I agree with many of the reviews here that bash STEP'N for its unsustainable ponzinomics. In retrospect, the drop was executed with impeccable timing in the last days of the last bull run (Spring 2022). The ATH had been touched, DeFi Summer was over, the "Metaverse" was still a thing kinda, and the "NFTs with utility" narrative was getting ahead of itself. It was the last ape to the party, after all the other apes had passed out drunk.
Thus, unless you got in early, you likely entered at or near the top. Few NFT bags are heavier than a STEP'N sneaker bought before the LUNA crash. GMT was even worse. The "governance token" (I've yet to participate in any voting or staking), holds the dubious distinction, along with a certain defunct CEX's token and a depegged algorithmic stablecoin, of achieving -99% it's ATH. A novel idea that was both the beneficiary and victim of hype and market cycles, I give this one three stars for kicking off, for better or for worse, the ________-to-earn idea IRL.
Ginsberg's theorem, a parody of the laws of thermodynamics, are a perfect application to STEP'N, itself a parody of the idea of physical movement and energy. It states:
- There is a game.
- You can't win.
- You can't break even.
- You can't even get out of the game. Show Less
