Do you have two STEPN sneakers and now you would like to mint a new sneaker? What is the price to mint a new sneaker? For a long time, the price was set in GST tokens only, but as of April 28th, the prices were changed, now requiring you to own both GST and GMT tokens in order to mint new sneakers. But, what are the exact prices?
First of all, let us take a look at the old model in which you only needed GST tokens in order to mint a sneaker.
There have been lots of changes to the prices for minting sneakers in STEPN since it all began. Below you can see the most recent update on minting prices for sneakers in STEPN. If you scroll further down in the article, you can see all the different settings that have been used earlier since we first created this article. But, start with the current minting prices and then feel free to take a glimpse at the historical prices after that.
Sneaker minting prices as of June 8th, 2022
Quite a lot of change has been implemented today (June 8th), and this has greatly impacted the minting prices. In the last few days, the price has been simply 200 GST to mint a new sneaker, but as of today, the new basic cost is 360 GST + 40 GMT. It is also important that the cooldown period has been extended to 72 hours, meaning that you have to wait 72 hours before you can mint with a sneaker once again. The consequences of these changes will for sure be an increased sneaker price (once again).
Maybe you find it hard to understand the chart above, but the basics are something like this.
- Minting with two common sneakers with 0 or 1 mint: 360 GST + 40 GMT
- Minting one common sneaker (0/1) with one common sneaker (2): 450 GST + 50 GMT
- Minting two common sneakers with 2 mints: 540 GST + 60 GMT
Here you can see the full chart presenting the new minting prices.
Historical STEPN minting prices
Sneaker minting prices before April 24th, 2022
- As you can see above, the price for minting a new sneaker from two existing common sneakers with 0 minutes was 200 GST.
- The price for minting a new STEPN sneaker from 1 common sneaker with 2 mints and 1 common sneaker with 0 mints was 250 GST.
- The price to mint a sneaker from 1 uncommon sneaker with 1 mint and 1 common sneaker with 1 mint was 500 GST.
But, this was the old model. What is the new model and prices for minting since April 24th in 2022?
STEPN sneaker minting prices between April 24th and April 27th, 2022
Below you can see a chart portraying the prices minting prices as they could be seen between April 24th and April 27th.
As you look at the charts above, you can see that the principles are exactly the same, but now you will need both GMT and GST tokens in order to mint a new sneaker. Let me give you a few examples of how this works.
- If you mint a new sneaker from two common sneakers with 0 or 1 mint so far, the price is now 120 GST + 80 GMT
- If you mint two uncommon sneakers with 1 mint the price is now 480 GST and 320 GMT.
- If you mint 1 uncommon with 2 mints and 1 common with 3 mints the price is 480 GST and 320 GMT.
The new minting prices as of April 28th, 2022
I guess they noticed that the price of GST went up a lot, while the GMT price didn’t increase as much. In order to create a greater demand for the GMT token, they decided to switch the price of minting new sneakers, meaning that if the price to mint a new sneaker earlier was 120 GST and 80 GMT, they now switched places and the new price is 120 GMT and 80 GST.
These are the new prices for minting a sneaker with STEPN. The price in Dollars actually went down a bit per sneaker with this recent change, but it might be that GMT is about to become much more expensive and the price of GST will drop. If that is so, then we will end up paying approximately the same for minting a new sneaker in the end also with this new model.
New sneaker minting prices start of May 2022
It is said to be a quite finalized version of the minting prices, but who knows? Currently, the minting prices are half in GST and half in GMT, while the total price (in number of tokens remain the same). If the total price is 300 tokens, then that means that you will now pay 150 GST and 150 GMT for that mint.
Above you can see the current price chart for minting sneakers in the STEPN application.
New STEPN minting prices as of May 10th, 2022
It is hard to find a model that seems to be working and that is why STEPN has just released a new model that makes the minting price depend on the current GST price. Below you can see the basics of the new model.
If GST < $2, Minting cost is (200 GST);
If GST ≥ $2 but < $3, Minting costs is (160 GST & 40 GMT);
If GST ≥ $3 but < $4,Minting costs is (120 GST & 80 GMT);
If GST ≥ $4 but < $8, Minting costs is (100 GST & 100 GMT);
If GST ≥ $8 but < $10, Minting costs is (80 GST & 120 GMT);
If GST ≥$10, Minting costs is (40 GST & 160 GMT).
This is the price for minting a new sneaker using two common sneakers with 0 or 1 mint at the moment. Below you can see a full chart portraying the minting costs with the new dynamic costs.
Is it worth minting a new sneaker?
This is a question you will have to decide for yourself. There is a moment of surprise when minting a new sneaker and you might be extremely lucky. But, if we just look at the math as of May 10th, this is what you should expect.
You can use the numbers from above to make this all the more accurate, but at the time of writing, these are the numbers worth taking into consideration.
- Price of buying a basic sneaker (common) from the marketplace: 12 SOL = $840
- Price of minting a basic sneaker from 2 common sneakers: 120 GST ($480) + 80 GMT ($160) = $640
If you compare those prices, you will see that it is cheaper to mint a new sneaker than to buy one, and if you then mint a new sneaker in order to sell it at once, you will actually be in a nice profit. Of course, as the prices of the GST token and the GMT token will go upwards/downwards, and also the price of SOL, this will always influence the calculations.
It is also important that you have to have both sneakers at level five, meaning that there is a cost at actually leveling up your sneakers to level five which is required in order to use them for minting.