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GameFi: M2E game STEPN earned $122.2 million in Q2

The official blog of the developers of the M2E-game STEPN has an entry about the financial results of the second quarter of this year. Over the past few months, the app’s net profit was $122.2 million, and that’s taking into account the recession and high volatility.

Looking at these results, one can’t help but wonder if this is the new market leader. Especially since Q1’s profit was only $26 million. That is, profitability has increased almost fivefold.

What kind of app is this?

In addition to P2E games there are many projects in the network that offer the user a reward in cryptocurrency for certain actions. You can get money for having sex, for example, or walking around.

Earlier we told about two such projects – SweatCoin and Walken. STEPN belongs to the same category of applications. That is, the project offers the user a reward for physical activity.

When the game reaches level 30, it gives an opportunity to earn internal tokens – Green Metaverse Token (GMT). They can be spent on NFT or sold for real cryptocurrency.

Popularity on the back of global recession

STEPN’s success can be explained by two factors – the growing demand for everything related to NFT and the lack of investment from users. Despite the recession in the cryptocurrency market, the popularity of tokens and metacurrencies remains extremely high.

This is confirmed by the numbers. In three months, the profit of the application development company has grown significantly. At the same time, there was no significant outflow of users, as it happened with Axie Infinity.

How will the management manage the tokens?

The company intends to spend up to 5% of its profits to reduce its internal token offering. The developer will buy back the GMT and then dispose of them. This way the value of the token on the internal market will increase.

The rest of the money will go to:

  • Upgrading the DDoS attack protection system;
  • Updating the anti-chitting system;
  • Hiring new employees;
  • attracting new partners and promoting the brand.

And you are already filling up steps for crypto?

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