GameFi and SocialFi have emerged as highly anticipated directions within the expanding Web3 space, poised to redefine digital experiences. Through the power of decentralization, the realms of social media and gaming are plotting a new revolution.
TheNewsCrypto engaged in a captivating conversation with Yawn Rong, co-founder of Find Satoshi Lab (FSL), discussing how STEPN is pioneering the Mobile-to-Earn (M2E) model and outlining its pioneering roadmap in the Web3 arena. He smoothly transitioned from concise yet insightful knowledge sharing to unveiling updates that promise to pique STEPN community interest.
Find Satoshi Labs (FSL) co-founder Yawn Rong (right) with Nitin Gupta, Chief Strategic Officer at TheNewsCrypto (left).
How are FSL and the STEPN team preparing for the December launch of Gas Hero on Polygon? Could you reveal some intriguing elements?
Yawn Rong (YR): Currently, we’re executing two pivotal plans. Firstly, a phased rollout of our whitepaper to gradually introduce users to our mechanics without overwhelming them. Secondly, we’re launching the Gas Hero badge program within STEPN. This initiative allows us to seed initial user engagement for Gas Hero. Anyone completing the Gas Hero badge requirements can redeem the badge and expect NFT airdrops of Gas Hero over time within the game.
Additionally, we’re rolling out the City Pioneer program to recruit influencers from both Web2 and Web3 fields to lead the development of their cities within Gas Hero. Using real city names, users are encouraged to join their respective cities, fostering rapid and collaborative community building.
How does partnering with Apple, particularly integrating with ApplePay, enhance STEPN’s user engagement as the first NFT-centric blockchain app?
YR: Enabling Apple Pay allows users to bypass the hassle of creating a wallet via seed phrases and depositing gas tokens. Users can simply purchase NFT Sneakers using Apple Pay and start immediately, significantly lowering the barrier to entry. We see this as a way to attract new Web2 users more easily.
What is the current status of MOOAR’s Generative NFT Tool (GNT) V3 on AI-based NFT generation, and how do you foresee the future prospects of AI-based NFT generation?
YR: Currently, any user can generate NFT collections using text prompts and customize metadata for up to 1,000 NFTs by burning some GMT. Alternatively, users can train their own profile engines by uploading selfies to create personalized NFTs.
We’ve also developed creator spaces and NFT publishing tools for these creators so they can keep their holders updated on their progress. Many of these creators initially started as users of STEPN and are now creating their own NFT projects.
AI-based NFTs enable people to create NFTs at a lower cost and gift them to others. Many of these NFTs have no financial value but hold significant emotional value, which is what we’re really focusing on. It allows us to curate a journey of NFTs for users and turn them into long-term users.
In the wake of the COVID-19 pandemic, how has the growth trajectory of Mobile Earnings (M2E) games evolved?
YR: In 2022, it was an exponential growth curve where we successfully attracted 5.4 million people, many of whom were first-time NFT gamers. However, Mobile Earnings is not just a gaming style; it’s a user acquisition tool, so once we attract many users, the goal is how we continually provide value to them.
Health benefits have been one aspect; we’ve heard a lot of feedback about people becoming healthier. Through STEPN and MOOAR, many users are now more involved in Web3 as creators.
We’ve added additional features on top of the Mobile Earnings concept, like achievement systems, to help retain users long-term. Certain achievement badges qualify users for airdrops. As product-oriented developers, we’re always looking to build new things and functionalities to expand our user base.
From the perspective of long-term user engagement and retention, how do you view the evolution of “play-to-earn” models, considering your pioneering role in this space?
YR: Many mistakenly see “play-to-earn” as a business model, but it’s primarily a user acquisition tool. It helps you attract the first wave of users. The key afterward is figuring out how to incentivize them to spend the tokens they earn. Without spending, everything dwindles. So, we’ve spent a lot of time building additional layers, not just at the product level but also within the community.
People need to emotionally value certain in-game items. Once people start using the tokens they earn, the product becomes more sustainable. Building a culture around the product is also crucial. Hence, we have our own festivals like STEPNEMBER and Trailblazer to foster an environment.
GameFi has indeed witnessed the rise of “play-to-earn” and “Mobile Earnings” paradigms, but are there other models poised to innovate existing trends?
YR: For any successful Web3 product, they need to design products that fit the current market conditions. Anything with “-Fi” attached might not work now. So, we’re primarily focused on the new user experience. This means coming up with new gaming styles, new tokenomics models, and new narratives. We believe gamifying social interactions will bring the next million users to the Web3 space. The exciting part is that we can always integrate Fi elements in the future when the timing is right.
How do you view the development of NFTs in the crypto space and how do you plan to integrate them into your project?
YR: NFTs have grown rapidly, but it’s been a journey akin to religious evolution. Over time, we might revert to fundamentals. NFTs, in their purest form, represent emotional and sentimental value, not just financial value. We want to emphasize the emotional value of NFTs and create fun NFTs focused on this, rather than merely adding more utility. NFT transactions should focus more on collections and the stories behind them, like the journey of user collections. Our goal is to make NFT transactions not just about utility but about emotional and sentimental value.
One challenge in the crypto space is that a project’s success often ties to token prices. How do you address this challenge amidst token price volatility and shifting perceptions of your project?
YR: Token prices can be influenced by various factors and don’t always reflect the project’s true value. Our focus is on building new products, narratives, and features for the next bull market. We aim to provide higher utility, creating a more engaging product, and letting the price be a result of market discovery. We believe in long-term value over short-term price fluctuations.
NFTs shouldn’t just be seen as simple tokens; they should be seen as memories. For that brief moment, I suggest everyone set aside the financial or serious aspects of NFTs and enjoy the fun they offer.
Disclaimer: The information provided in this interview article is for reference only. It is not intended to provide investment advice, financial guidance, or any specific decision recommendations. Readers are encouraged to conduct their own research.
