My STEPN Investing & Playing Strategy
As I said, I’ve sunk about $12,000 into STEPN. So where do I see the opportunities?
First, I’m not buying GMT. Their FDV is $13b which is higher than Axie, and they only have 10% of their tokens in circulation. That feels insanely high, and is probably inflated by the current hype around the game. If I buy any GMT, I’ll wait until there’s more of a correction. It just feels too hot right now.
What I did buy are sneakers. On Matthew Barby’s advice, I picked up two uncommons (one walker, and one runner), and then four common sneakers.
With six shoes I had 4 energy, and then with 2 uncommons I got 2 more energy bringing me to 6 energy total, enough for 30 minutes of activity.
Then I minted a couple and bought a couple more, to get me to 9 sneakers.
Now that I’m at 9 sneakers, my whole strategy revolves around earning GST to level up my two uncommons, and spending the rest of minting using my common sneakers.
Leveling can make sneakers significantly more valuable. I bought my uncommon walkers for about 60 SOL, and now that I’ve gotten them to level 15 they’re worth about 90 SOL. I only invested about 6-7 SOL worth of GST leveling them up, so that’s a pretty wild ROI for two weeks.
But I’m just continuing to level them up and invest in stats so I can earn more, so I can do more minting. At this point I can mint a new sneaker every 3 days or so, and then I sell one of the sneakers I used for minting. This way I always have new sneakers with fewer than 2 mints, so I can always mint new ones for 200 GST.
That means every 3 days or so I’m selling a sneaker for about 11 SOL, so I’m earning almost 4 SOL per day. And I’m leveling up my uncommons along the way, so they’re getting more valuable. I’m also starting to augment this strategy by spending SOL to buy GST to make up the difference I need to do a mint, then quickly minting and flipping to repay the “borrowed” SOL. This just makes the cycle move a little fast and juices the earnings a bit.
Mystery boxes are a nice bonus, too. If you spend more than 5 energy in a session, and you have a luck score of at least 20-30, you’re almost guaranteed to get a mystery box. I’m not 100% sure how you get higher level mystery boxes, though it seems to just be a factor of having higher luck and doing a longer exercise.
Mystery boxes are great though since they have gems, and depending on the gem, you can often sell it for .2 to .8 SOL. If your slots are always full you’ll open a mystery box every other day or so, so that’s an extra .1 to .5 SOL per day.
Now that I’m at 9 sneakers, my focus is on earning back my investment. Once I’ve recouped 100 SOL, I’ll likely try to grow my sneaker collection to 15. It’s not as efficient to have that many, but I’m actually walking and running more than I have energy for, so I think it’s worth it for the extra earnings.
When would I sell? If I get bored and stop playing, I’d definitely sell then. Or if it seems like they’re going to turn off codes and let everyone in, that would be a concern.
As for GMT, I don’t feel compelled to buy it in the near term. 13b FDV is insane, and with a 10 year emission schedule, there will be some good opportunities to buy it later. In the meantime I’m just going to use STEPN as a way to grow the size of my SOL stack.
And to have fun spending time outside with my family.