STEPN, a move-to-earn fitness application based on the Solana blockchain has announced that it is laying off its employees.

STEPN Cuts Off Headcount by 100

STEPN is reportedly proceeding with laying off several of its employees. According to the inside sources, the layoff would consist of more than 100 employees but the minimum figure would be 100.

The sources have also confirmed that the employees being laid off would be contract-based workers.

As per the STEPN officials, they were forced to make the difficult decision due to the bear market condition. Despite the wait of several months, the cryptocurrency industry has not recovered from the losses.

Although they tried bearing the losses as much as they could without laying off employees, they have come down to their last resort. Therefore, they have no other choice but to cut off their headcount.

STEPN is losing its Users

Due to the crypto winter, the values of cryptocurrencies have lost their value on a tremendous scale. Almost every cryptocurrency’s value has dipped by at least 50% since the beginning of 2022.

As a result, cryptocurrencies are no longer as profitable as they were in the year 2021. Therefore, cryptocurrencies have continued to lose their traction.

STEPN, which is known for offering the players the opportunity to earn money from moving, has also witnessed its demand move south.

Due to the market downtrend, the gains from STEPN have been slashed as well. Therefore, the blockchain-based game has started losing its player base.

With the protocol constantly losing its player base, its revenues and profits are also dwindling.

Staff to be sacked

STEPN has revealed that among the contract-based staff being sacked would be the ambassadors and the moderators as well. This would eventually impact STEPN negatively as it would lose its investments.

With the investments getting scaled back from the platform, it will cause a huge demise to the network.

STEPN’s Shift in Strategy

Once the employees have been laid off, STEPN would proceed with changing its orientation. It will start working on the promotion of Find Satoshi Lab (FSL), which is the parent company of STEPN.

In addition to the parent company, STEPN would also provide the same services for the new projects launched by the hands of FSL.

Utility of STEPN

STEPN was launched in 2021 by Find Satoshi Lab and it offers users the ability to earn Green Satoshi Tokens (GST). The users can earn them by walking or running in real-time using the NFT sneakers that exist as real-time footwear.

Eventually, the users gain the opportunity of earning GST they can use to either cash out or purchase in-game items.

After the launch of GST, STEPN also launched the Green Metaverse Token (GMT). It was in April when GMT was able to hit an all-time high of $4.11 while GST also hit an all-time high of $8.51 in the same month.

As of now, the values of the GMT and GST have fallen by 85% and 99% respectively.