Web3 lifestyle app STEPN, which encourages users to earn cash by running, has committed to donate $100,000 toward carbon removal. The company announcement was made on Earth Day, April 22, 2022.
The money – which could help remove about 69,565 tonnes of carbon annually – will be used to purchase Carbon Removal Credits via Nori, a blockchain-backed carbon removal marketplace. Nori connects carbon removal suppliers with companies and people working toward mitigating climate change. The marketplace is collaborating with farmers that sequester and store CO2 in the soil.
“STEPN’s use of Web3 technology and community power behind Web3 will be used to generate real-world benefits, from healthier lifestyles to reversing climate change,” said Yawn Rong, co-founder at STEPN.
STEPN said donations for carbon removal will come through governance voting on how to distribute profit. The company also said donations will be as much as 70% of their game’s profits and will be put into initiatives that counteract carbon pollution.
“We want to enable our users to each feel a sense of ownership towards this initiative,” said Jerry Huang, co-founder at STEPN. “As the world pivots to making greener choices, we believe this is the first of many steps towards sustaining a conducive planet for future generations.”
In order to join the STEPN app, users have to first download it, purchase NFT sneakers and then run, walk or jog outside to earn crypto tokens. The users of the app can spend what they earn on new purchases on STEPN or cash out.
STEPN recently collaborated with athletic wear manufacturer ASICS on the “STEPN x ASICS NFT Sneaker” Mystery Box Collection, which has already gathered over 195,000 participants and subscribed tickets. The total trading value of the collection is now over $10 million but the floor price remains at $3,000.