Shiti Manghani, Stepn CEO: Surviving A Bear Market And Building A Billion Dollar Solana Lifestyle And Fitness App

About Stepn and Shiti Manghani

Disruptors and curious minds! This week we’re speaking with Stepn CEO Shiti Manghani.

STEPN launched on December 1st 2021 with 99,999 NFT trainers.

Each cost 1.3 SOL (Sol was trading at $228 dollars that day).

In March 2022, they launched their governance token, GMT. The following month GMT was worth $4 and Stepn had a $3 billion market cap.

If I’m reading the charts correctly, at one point 24-hour trading surpassed $4 billion.

Someone sold a Stepn NFT for 58 Sol.

Pretty darn extraordinary.

Move-to-earn was a thing.

There were many imitators to the Stepn throne. You could sleep, eat, meditate and (insert verb here)… to earn.

The Stepn concept – if not the tech – was simple: you won GST (Green Satoshi Tokens, not GMT) based on how far you ran, jumped, hopped, swam, crawled.

I’ll be honest, I stopped paying attention at that point. But here’s the thing. Where most died, Stepn survived.

Yes, It took a hit. The floor price is 0.01 Sol. GMT is trading at $0.2. But the market cap is still half a billion. A community has stuck with them. Or a new one joined. Stepn has matured. It’s a lifestyle app. A social platform. Where people want to get healthy (and wealthy?)

Strava meets couch-to-5k meets friend Tech.

Last week it announced a partnership with Adidas.

We’re curious to know more.

You’ll learn: 👟 How STEPN constantly seeks to enhance motivation in its users – from earning rewards and tokens based on distance covered to integrating with Apple Music. 👟 How the STEPN community connects fellow runners and fitness enthusiasts for support and motivation. 👟 STEPN’s various challenges and features that enable users to earn rewards based on their performance. And much more…

Please enjoy the show. 

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