StepN can help you make money from your sneaker collection—or, if you’re new to the sneaker game, we can offer you a starting point on your journey with our New Sneaker Marketplace.
If you’ve been following the news, you may have heard that a new cryptocurrency has been making a lot of buzz: STEPN. Unlike Bitcoin, and other well-known cryptocurrencies, STEPN is not based on an already existing currency in any way. It is an entirely new kind of cryptocurrency, called a “Sneaker Coin.”
Sneaker Coins are for people who collect sneakers or are passionate about sneakers in some way. With Sneaker Coins, you can buy and sell sneakers with other Sneaker Coin holders around the world. It’s like a stock market for sneakers.
As of April 28th, the prices for minting new sneakers were updated to require you to own both GST and GMT tokens. It costs 500 GMT to mint a new sneaker, and there is also a small token fee that’s dependent on how many toes you’re trying to mint (toes are the smallest unit of measurement in the STEPN world).
The token fee is currently 10% of the cost, so it would cost 50 GMT to mint one toe, or $0.05 USD (this fee will be adjusted in the future based on demand). Easily convert your GMT and GST to USD to trusted crypto exchange.
What is Sneaker Minting?
Sneaker minting is a new concept where you can convert your old sneakers into money. As the world economy is going down and the value of paper money is dropping, this new way of creating money seems very promising.
We have all put our old shoes into a storage box and forgot about them in the attic or basement. But why not turn them into cash? It is free to do and it has no risks! The price for turning your old sneakers into minted money will be based on the value of the basic material and it will be a combination with gold or silver.
You get the same amount of shoes back when you convert them into money. We do not need any special equipment to do this type of conversion. If you have been wondering how to turn paper money into gold or silver, then this is the right place for you.
Sneaker Minting Costs
The first thing to know is that StepN will never purchase any of your sneakers. If you want to sell them, you’ll need to list them. We do provide a couple of options for how those listings are priced.
Minting Price as of June 2022
Two common sneakers, each with 0 or 1 mint, can be minted for 360 GST + 40 GMT. If you have one common sneaker (2) and another common sneaker (0/1), you can get 450 GST + 50 GMT from the mint. You can also get 540 GST + 60 GMT if you have two common sneakers within 2 minutes.
Since the value of the GST is constantly changing, it is challenging to look for a unit that works. That is why STEPN launched a new model that makes the minting costs depend on the current GST crypto prices.
Minting Price as of May 2022
As you can see, if the GST price is less than $2, then minting cost will be (200 GST). That means STeX token holders can mint tokens for free. The reason behind this decision is that we don’t want to discourage people from doing transactions since now you earn tokens by doing transactions.
If, on the other hand, the GST price is above $2, then minting cost will be (160 GST + 40 GMT). This means that it will always cost some GMT in order to mint a token. The reason we chose to use GMT instead of STeX tokens is because we want people to appreciate more and more our token over time and at least in the near future we don’t expect anyone to have issues with having too many tokens.
Minting Price as of April 2022
The new STEPN sneaker minting mechanism is quite interesting. If you look at the price chart, you can see that the price of minting a new sneaker from two existing common sneakers is always 200 GST. This is a rare case when there’s no GST at all on top of the base cost. It also means that every sneaker in STEPN was once a common sneaker with 0 mints.
The price of minting a new sneaker with 2 common sneakers and 0 mints was just 200 GST which means it costs nothing to make a new sneaker. An interesting fact is that the price of minting a new sneaker from an existing uncommon shoe (1 or 2 mints) and a common shoe (0 or 1 mints) is 500 GST.
Final Thoughts
The cost of minting sneakercoin in STEPN crypto could be a perfect example. Sneakercoin would be used as payment for products or services on the network, in addition to being traded globally.
Not only is it more cost effective to mint sneakers with STEPN crypto than USD, but also blockchain based currency transactions are more secure and efficient than anything else currently on the market.
On top of that, using cryptocurrency for sneaker purchases has proven to decrease resale value when compared to payments made with fiat currency. With resale value being a major issue for many sneakerheads around the world, this new system would undoubtedly become popular very quickly with the sneakerhead community!