STEPN was a one-year-old lifestyle app designed to incentivize routine physical activities like walking, jogging, and running by providing individual financial rewards for participants. The app was part of the move-to-earn (M2E) category of blockchain games. Within a short time, STEPN had established an exceptional track record of both financial performance and enterprise valuation and had achieved unicorn status. However, by January 2023, the Web 3 app was on the verge of being caught in what was known in the world of blockchain games as a death spiral. The prices of its flagship product and its exchange medium were both dropping, and the company’s net profits were also in decline. The co-founders needed to determine not only how to head off a death spiral in the short run but also how to sustain the business in the long run.
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