According to reports from Chinese media, up to 100 people associated with the STEPN app have been affected by employee layoffs. The once-popular app previously boasted over 700,000 monthly users but is now struggling at 52,000, with ongoing rumours of a potential shutdown.

STEPN is a popular web3-focused app that allows people to earn NFTs and cryptocurrency by jogging, having hundreds of moderators and ambassadors in its roster. Now, reports suggest that the app has been losing users and has now resorted to firing some of these moderators and ambassadors. When the app first went live last year, it made headlines for its jog-to-earn features and its encouragement of exercise among its users.

However, a STEPN spokesperson stated that “The reality is that STEPN has parted ways with volunteer MODs who have not been active in the last few weeks and months. Regarding our staff, STEPN is actively hiring for several different roles within the company.”

Only adding fuel to the fire is a recent post from Find Satoshi Labs, STEPN’s parent company. The post hinted at plans to expand its empire beyond just the play-to-earn jogging app.

 “STEPN was our first project … Now it’s time to expand the Find Satoshi Lab family,” the post, published October 11, 2022, said. 

Even with its initial momentum, it seems that the app has been heavily affected by the ongoing crypto winter that has caused even industry heavyweights to see dips in earnings and engagement from customers.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post STEPN Denies Reports Claiming the NFT Game Has Tanked appeared first on NFT Plazas.