Stepn lays off over 100 contract workers in the wake of crypto bear market
Popular ‘move-to-earn’ fitness app Stepn is reportedly releasing over 100 contract workers as user numbers drop amid the ongoing bear market.
The contract workers include community moderators, ambassadors once hired to promote the gaming app in different regions.
Launched in 2021, Australia-based Chinese entrepreneurs Jerry Huang and Yawn Rong, the game rose to international success. Stepn allows users to buy and trade NFT sneakers and rewards them with in-game tokens, GMT, for running or walking in the real world. Players can trade their in-game tokens on other exchanges or for fiat money.
Things took a turn in May 2022 when its 700,000 monthly active users dropped to around 52,000 this month. Its GMT token also down 84% from its all-time high and dropped a further 15% in the past month.
In regards to plans following the lay off, Stepn’s parent company, Find Satoshi Labs announced it will shift to newer projects. Stepn co-Founder Yawn Rong announced on Twitter that Stepn is entering a ‘transitional period.’
‘Stepn was our first project … Now it’s time to expand the Find Satoshi Lab family,’ the Stepn team wrote in a Medium post published on Tuesday.
‘We will be devoting all of our resources to progressing to the next stage of FSL,’ Rong said, referring to Find Satoshi Lab, STEPN's parent company. ‘Over the next few weeks, we will be shifting gears as we evolve our vision,’ he wrote. Through this transitional period, we will not leave you in the dark.’
Moreover, the company is cutting back investments and developments for Stepn.