Nat Eliason writes about his experience using STEPN, a play-to-earn fitness app that “allows you to earn crypto from walking, jogging, and running.”
To start playing the game, Nat bought about $12,000 worth of STEPN’s virtual sneaker NFTs. After two weeks he reports earning $300-400 a day “just for going outside and spending time with my wife, kid, and dogs” 👟
You could start playing yourself for about $1100, but Nat issues a clear warning…
It’s not quite a pyramid scheme or ponzi, but it’s darn close. The only way everyone keeps making money is if other people keep putting more money into the system, which either requires more people or deeper pockets from existing people.
Chris Guillebeau has also been playing the game and writes…
I spent $15,000 on virtual sneakers, and now I’m earning $200-350 a day from them. Every day… Personally I figure I’m getting in at a good time (and you are too, at least if you’re reading this relatively soon after it goes up) and I should able to earn out my initial investment.
Chris is clear that he hasn’t earned his money back yet, and it sounds like Nat hasn’t either. And pretty much the only way they can get a positive ROI is if more people start playing the game. So take their enthusiasm for STEPN with a big grain of salt 🧂
Chris was just as enthusiastic about a crypto game called DeFi Kingdoms a few weeks back, from which he was apparently earning $400/day. After reading about Chris’ experience, a friend put $1,607 into the same game and told me yesterday: “my account value is below $1k and it’s unlikely I’ll break even”
To be fair to Chris and Nat, they do emphasize the risk of investing big chunks of money in these games. I think of them as a fun way to spend money rather than a reliable way to make money (Level X).
At least with STEPN though, even if you do lose money, you might find solace in the game prompting you to live a more active lifestyle. Nat, for example, has more than doubled his steps per day since he started playing 🏃♂️
Though you could argue that apps like StepBet and HealthyWage offer a similar cost/benefit without the hype and volatility of crypto.
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