Web3 Move-to-Earn App STEPN Integrates Apple Pay for In-Game Purchases

The blockchain game sees fiat onramps such as Apple Pay as a means onboarding the next 100 million users to Web3, STEPN chief operating officer Shiti Manghani told CoinDesk.

AccessTimeIconMay 22, 2023 at 12:00 p.m. UTC
Updated May 22, 2023 at 7:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Web3 move-to-earn game STEPN is integrating payments service Apple Pay as a fiat onramp for in-app purchases in a bid to make its app more widely accessible.

The integration will allow users to connect their credit card to Apple Pay and purchase non-fungible token (NFT) sneakers necessary for gameplay. With Apple Pay as a fiat payment method, users will no longer have to connect a crypto wallet to purchase in-game assets – a step that can hinder new players from joining its ecosystem.

Shiti Manghani, chief operating officer of STEPN told CoinDesk that incorporating a fiat onramp like Apple Pay – a technology native to iOS users – will help onboard the next 100 million users to Web3. STEPN says it is the first blockchain gaming app to secure Apple Pay integration.

“It's very prestigious, and a privilege, to be able to be approved by Apple for this kind of integration…These big platforms give us exposure to bigger audiences,” said Manghani. “Our attempt always has been to diversify and expose both the app as well as Web3, and the benefits that it can bring to an audience that is not limited just to within the Web3 community.”

According to data platform Dune Analytics, while STEPN quickly scaled to over 700,000 monthly active users in May 2022, it has since declined to about 23,000. Jerry Huang, co-founder of Find Satoshi Labs (FSL), the company behind STEPN, said in a press release that using a hybrid of Web2 and Web3 technologies is a helpful avenue for onboarding more users to the ecosystem.

“With this Apple Pay integration we are making the user journey much more seamless, removing barriers to entry for all who want to move-to-earn, and ensuring that the Web3 space reaches a level of maturity it requires in order to go mainstream,” said Huang.

In November, Find Satoshi Labs rolled out its native NFT marketplace MOOAR to allow users to purchase in-game assets natively within the application. In July 2022, STEPN reported $123 million in Q2 profits ahead of the crypto winter onset.

Edited by Rosie Perper.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Cam Thompson

Cam Thompson was a news reporter at CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.