Quick take:
- STEPN has announced $122.5 million in profits generated from platform fees.
- The move-to-earn metaverse gaming platform said it will use the funds to expand its team and invest in new partnerships.
- STEPN also plans to allocate a portion of the funds to token buyback and burn, as well as, branding, among others projects.
STEPN is stepping up its growth prospects after announcing a $122.5 million profit from platform fees. The move-to-earn metaverse game is planning to add to its team whilst also allocating some funds for branding and new partnerships.
In the blog published on Tuesday, the company also said it will leverage 5% of the profits to initiate a Q2 GMT buyback and burn program, as well as, direct some capital toward improving existing features.
The company took into consideration feedback from the community before deciding on how to redeploy profits back to the business.
One of the key areas of focus will be security and server enhancements, including combating the growing number of Distributed Denial of Service (DDoS) attacks targeting the STEPN app. The company suffered multiple DDoS attacks last month after making a major update to its app.
“We are committed to delivering the best possible service to our users and have been working to amplify the platform’s security and server capacity to prevent future DDoS attacks,” STEPN wrote.
The company is looking to double its efforts by devoting more resources to the course.
The company is also working on bringing some improvements to its SMAC anti-cheat system, enabling it to quickly weed out bad actors that harm the system. “We have heavily invested in this mechanism since day one and we will continue to do so that we can ensure the fairness of the STEPN game landscape.”
These efforts will require extra talent and manpower, which is why STEPN is allocating some funds toward team expansion. This need is also driven by the platform’s rapid growth, which has seen it register a significant increase in the number of users since its launch.
The company is also targeting partnerships and sponsorships with key on-brand sports and entertainment events that align with its core mission.
Part of the branding will include creating physical merchandise for marketing purposes as part of its grand strategy of increasing awareness and speeding up adoption.
STEPN launched a multicultural-experiences service called Realm Gaming, bringing multiple cultural experiences to its platform. In April, it teamed up with Asics to launch a co-branded sneaker collection dubbed the “STEPN x Asics NFT Sneaker Mystery Box collection,” which generated $15 million.
Stay up to date:
