanism design of the game . In order to prevent players from forging sports situations , So as to obtain improper benefits ,STEPN Use the gravity sensor to get the player's movement . In different motion states , Human movement “ wavelength ” There are obvious differences , To prove the authenticity of the player's movement .

Of course , This mechanism may exist occasionally 「 Accidental injury 」. For example, in the cold north , Players just want to walk with their mobile phone in their pocket , Then it is determined as a non motion state by the system , This also requires the project party to further optimize the system algorithm , Achieve more accurate motion state .

In addition to the above problems , There are also player reactions ,STEPN In some underground passages or office buildings , Often unable to remember steps or inaccurate data .STEPN Aspect representation , These problems are mainly due to GPS Signal instability leads to , There is no ready-made solution for , But they developed a new algorithm —— In the latest Beta In the test , With traditional running apps and GPS Equipment comparison , Its GPS The accuracy is improved 70 times .

In the game , The player needs to put... In the wallet address SOL Go to the consumer account in the game system (Spending Account), So that you can buy... In the game NFT Sneakers and game rewards . But sometimes the wallet transfer time cycle is long , And the two accounts are inconvenient to operate , The transaction of built-in wallet is not smooth occasionally ; And there are NFT The market shows more confusion , Can't view history . To address these issues , Recent official notice , It will be upgraded in the next version , Merge consumer accounts with wallets , Also on NFT Market upgrade , To facilitate user transactions .

Last , And players reflect ,NFT The floor price starts from the initial 1~2 SOL Up to the current 8-10 SOL, And tokens GST Rise in price , Cause the cost of new players to rise , This cycle is extended . Of course , This problem reflects the increasing popularity of the game to some extent , This is also a common problem faced by all chain games in the rising period , At present, it is difficult to effectively solve .

( Two )Stepn It's a replica 「 Interesting step 」 Do you ?

For people who love sports ,「Move To Earn」 The model does bring a lot of income to these groups . It also makes STEPN An instant hit , Get out of the circle quickly , Become the new favorite of chain travel market .

however ,STEPN The mode of is also interpreted by some users as 「 Movement is mining 」, It is reminiscent of the game of fire in previous years 「 Interesting step 」. There are also some skeptics that ,STEPN It's a fun step to copy , Eventually it will inevitably collapse . But is it true ?STEPN Will it repeat itself ?

STEPN Think , The root cause of the failure of such projects as fun step and other similar projects is , The project side has not found a mechanism to balance the casting and destruction of tokens  , and GameFi The emergence of just solved this problem . So ,STEPN Designed a more perfect economic model , Adopt dual currency mode .

First, analyze the economic model of qubu . The way to play it is , Players need to invest in scrolls , Through the scroll 、 Activity generates candy tokens ; If you invite new users to buy scrolls , You can get higher activity , So as to obtain higher income . The end result is , The game became a relay race to pull people's heads , Against the original purpose of the movement . Besides , Fun step's candy tokens continue to be issued , No consumption scenario , Prices fell in a waterfall , Finally trample on the crash . In two years , Fun step victims increased to 1.2 Hundreds of millions of people , Qubu has also been suspected of MLM by many police 、 Illegal fund raising 、 Financial fraud and other reasons for investigation .

STEPN The essential difference between mode and fun step is , Players don't need to pull people's hair offline , No rewards will be given to invited users ;STEPN Through dual currency mode , Set multiple application scenarios , Increase token consumption , And constantly set 「 obstacle 」 Reduce output , Make additional issuance and consumption form a dynamic balance .

say concretely , stay STEPN There are two tokens in the :GST as well as GMT, Their functions and functions overlap , There are different .GST The supply of is unlimited , It is mainly caused by the player's movement in single player mode or background mode ;GMT Is limited (60 Million pieces ), Reach the highest level in sneakers (30 level ) after , Players will get .

Output on ,STEPN Set a daily output limit , What players earn every day GST and GMT It's all limited , At first, you can only earn at most per day 5 individual GST Start the game , After upgrading their sneakers , Can earn every day GST Increase the upper limit to 150 individual ; and GMT Your daily earning limit is 5 individual .

And in the use scenario ,GST as well as GMT The main uses are as follows :

1. Upgrade shoe grade . Players can burn in the game GST, Take their sneakers from Lv1 Upgrade to Lv 28, However, the upgrade requires Token The number will increase exponentially with the increase of sneaker grade ; from Lv28 Upgrade to Lv30, In addition to burning GST Outside , Still need to burn GMT. The tokens required for upgrading in each stage are as follows :


( The image data is collated by community members )

2. Accelerate upgrade time . Each upgrade takes time , For example, from 29 Upgrade to 30 Class needs 30 Hours , Some users can choose to speed up the upgrade , You also need to use GST As a token , And the cost of each level of acceleration is different , Showing exponential growth .

3. Sports shoes repair . Every use NFT After running , Shoes wear out ( Full marks 100 branch , Will continue to decline ), Once the wear is higher than 50%, The efficiency of token generation will also be greatly reduced , This also means that players have to constantly maintain their sneakers ,GST Is to maintain the basic pass of shoes , Have a strong rigid demand .

4. New synthetic shoes (Mint). Ordinary 、 Green and blue shoes Mint when , Need to consume GST; And purple and orange shoes Mint Need to consume GMT, With Mint More times , The number of tokens required also increases linearly . for example , Two pairs 0 Time Mint For the first time Mint, need 200 GST, At present, it's about 700 dollar . The specific data are as follows :


In addition to the above-mentioned functions ,GST You can also unlock the gem slot ( Gems can add skill points to shoe attributes ) And upgrade gemstones and wash sneakers .

