STEPN Denies Mass Layoffs, Devotes More Resources to Parent Firm
Move-to-earn Web3 platform STEPN is reportedly planning to lay off more than 100 moderators, brand ambassadors, and others, while other development progress has been delayed amid a struggling cryptocurrency market, according to news outlet Wu Blockchain. However, the company told Decrypt that such reports were “baseless claims that are factually inaccurate.”
“The reality is that STEPN has parted ways with volunteer MODs who have not been active in the last few weeks and months,” a STEPN spokesperson said. “Regarding our staff, STEPN is actively hiring for several different roles within the company.”
STEPN is the first Move-to-earn mobile game. The STEPN team positions their project as a lifestyle app with built-in GameFi and SocialFi elements. STEPN is built on Solana and its native tokens are GST and GMT.
In May this year, STEPN saw a peak in monthly active users, reaching 705,452, according to data from Dune Analytics. However, the number dropped to 51,919 in October after another relatively high level of 478,824 in June.
The STEPN team announced $GMT earning for Level 30 Sneakers in late September. Similar to the concept of hash rates in a blockchain network, the GMT earning rate dynamically changes every minute based on the number of users earning GMT at that moment.
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STEPN Co-Founder Yawn Rong wrote in an open letter that this month, the company will be devoting all of its resources to progressing to the next stage of Find Satoshi Lab, its parent company, and that it will host an October Town Hall. This was then confirmed by Wu Blockchain, which stated that STEPN began to focus on promoting its parent company and new projects, such as the NFT exchange market.