Just a transition step? Step N it ends the contracts of many workers, but the company goes to the fore all the same to send a message: everything is fine!
Start-up noises around StepN
It is not the foot for the move-to-gain followers. According to a item from the South China Morning Post, StepN reported fired more than 100 of its employees, including social media moderators and “ambassadors”. The media cites reporter Colin Wu’s Wu Blockchain Twitter account and people familiar with the matter.
Speaking with Media Decrypt, StepN has refuted these claims, calling them “unfounded” and “factually inaccurate”. The company would “split from the volunteer MODs” who were not active during the “last weeks” and “last months”. He would also actively pursue his hires for various positions.
Despite bear markets, StepN’s spokesperson says the company remains strong and continues to “build, grow and evolve”. The publications that do not go in this direction, such as those relating to this massive dismissal, would therefore only be indiscretions, which StepN chooses to face “head on in order to avoid further speculation on falsehoods”.
Communication war and truth in numbers
Although StepN speaks positively, the data from Dune Analytics shows a significant drop the number of monthly active users of the application, during the crypto winter. This number had reached more than 700,000 by May of this year and rose to nearly 500,000 by June.
It subsequently collapsed, recording a 50% decline in July. In August, the number of monthly active users was only around 140,000, continuing to decline in September to reach 99,000.
The number of daily active users followed the same trajectory, dropping from 58,000 on June 21 to 5,800 on September 15.
Evolution and not disappearance: StepN’s new priorities
These figures collide with StepN’s reassuring press release. Wu Blockchain will certainly not calm fears, pointing to a reduction of investments in the app.
Priority would now be given to “promoting its parent company Find Satoshi Lab” and to new projects as an exchange market for NFT.
In a tweet on October 11, StepN co-founder Yawn Rong acknowledged that the company is going through a “transition period” and that resources will be dedicated to “moving to the next phase” of Find Satoshi Lab.
However, StepN says these developments don’t mean the company is on the verge of extinction.
StepN is not the only company in the NFT space, to see his numbers drop during this bear market. The contradictory claims about the sustainability of the project only increase the vagueness on this issue, at the expense of the clarity that the community needs.
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