Stepn, an Australian-based blockchain-enabled fitness app, has made a significant stride in the crypto world. The app, which awards users with cryptocurrency rewards, announced that its patrons can now directly buy and sell Stepn's digital assets within the app, rather than needing to switch to an external marketplace.
This marks a significant development in the interaction between blockchain applications and Apple's iPhone.
In a recent interview, Stepn's COO, Shiti Manghani, stated that this is a "very, very big step" and "the biggest thing happening in crypto."
In another exciting development, Stepn will integrate functionality allowing users to purchase digital assets using traditional debit and credit cards connected to Apple Pay.
Apple has historically been seen as somewhat resistant to blockchain applications, due to its stringent App Store policies, including a requirement for app developers to relinquish 30% of transaction revenues. However, this new move by Stepn signifies a possible shift in this attitude.
Unlike Axie Infinity, whose integration into Apple’s App Store required omitting any reference or link to the game's NFT marketplace, Stepn will permit users to purchase its digital sneaker NFTs directly within the app using in-app credits. These credits can then be exchanged for the digital assets, which can be bought or sold for cryptocurrency on Stepn's marketplace, all within the app.
Despite the steep 30% fee required by Apple for all in-app transactions, Manghani views the potential to draw in new users from the Apple ecosystem as an opportunity too lucrative to pass up. She acknowledges that reaching this agreement with Apple was challenging, requiring "many, many rejections" and "many sleepless nights", but she also emphasized that "working collaboratively with Apple has been one of the best things that has happened to our app."
Established in 2021 by Satoshi Labs, Stepn boasts millions of downloads and rewards users for being active, with unique NFT sneakers that generate tokens for "walking, jogging or running." While Stepn has seen a recent dip in monthly active users, the company hopes that this integration with Apple will boost these numbers. In the past, Stepn has been backed by investors including Sequoia Capital India, Alameda Research, and former ParaFi Capital partner Santiago Santos.
In a recent interview, Stepn's COO, Shiti Manghani, stated that this is a "very, very big step" and "the biggest thing happening in crypto."
In another exciting development, Stepn will integrate functionality allowing users to purchase digital assets using traditional debit and credit cards connected to Apple Pay.
Apple has historically been seen as somewhat resistant to blockchain applications, due to its stringent App Store policies, including a requirement for app developers to relinquish 30% of transaction revenues. However, this new move by Stepn signifies a possible shift in this attitude.
Unlike Axie Infinity, whose integration into Apple’s App Store required omitting any reference or link to the game's NFT marketplace, Stepn will permit users to purchase its digital sneaker NFTs directly within the app using in-app credits. These credits can then be exchanged for the digital assets, which can be bought or sold for cryptocurrency on Stepn's marketplace, all within the app.
Despite the steep 30% fee required by Apple for all in-app transactions, Manghani views the potential to draw in new users from the Apple ecosystem as an opportunity too lucrative to pass up. She acknowledges that reaching this agreement with Apple was challenging, requiring "many, many rejections" and "many sleepless nights", but she also emphasized that "working collaboratively with Apple has been one of the best things that has happened to our app."
Established in 2021 by Satoshi Labs, Stepn boasts millions of downloads and rewards users for being active, with unique NFT sneakers that generate tokens for "walking, jogging or running." While Stepn has seen a recent dip in monthly active users, the company hopes that this integration with Apple will boost these numbers. In the past, Stepn has been backed by investors including Sequoia Capital India, Alameda Research, and former ParaFi Capital partner Santiago Santos.
