Is the widely recognized fitness application, STEPN, undergoing workforce reductions? The firm rejects claims of layoffs.
In Brief
According to reports, STEPN may have let go of around 100 employees, though the company has denied these allegations.
The user base of STEPN has been steadily declining since May; however, there appears to be a slight resurgence in engagement recently.
In the wake of a challenging bear market, many crypto companies are suffering as digital currency prices continue to drop. Interest in such firms has waned due to this volatility, leaving many organizations struggling to attract new customers while also keeping their current ones engaged. Reports indicate that STEPN, a move-to-earn fitness app, is grappling with similar challenges and may have initiated layoffs amid this ongoing downturn.
Sources from the community claim that the app is expected to cut more than 100 positions, affecting moderators, ambassadors, and similar roles, while also pulling back investment and delaying some developmental projects, as noted by a crypto reporter on Twitter. Colin Wu It seems that the layoffs will predominantly impact STEPN's contractual employees, including moderators and brand representatives.
Despite these rumors, a STEPN spokesperson has dismissed the notion of significant job cuts, explaining that the company is simply releasing inactive volunteers and is actively seeking to fill several roles. They stated, 'The truth is, STEPN has parted ways with volunteer moderators who haven't been active for several weeks or months. As for our staff, we are actively recruiting for various positions within the organization.' Decrypt Launched in December 2021, the app quickly captured the attention of users eager to earn its native token, $GMT, simply by moving in real life. Users had to engage in virtual movement while wearing STEPN-branded shoes to accumulate tokens.
While the application appeared to thrive initially, its user numbers began to decline noticeably over the summer, lending weight to rumors of job cuts at STEPN. The platform has faced significant challenges in maintaining a stable base of active users. Although it had more than 105,000 users in May, that figure fell dramatically to a little over 5,000 by late September.
In a heartfelt message to the STEPN community, co-founder Yawn Rong expressed that the firm was undergoing transformations to 'continue adding value to GMT and the Find Satoshi Lab ecosystem.' This is critical considering that the value of the GMT token stands at just $0.56 as of this writing. Dune data.
That said, it appears there will be further updates and announcements in the near future.
'In the coming weeks, we plan to change gears as we refine our vision. During this transition, we'll ensure you are kept informed. We suggest activating notifications to stay updated on what’s next.'
The collaboration included an NFT collection comprising 1,001 sneaker tokens developed in partnership with Atlético de Madrid. Sadly, this strategic partnership hasn’t halted the decline in active users, which fell to 5,800 in September.
In August, STEPN released STEPN partners with Atlético de Madrid to launch a limited NFT sneaker collection.
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Disclaimer
In line with the Trust Project guidelines Karolina is a writer and journalist with a robust background in literary studies. She is passionate about innovative technological solutions and art, finding NFTs to be an exciting blend of both worlds. Outside her professional endeavors, she enjoys nurturing her plant collection, has a penchant for vintage fashion, and is an avid gamer.
