In the economic model of move-to-earn, Stepn is quite popular but very high-entry.
Compared to Stepn, the cost of a 5KM nonfungible token (NFT) mint is between $150-300 and is available on its website.
The founder of 5KM created an app called 10 KM in 2014. After the economic model of move-to-earn appeared, it evolved into today’s 5 KM.
The founding team’s mission has not changed in aiming to create a decentralized sports community, encouraging millions of people to love sports, enjoy a healthy lifestyle and go out to support environmentalism by plogging — i.e., jogging while picking up litter.
Compared with Stepn, 5KM has a richer and more comprehensive move-to-earn model with four modes:
Users need to equip themselves with Sneaker NFTs by walking or running to receive 5KM (KMT) token rewards. Solo mode has daily caps for mileage value and rewards.
The initial reward cap is 200 KMT, and the maximum daily reward cap is 5,000 KMT and 200 RUN tokens. The daily reward cap can be increased by upgrading running shoes.
The 5KM community will hold online running events from time to time, such as marathons, urban plogging and more. To participate, register one day in advance.
An appropriate registration deposit will be charged for the event. If the event is successfully completed, the deposit will be fully refunded; the deposit fee will be distributed to the winner as a reward for those who register but do not participate.
If participants have Sneaker NFTs but do not use the 5KM app often, they can also get rewards through its background mode that’s based on the number of steps in users’ health data logged on their smartphones. The maximum number of steps per day is 3,000, and the fixed maximum reward is 25 KMT. It does not affect the normal income limit, nor does it affect the loss of Sneaker NFTs and mileage value.
For new users, 5KM has also launched an experience mode that does not require NFT running shoes. Use the 5KM app to start running, and it will randomly reward KMT tokens, with a limit of 10 KMT per day.
5KM Sneaker NFTs
5KM has two types of NFTs: One is Genesis NFTs, and the other is regular NFTs. Genesis NFT mints have ended and can only be purchased on OpenSea.
The 5KM Sneaker NFT is a public mint found on the project’s website. The minting price cost is between $200-300.
Type of shoes
The 5KM Sneaker NFT is divided into four categories: rarity, mileage value, wear rate and payback period. Different types of sneakers correspond to different speed ranges, and actual running speeds that don’t match the speed range of sneakers will affect KMT rewards.
- Rarity: Users can use KMT or RUN tokens to improve attributes.
- Mileage value: The more Sneaker NFTs obtained, the higher the mileage value. The upper limit is 10 kilometers, with 25% of the total mileage value restored every six hours.
- Wear rate: After sneakers are worn out, users can pay KMT and RUN to repair them. Repairs costs are related to the sneakers’ level: The higher the level, the higher the cost of repair.
- Payback period:
The app’s single-player mode can generate an upper limit of 5,000 KMT per day, which is worth approximately $500. Its experience mode can generate an upper limit of 10 KMT per day, which is worth about $1.
Taking the most common gray Sneakers as an example, the cost of a pair of gray Sneaker NFTs is $150 with an average daily income of 170 KMT — about $17 — and an 18-day payback period.
What is needed?
To participate in move-to-earn with 5KM, users need a MetaMask wallet and to download the 5KM app using a non-mainland China App Store account.
- Visit the official website and connect a Metamask wallet.
- Use the app to scan the code and bind the wallet.
- If a user has multiple NFTs for running shoes, choose “Sneakers” to start running.
The 5KM Sneakers NFT is open to minting on the official website
The total 5KM Sneaker NFT supply is 100,000 pairs, with a mint price at the public sale of $300. Two chains are supported: Ethereum and BNB Smart Chain.
The project is still in its early stages but has much market potential. For those who missed Stepn, it is time to seize the opportunity with 5KM.