STEPN (GMT)

STEPN is a Solana blockchain-based "Web3 lifestyle app" with GameFi components. It combines elements of a play-to-earn game with a fitness application to form a new category known as "move-to-earn." Users purchase NFT sneakers, which they may use to earn in-game cash while walking, running, or jogging.

STEPN intends to transform the fitness app industry by motivating millions of users to live a healthy lifestyle. The application solves a number of issues, including "proof of movement" - showing that users actually exercised - and a functional GPS system. Furthermore, STEPN financially incentivizes users and intends to incorporate social rewards components, as well as successfully contribute to carbon neutrality.

Yawn Rong, an Australian blockchain entrepreneur, established STEPN in August 2021. Mr. Rong previously launched Crypto SA, an Australian crypto fund and pro-regulation auditor, and has also acted as an ambassador for Algorand as well as an industry leader of the South Australian Blockchain Association. He co-founded STEPN with his neighbour and collaborator Jerry Huang, a game developer and former Falafel Games founder.

STEPN secured a $5 million seed round from some of the most prominent crypto venture capital companies, including Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, and others. 

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