The move-to-earn project Step App ($FITFI) has bucked the downward trend of crypto markets over the past week, posting gains in excess of 250 percent in the week since April 28.
According to CoinGecko, the token was trading at US$0.24 on April 28 before starting its upward climb, recording its recent peak of US$0.67 on May 5 – a seven-day increase of approximately 275 percent. At the time of writing FITFI had retraced some of those gains but was still up significantly, trading at US$0.63.
Step App Lets Users Earn From Exercise
Step App allows users to monetise their fitness, compete with other users, collect NFTs and socialise with other crypto-minded exercise enthusiasts. According to the Step App website, it achieves this functionality by taking advantage of “the leading technology in metaverse, augmented reality and blockchain”.
Step App has a somewhat complicated economy, using three separate tokens – FITFI, KCAL and SNEAK:
- FITFI is the app’s governance token, which can be used for a variety of purposes including staking, conferring DAO voting rights and providing liquidity incentives;
- KCAL is the in-game currency users earn through exercise; and
- SNEAK are NFTs users can mint or buy using using either KCAL or FITFI tokens.
Move-To-Earn Is Latest Crypto Investing Trend
Step App is a part of the fitness finance (FitFi) trend to have recently emerged in crypto, where users can earn crypto rewards by exercising. It seems to be following a similar trajectory to the DeFi and GameFi trends before it: a few innovative projects create a new market segment, and then many similar projects emerge to iterate on the theme and capitalise on the hype.
The current leader in the FitFi space is the Australian-based move-to-earn project StepN, whose GMT token has increased in value more than 200x since the start of 2022.