Solana-based STEPN has generated $122.5 million in profits in Q2 2022. The move-to-earn gaming app rewards users with cryptocurrency for playing.
According to the firm, 5% of the earnings will be used as a reward for buying and burning Green Metaverse Token (GMT). The token is given to users when they reached level 30 on the gaming app.
STEPN To Expand Brand Presence Via Partnerships
STEPN also announced that it is looking to partner with sports and entertainment companies to increase the popularity of its brand.
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The platform also revealed that the whole buyback and burn program could take a few weeks to complete to ensure that it doesn’t trigger unexpected volatility in price.
Additionally, the platform will be allocating capital reserves to expand its existing features and develop a strong team. The firm also takes branding very seriously, as shown in its series of activities tailored toward increasing its popularity.
STEPN will be deploying part of the profits to develop its physical merchandise lines for marketing. The objective is to increase adoption and enhance overall brand awareness.
STEPN has been a victim of several distributed denial-of-service (DDoS) attacks in the past. The platform has beefed up its security by doubling down on its server enhancements using the profits it realized in the second quarter of the year.
Faces Regulatory Challenges In China
The firm has also improved its SMAC (STEPN Model for Anti-Cheating) to wade off scammers and fake users on the platform. There is an increase in fraudulent motion data activities among gaming apps. But STEPN said it has taken appropriate steps to prevent such activities on its platform.
The STEPN platform is gradually gaining popularity across several regions. In April, GMT, its native token, gained more than 30,000% since its sale on the Binance Launchpad.
The app has also recorded impressive growth in the number of daily active users since its public beta launch in December 2021.
Although it has been successful since it was launched, the platform is seeing regulatory challenges, especially from mainland China. The platform recently announced that it stopped GPS and IP-related services to users in the region from July 15.
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