The price of STEPN sneakers, like any NFT, is volatile. In today’s article, we will look at how the floor price (floor) for NFT sneakers changed over different periods and what these changes could depend on.
Peak Of Popularity
The first period that interests us is from April to May this year. Before this, the floor was stable at around 10-11 SOL, but the growth began in April.
On the chart, the pink line shows the lowest price for sneakers. The bar chart below the line shows the volume of sales.
As you can see, by mid-April, the floor began to rise significantly, as did the sales volume. During that period, the STEPN project received funding from the Binance venture capital fund. After that, the sensational collaboration between STEPN and ASICS took place with the support of Binance. All this subsequently led to the appearance of the second world in the game and to the massive popularity of the project. At the same time, active advertising began on various social networks.
And by the end of April, the minimum price for STEPN NFT sneakers was 17 SOL ($1670 at that time). This figure seems unimaginable today because the floor has decreased by 15.5 times and is 1.19 SOL ($52). But in dollars, due to the decline in the rate of Solana, the decline in flora is even more terrible: 32 times.
Perhaps it’s worth answering the question, “ how much do STEPN sneakers cost in rubles ?” At its peak, the minimum price was 121,492 rubles. And today, the cheapest NFTs can be bought for 3142 rubles. Accordingly, against the background of the strengthening of the ruble, the fall is even more robust – by 38 times.
But at the peak, people were not just buying sneakers at a very high price but also raised the sales volume to the same all-time highs as the floor. On April 29, Magic Eden sold 1925.19 SOL. And this is only on ME, but keep in mind that the vast majority of sneakers are purchased on the STEPN marketplace. And in addition to buying sneakers, you also need to level up your NFT to earn more by distributing additional points into efficiency.
Players Set Floor
Unfortunately, official statistics on the STEPN domestic market’s minimum price are unavailable. However, the project community collects data on its own.
For example, thanks to Dune Analytics data, we can track the number of existing and new STEPN users.
According to these statistics, the peak value was observed on May 26: 87,792 existing users and 16,357 new users.
But if you track only new users, then their maximum value for the entire existence of the application was 20,421 – on May 2. This is already reasonably correlated with the data on sales volumes and the maximum flora with Magic Eden.
Thus, we can conclude that the maximum interest of new users in STEPN occurred from the end of April – the beginning of May. And the growing indicator of the minimum price for sneakers only fueled interest. Most STEPN users are new to the crypto market. They have not yet learned the lesson: when everyone is selling, you need to buy, and when everyone is buying, you need to sell.
High interest in the game among new and existing players lasted for a whole month until the end of May. And then, a series of events led to a drop in the GST rate in both networks, hence a drop in interest in STEPN. You can read more about this in our article “ When the GST rises.”
Protracted Recession
And now let’s see what happened to the minimum price of sneakers this summer.
At the beginning of summer, the floor continued to decline steadily after the recent news about the departure of Chinese users and the GST rate fall. The players continued to sell sneakers for next to nothing and record losses, fearing the complete collapse of the project.
However, on June 9, there was still a sharp jump. The minimum price for sneakers per day rose from 4 to 11 SOL and quickly fell back.
What kind of luck smiled during this period? It’s simple: on June 8, the creators announced the long-awaited STEPN update, which gave an optimistic forecast for stabilizing the game’s economy. As a result, the price of STEPN sneakers rose only against this news and not due to changes in the game. And the floor continued to decline and is still doing so, just like the GST rate.
The Impact of the overall market decline
In conclusion, I would like to say about the bear market of cryptocurrencies, the movement of which, one way or another, lays bitcoin.
Except for the first of January, on March 29, the price of BTC reached its maximum value this year – $47,465.73. At that time, interest in NFTs and cryptocurrencies was still relatively high against the high price of bitcoin. Therefore, the new move to earn applications with exciting mechanics and large investors greatly attracted users.
But by mid-May, bitcoin fell to $28,000, and fear reigned in the market. And in a game where there are so many krypton newbies, fear plays a decisive factor. After all, this type of player in the NFT market can fix huge losses and massively sell their sneakers, lowering the floor to meager values. All this was exacerbated by the departure of the Chinese audience and the fall of GST. So STEPN, like many other projects, simply couldn’t resist the bear market.
