Shady securities in the past offered that kind of short-term unsustainable returns too. That’s why it was heavily regulated. This iteration of the same concept should be as well. It’s good news that SEC is now inspecting all of Coinbase’s listings as potential security offerings — better late than never.
Nobody wants to use these move-to-earn, play-to-earn and whatever-else token flywheels if there isn’t a market attached where you can dump the tokens. And those markets aren’t attractive unless the tokens are essentially securities.
Not bad. But nothing compared to the $1T in threeseed dollars I earned last year.
Did they actually, or did they make a bunch of Solana, which is now worth about 20% of what it was when they launched?
$120M in profit-profit? Or $120M in revenues dumping tokens on retail booked as profit?
StepN is literally a classic ponzi scheme. You buy in by paying out earlier investors in the hope that a greater fool will in turn buy you out.
The FitnessFi space has so much potential but StepN has new competition in the space which they are already starting with better ponzinomics and in web3 projects are community driven and StepN community will ape to the next one.
Crypto projects are tough to value. Their sheer global scale means that they can ramp up revenue and even profits extremely fast. StepN, a move-to-earn app reportedly made $120M in profit in its first year of operation. That might not be sustainable, but what business wouldn't give an arm and a leg to make $120M profits in just one year of operation?
Imo, crypto projects should be valued on 2-3x multiples at max.