STEPN, a move-to-earn Web3 application, reported $122.5 million in profits for the second quarter (Q2) of 2022.
The cryptocurrency app, which provides consumers cash compensation for physical exercise, operates on the Solana (CRYPTO: SOL) blockchain. It employs play-to-earn gaming and augmented reality to give users rewards for calories burned. The rewards are given in the form of Green Satoshi Tokens, native to the STEPN app.
The system works on computing points depending on the distance the user runs.
This is tracked via GPS technology and then provides cryptocurrency rewards.
The application integrates non-fungible token (NFT) technology to allow users to purchase better sneakers to upgrade rewards. The past few months have seen an extremely bearish downtrend across markets, with large-scale capital outflow from the crypto and NFT space.
STEPN's reporting of $122.5 million in profits for Q2 provides is a bit of optimism for the bleak crypto winter and provides clarity on whether web3 companies are able to flourish.
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