STEPN is taking a step back.
The “move-to-earn” fitness app has laid off over 100 contract workers. including community moderators, ambassadors, and others, according to reports from the South China Morning Post and crypto news writer Colin Wu of Wu Blockchain.
Launched in 2021, STEPN is an app where users buy virtual running shoes as NFTs which allow them to earn STEPN’s native token, GMT, by logging steps IRL. The virtual shoes, which deteriorate over time, were once among the hottest items in crypto.
In May and June this year, STEPN saw a massive spike in monthly active users, logging over 700,000 in May and nearly 500,000 in June according to data from Dune Analytics.
But when July rolled around, STEPN saw a massive dropoff. It saw 50% less monthly active users in July. It had 140,000 in August, and just 99,000 in September. The number of daily active users has also sharply declined, down from a peak of 58,000 on June 21 to just 5,800 on September 15.
And per CoinGecko data, GMT...
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