- Overview of STEPN Rental Function
- Benefits of Rental Function
- Rental Rules / Procedures
- Strategy for earning with Rental Function
Hello, this is ajihurai!
Today, I would like to tell you what I’m thinking about the rental function of STEPN.
STEPN, which is a hot topic because you can earn money by walking, is frequently updated.
Among them, the highlight is the rental function scheduled for March 2022!
* Postponed to the end of 2022
The industry’s most famous Axie Infinity also has an explosive increase in the number of users with its rental (scholar) function.
So how do you make money with STEPN’s rental function? You need to think about and prepare.
This time, we have summarized the topical STEPN rental function, including consideration!
Overview of STEPN rental function
First of all, I will explain the outline of the STEPN rental function!
The STEPN rental function is function to lend sneakers owned by yourself/borrow from others for free, and share the obtained crypto (GST).
You can earn profits by (1) walking, (2) minting, (3) reselling, and (4) drawing Shoebox lottery.
And now, “⑤ rental function” will be added (scheduled for summer 2022) to them.
It has been said in white papers and AMAs (Ask Me Anything) that rental function would be added.
However, in fact, there is already a button for the rental function in the app.
This means that rental function will be released in the near future.
By the way, you can also rent gems and badges in addition to sneakers.
Advantages of STEPN rental function
Now you have been overviewed, let’s talk about the benefits of using the rental function.
There are people who lend and people who borrow, so let’s look at it from both perspectives.
What are the benefits for lenders?
The first thing that comes to mind as a lender’s merit is that you can earn money without using your time and stamina.
It is effective for people who cannot consume enough stamina even if they have a lot of sneakers, or when they are in sick.
Good news for those who don’t like exercise.
(Some say those people should not play STEPN…)
In addition, although you are interested in STEPN, you may want to rent it out to people who are not ready to buy sneakers and have them experience earning money.
Then, they want to start playing the game once they have the experience of actually making money.
In other words, the number of users (the number of people who join the STEPN economic zone) will increase, and the value of tokens obtained in the game may also increase.
The rental function also has social contribution implications.
Specifically, it is also possible to “lend sneakers to people who lost their jobs due to the influence of COVID, so that they can add to their living expenses.”
The rental function that allows you to share happiness not only with yourself but also with the people around you is attractive.
・ Earn without spending your time and stamina
・ May increase token value
・ Helping people who cannot afford to live = social contribution
Benefits for borrower
There are clear benefits not only for lenders, but also for borrowers.
One of them is that you can easily start earning with zero initial cost.
STEPN can be earned just by walking, which is a daily activity.
If participation is free and you can earn dollars in commuting time, there is no reason not to start it.
What is worrisome here is that games that earn cryptocurrencies are generally complicated to start, and it is very difficult to introduce dedicated tools.
No matter how easy it is to make money, users who want to join casually shouldn’t want to bother.
However, the STEPN management side is aware of that point.
And it is designed so that anyone can start by simply downloading the application and selecting sneakers to borrow.
STEPN is one of the few Play to Earn games with apps, so I hope they don’t fight Apple like they did with Fortnite.
STEPN Rental rules / procedures
STEPN rental has the following rules.
・ After matching the lender / borrower, the contract period is 24 hours.
・ Sneakers will be returned to the owner for repair after the contract ends
→ The repair cost is expected to be borne by the lender
・ Depending on the creditworthiness of the borrower, it can be rented for up to 7 days.
・ Lender lends energy to borrower (undecided)
・ Rewards will be distributed automatically after the solo mode ends.
・ The reward is lender: borrower = 70%：30%
→ It is also said that it will be %：15% at AMA (Ask Me Anything)
・ Lender pays 8% as a fee to the operation
→ 8% fee is needed after paying to the borrower
The “credibility” appears in the rules is STEPN’s unique system.
It is expressed by the number of stars and can be increased up to 5.
Credit rating will increase or decrease if the following conditions are met.
・ Increase star if you answer the quiz related to STEPN correctly
・ If you violate the rental agreement, one star will disappear.
・ Increase star by 0.1 when rental is fulfilled
→ I expect that no violation of the rules during the period/total consumption of borrowed energy
Violation of the rental agreement specifically means the following.
・ Walk with Runner sneakers (does not move at the specified speed)
・ Run on a treadmill (GPS does not work)
When lending sneakers, the lender may be able to specify “credit is ◯ or higher”.
Therefore, the borrower should also try to fulfill the contract.
Users want to earn more, and management team can save the trouble with education.
So wise team they are…!
Lender / borrower conditions
Then you think “if I follow the rules, anyone can rent it”, but that’s not the case.
There are conditions that must be met on both the lender / borrower side.
It’s only publicly available information at the moment, but it’s very simple and straightforward.
・ The level of sneakers that can be rented is 10 or higher.
・ The application is installed
・ 2 or more credit stars (up to 5)
Strategy for earning with rental function
Next, I will tell you about strategies for earning money by utilizing the STEPN rental function.
From here, there are many my predictions.
So please use them as a reference.
What kind of sneakers should I prepare?
When you choose your sneakers you use, you might often decide on two parameters, Efficiency and Resilience.
If the current system continues, I think that there is no problem in choosing it based on the same criteria when putting it out for rental.
Efficiency is especially important because the borrower wants to rent sneakers that make more money in the same amount of time.
Speaking greedy, it is more preferable that Luck is also high.
If you can pick up a lot of mystery boxes containing GST and gems, it will be easier to earn.
However, if the borrower’s energy is 2, the chances of picking up a mystery box are extremely low, so Luck parameter is not important.
Immediately after the rental system begins, it is expected that the number of people who want to rent sneakers will be overwhelmingly large.
Then, many people will rent sneakers that are a little inefficient (low parameters).
However, we believe that sneakers with low parameters will be weeded out because supply and demand are in place over time.
Therefore, it is also a good idea to sell it while STEPN is popular.
What kind of sneakers to prepare
・ Sneakers with high efficiency and resilience
・ At first, the number of rentals << want to rent, so the parameters may not be relevant.
→ It is also possible to sell while the number of users is increasing
See this article for details on how to choose sneakers.
Should I rent even one pair of sneakers I have?
If you only have one pair of sneakers, there is little benefit to renting them.
If you walk even a little every day, you can definitely make money by walking on your own.
This is because if you rent it out, you will be charged a payment to the borrower and an operating fee in addition to the repair fee.
It is also possible that the borrower does not consume energy for some reason.
Should I buy more sneakers?
Now let me tell you if you already have multiple sneakers and should buy more.
I think it is better to have 3 or 9 pairs if you can afford it.
And it is efficient to consume all the energy that you can move and earn without difficulty, and rent the energy that you cannot cover in your own time.
For example, if you have 3 pairs, you can use 2 pairs yourself and rent one pair for rental.
Playing STEPN will give you basic knowledge, but the more sneakers you have, the more energy you will have.
|Numbers of Sneakers||Energy||Move&earn time（min）|
Therefore, we should aim for 3, 9, 15, and 30 pairs.
Of course you can buy more, but I think you can create new sneakers with mint.
If you want to know more about STEPN mint, please see this article.
This time, I told you about the rental function scheduled to be released at STEPN, with expectations.
I’m really looking forward to what kind of changes will occur with the release of the rental function.
LGG’s Discord has a lot of discussion about STEPN as well as other Play to Earn games.
You can participate for free, so please join us.