stepn-move-to-earn

The STEPN platform, a blockchain-powered move-to-earn fitness app, has refuted claims suggesting that it laid off some of its staff members in the wake of the current crypto clash, which has left many digital assets shedding more than 60% of their value.

On October 12, the South China Morning Post and crypto news writer Colin Wu from Wu Blockchain reported that Find Satoshi Labs, the parent company for the STEPN fitness app, had reportedly laid off more than 100 workers.

The list of contracts terminated included community moderators, ambassadors and others whom the company pays to promote its brand in different regions. The media outlets noted that the company suffered a continuous drop in player numbers amid a struggling crypto market.

STEPN Refutes Layoff Claims

In an October 13 interview with Decrypt, STEPN described the circulating reports as “baseless claims that are factually inaccurate.” Surprisingly, the STEPN spokesperson revealed that the fitness app it’s even actively hiring. He remarked:

“The reality is that STEPN has parted ways with volunteer MODs who have not been active in the last few weeks and months. Regarding our staff, STEPN is actively hiring for several different roles within the company.”

STEPN Market Health Amid Crypto Winter

Launched in 2021, STEPN is a crypto app allowing users to buy virtual running shoes as NFTs. These NFTs enable them to earn STEPN’s native token, GMT. Nonetheless, virtual shoes have deteriorated slightly amid the crypto clash.

According to Dune Analytics, STEPN saw a massive spike in monthly active users in May and June, recording over 700,000 and 500 users, respectively. Unfortunately, the fitness has seen more than a 50% decline amid the general bearish that began sometime in June.

The crypto fitness app has dropped from 140,000 monthly active users in August to just 99,000 in September. The number of daily active users has also sharply declined, from a peak of 58,000 on June 21 to just 5,800 on September 15.

In the meantime, STEPN remains strong and active despite poor performance, with the “Careers” tab on the STEPN website, where candidates can fill out a form expressing interest in working for the company, still live.

Elsewhere, Tamadoge is another NFT project using play-to-earn functionality like STEPN. Tamadoge launched its ultra-rare NFT collection last week. Its NFT collection auction is live and expected to end on October 13.

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