News Report
October 13, 2022

Is popular crypto fitness app STEPN cutting staff? STEPN denies layoffs rumors

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 Gaszcz
Karolina Gaszcz

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.

Hot Stories

Top 10 Crypto Games to Invest in 2024

by Gregory Pudovsky
February 27, 2024
Join Our Newsletter.
Latest News

Top 10 Crypto Games to Invest in 2024

by Gregory Pudovsky
February 27, 2024

How to Automate Mining With AI?

by Viktoriia Palchik
February 27, 2024

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
ETH Holders Prefer Layer 2 Solutions Over Traditional Chains in 2024, claims Nansen
Opinion Markets
ETH Holders Prefer Layer 2 Solutions Over Traditional Chains in 2024, claims Nansen
February 27, 2024
Top 10 Crypto Games to Invest in 2024
Crypto Wiki Digest
Top 10 Crypto Games to Invest in 2024
February 27, 2024
Anonymous Dogwifhat (WIF) Trader Bags $1.4M Profit Investing $310 as the Memecoin Surges 50%
Markets News Report
Anonymous Dogwifhat (WIF) Trader Bags $1.4M Profit Investing $310 as the Memecoin Surges 50%
February 27, 2024
HTX Re-Applies for Hong Kong Virtual Asset Trading License Days After Withdrawal
Markets News Report
HTX Re-Applies for Hong Kong Virtual Asset Trading License Days After Withdrawal
February 27, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.