GMT Can be used for high-end in-game activities , Such as renaming sneakers and advanced upgrades ; More to the point ,GMT Can be used for game management . The profit in the game is based on  DAO  Vote in the same way ,GMT Holders will decide how much of the game's profits will be used for carbon neutralization as a reward to pay them . meanwhile , By locking in the profit pool GMT, Players will also get higher voting rights .

Many people may STEPN Medium GST as well as GMT, Analogy for 《Axie Infinity》 Medium SLP as well as AXS, But there is still a big difference between the two .

SLP It is uniformly cast , There is no continuous destruction of tokens , Only in specific application scenarios will it be destroyed ( Give birth ), This will make the generation of tokens faster than consumption, leading to inflation , And when game developers interfere too much in the game economy , Will irreversibly change the market's expectations of external intervention, so that external intervention will become more and more useless .STEPN Iterate on the basis of predecessors , Designed for paying players “ Token application scenarios ”, It can make 「 Krypton gold 」 Players fully burn their tokens ; At the same time, it also takes care of whether NFT The player , And provide a window for them to enter the game ( Leasing system ).

“ By careful analysis Axie Infinity Native token SLP Economic model , We already know the challenge of game token design —— If the supply of game tokens is unlimited , So how to balance supply and demand ? From Keynes to Hayek , From token circulation to network effect , We all have research .”STEPN The team says ,“ We found that , The unified casting of game tokens must be managed through the unified destruction of game tokens , To convert it into different forms of assets , This conversion can be voluntary 、 It can also be mandatory or structural . The temporary casting of game tokens must be managed through the consumption of game tokens , To create value beyond money .”

The final result is also like the team's imagination ,GST After the launch , The price is running smoothly , There is no sharp rise or fall . Recently, affected by market sentiment , Some new users are hoarding GST, As a result, the price once rose to 3.5 dollar .

To sum up ,STEPN Set up a dual token economic model : One side , by GST、GMT Created a variety of scenes , Improve ease of use ; Control at the same time GST、GMT Produce , both , Reduce dumping pressure . It is difficult for players to simply seek rent by digging, selling and selling , Asset returns are implicitly limited and diversified . To a certain extent, this solves the problems existing in chain travel before , Helps prevent the game from falling into a death spiral in a bear market , And this is precisely the biggest hidden danger faced by most chain games .

( 3、 ... and ) from P2E To M2E Paradigm shift

2021 year ,「Axie Infinity」 Hot in Southeast Asia , take “ Play and earn ” P2E Extended beyond the encryption community , Let more people know GameFi Chain Tour . and 「Stepn」 Appearance , It also set off a wave of change in the chain tourism industry : from P2E To M2E Paradigm shift .

From the point of view of play , In the past, chain games had high professional requirements for players , Players need to learn relevant skills , Some golden studios even train players . and STEPN It focuses on more detailed 「M2E」 Concept , Broad mass base , The operating threshold is low , Players don't need a lot of operation , Just click start on the home page , Exercise , You can participate in the game .

Blockchain for users outside the circle , High learning cost , If the chain tour adds a lot of cumbersome operations , It is bound to further hinder traditional users from entering the blockchain world . At this point ,STEPN Undoubtedly, it is more friendly to users outside the circle .

stay  STEPN It seems ,「M2E」 It has a broad market space , A survey data mentioned on the project's official website shows that ,2017 In the United States alone 5590 Ten thousand people will run ,1.11 100 million people will take part in walking Fitness ;2021 year , The online fitness industry has gained 33% Annual growth rate , If we can expand in this field , signify M2E Games can push millions of people into Web 3 market . therefore , In order to further promote the concept ,STEPN Previously, he has sponsored two charity running activities in Australia .

in addition , Take exercise and health as the starting point , It's further improved STEPN The social value of . Previous chain tour , Players need to stare at the screen for a long time , Perform manual operation ;STEPN It liberates the player's hands and eyes , Players only need to gain health and economic benefits through sports .

“ With what we've seen Play to Earn The game is different ,Move to Earn The project creates a system that connects the online world more closely with the real world , It is no longer simply putting decentralized finance under the cloak of a game , No longer to motivate players to earn money , And let them click on a page with almost the same mechanism design , Instead, they fully mobilized their enthusiasm for sports , While providing passive benefits , And exercise .”STEPN The team says .

More to the point , Adhering to the values of low carbon and health ,STEPN It has also made its own contribution to the cause of global carbon neutralization .

According to the official plan ,GMT The holder will decide by community referendum STEPN How to allocate the proceeds of the project fund pool to purchase on the chain Carbon Removal Credit So as to support the global carbon neutralization cause more openly and transparently . in addition , Users can voluntarily choose to donate their GST —— these GST Will be exchanged for  USDC / Legal currency to buy carbon neutral credit points or be destroyed .

( Four ) summary

Every game , All have their own life cycle , It's very difficult to keep a game alive for a long time . To solve this dilemma , The vast majority of games continue to introduce new and diversified playing methods , Trying to keep old players . But iteration after iteration has also gradually pushed up the learning cost of new players .

STEPN Learned this lesson , Stick to the simplest way of playing sports , So that more users outside the circle can easily enter the world of chain travel , Participate in the wave of blockchain in a healthy way . meanwhile , Through the dual token economic model , Strike a balance between token casting and consumption , Helps prevent the game from falling into a death spiral in a bear market .

STEPN Idea , Also won the favor of capital . This year, 1 month ,STEPN Announced a complete 500 US $10000 seed round financing , Sequoia Capital India and Folius Ventures Lead investment ,Solana Ventures、Alameda Research、6th Man Ventures、Sfermion Etc , front ParaFi Capital partner Santiago Santos And Republic Asia Pacific partners Zhen Cao Wait for the vote .

M2E The new paradigm of , Is changing the future of chain travel .

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