Is popular crypto fitness app STEPN cutting staff? STEPN denies layoffs rumors
In Brief
STEPN allegedly lays off 100 staff, but the company denies these accusations.
STEPN userbase has been shrinking steadily since May, although there has recently been a small uptick in interest.
The bear market has been tough for many crypto companies as crypto prices plummeted. The interest in crypto companies has been dwindling due to unstable crypto prices, with many crypto companies struggling to not only attract new customers but also retain those they have already got. It seems the move-to-earn fitness app STEPN has also got similar problems, and some reports suggest the company has reportedly started layoffs amid a bear market.
Community sources are claiming the company will lay off “more than 100 MODs, ambassadors, etc. and will reduce investment in STEPN, and some development progress has been delayed,” crypto reporter Colin Wu reported on Twitter. It seems the layoffs will affect mainly STEPN’s contract workers, such as moderators and ambassadors.
However, the STEPN spokesperson denies staff cuts, claiming the company is simply letting go of inactive volunteers while it is actively hiring new personnel. They told Decrypt, “The reality is that STEPN has parted ways with volunteer MODs who have not been active in the last few weeks and months. Regarding our staff, STEPN is actively hiring for several different roles within the company.”
The app went live in December 2021. It attracted users’ attention straightaway, thanks to the possibility of earning the app’s native token, $GMT, while moving in real life. Notably, users had to move virtually wearing STEPN’s shoes to earn tokens.
While the app seemed successful at first, the numbers started declining over the summer, lending some credibility to the STEPN layoffs rumors. In fact, the company has been struggling to maintain a steady user base. Although STEPN counted more than 105k users in May, the number plummeted to just over 5k in late September, according to Dune data.
In an open letter to the STEPN community, STEPN co-founder Yawn Rong mentioned the company had been undergoing changes so that it could “continue to add value to GMT and the Find Satoshi Lab ecosystem.” And value GMT definitely needs as STEPN native token is worth $0.56 at the moment of writing.
However, it seems there should be more updates soon.
” Over the next few weeks, we will be shifting gears as we evolve our vision. Through this transitional period, we will not leave you in the dark. We encourage you to turn on notifications because you won’t want to miss what comes next.”
In August, STEPN released an NFT collection of 1,001 sneaker tokens in partnership with Spanish football club Atlético de Madrid, but the strategic collaboration did not stop the loss of active users. In September, this number went down to 5,800.
Read related posts:
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.
More articles
Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.
