Insecurity of the running community to make money

After nearly a month of careful research, in mid-April, Ngoc Thao decided to spend more than $2,000 to buy NFT shoes and join the trend.Run for money” . “When I entered the market, the GMT token price in the StepN app was 3.5 USD. Just a week later, the token dropped to $2.50 and is now $1.18,” Thao said. “I estimate it will only take 6-8 weeks to start making a profit, but not half of it has been collected yet. money spent”.

The project’s token price is constantly falling, many StepN participants are afraid that they may lose everything if the project collapses. “I’m very confused, don’t know whether to sell or keep the token even though I have consulted many experienced people. No one can give me accurate advice because they are also standing still when the price of shoes plunges,” Thao said. speak.

Thanh Binh, the administrator of a running group specializing in making money with 50,000 members, said that in the last two weeks, the number of people selling shoes on the group has skyrocketed, at half the price of the peak at the end of April, but not many people buy. According to him, panic is spreading all over the place, many people constantly go to the forum to ask what to do, some even turn out to accuse the project of fraud, “scamming chickens”.

On Telegram, the administrator of the StepN Vietnam group with nearly 30,000 members even had to announce that the chat was temporarily closed, waiting for the player’s psychology to stabilize when it was flooded with negative discussions about the project.

“There is no denying that StepN is falling into a vicious circle, the operation team does not come up with a specific plan, so it causes more confusion. As of the end of May, StepN’s GST token price on Solana network has split from 2, 7 USD to 1.2 USD, on Binance Smart Chain network even divided more than eight times. New shoes are minted more and more, while less players make the model inflationary. Newcomers to the market. A few weeks ago, we still have not seen the break-even date,” Mr. Binh said.

Hoang Anh, an early StepN player, said that after a month of running and quickly recovering his capital, he immediately invested several tens of thousands of dollars to buy more than 10 pairs of shoes and hire runners.

“At this moment, it is very difficult to sell a pair of shoes at 1/3 of the price when buying. I am subjective, keeping almost all the tokens awarded, waiting for the price to rise and then take profits, but I did not expect the market to change so quickly. Now If you wait, you won’t know when the price will go up again. The worse scenario is that the market may crash,” he said. After pondering, he sold half of the GMT he had and continued to watch market movements in a panic.

Phan Tung, director of a large blockchain company in Ho Chi Minh City, outlined two scenarios with StepN players. In the event that users still believe in the project and continue to join the movement to make money, the token price may increase. However, to do that, the operation team needs to have a clear plan because nowadays, many people participate with the purpose of “making money” instead of “running”. The number of people buying shoes to sell for a profit is increasing day by day, so the number of shoes sold is too large, supply exceeds demand. Therefore, the issuer team must find a way to balance the economy, otherwise the token price will continue to go down.

The worse scenario is that GTS prices continue to fall as the community loses confidence. “Some argue that StepN about to be blocked in China makes players in this country ‘discharge’ their shoes. However, the number of StepN players in China is not too large to cause a crisis. The bigger reason could be that the early-stage players made a profit, so they withdrew all at once. Extreme sentiment covered the market like a domino effect that made everything worse,” Tung said.

According to Hoang Anh, it is difficult to give exact advice to StepN players right now, but he thinks this is not the right period to participate because everything can change overnight.

StepN is the app Run for money (move to earn – M2E) was developed by Satoshi Lab and launched late last year. The application is built on the Solana blockchain ecosystem, founded by two Chinese-born entrepreneurs, Jerry Huang and Yawn Rong, currently based in Australia. To participate, users need to purchase a virtual NFT shoe and start running in real life. The amount of money earned each day depends on the type of shoes owned and mobility skills.

Immediately after listing on Binance in early April, the project created a new fever in many countries around the world, including Vietnam. However, just a month later, the token price of this project began to decrease.

Over the weekend, a representative of StepN announced that it would block users in China from July 15, but did not give a specific reason. Follow SCMP, the cause may stem from the cryptocurrency ban in the country. Meanwhile, page Wu Blockchain said that StepN’s operating model has many similarities with the multi-level model called QuBu, which was banned by the Chinese government.

Khuong Nha