In my opinion, one of the most entertaining (and addicting) aspects of StepN is the concept of Minting. Below is everything you need to know about this process.
Minting in StepN
Minting allows you to "breed" two sneakers together to create a third (breeding sneakers sounds super weird - but I'm at a loss for a better term right now). You can do this up to 7 times with a single sneaker, although the costs to do so will increase with a higher number of mints. At current prices, anything more than 2 (maybe 3) mints on a single shoe is considered unprofitable.
Minting will result in a 48-hour cooldown period on the sneakers you used to mint - meaning you can't mint them during this period, but you can still use them to earn.
Each mint will cost a fixed amount of GST and GMT, depending on (1) the Quality of the sneakers you're using to mint and (2) the number of times you've minted these sneakers already (see cost tables at the bottom of this post).
Let's start with discussing what you can expect to receive when minting your shoes.
The StepN Minting Process
When you mint two of your shoes together, you will receive a shoebox containing a pair of shoes. Just like the shoes, these shoeboxes can come in 5 different qualities - Common, Uncommon, Rare, Epic, and Legendary. The quality of the shoebox will depend on the quality of the shoes you use to mint (called 'vintages'). Below are the chances of receiving various shoebox qualities based on the quality of the two 'vintages'.
As you can see, if you mint 2 of the most basic Common shoes together, you're going to get a Common shoebox. Essentially the same if you mint 2 Uncommon shoes together - you'll likely get an uncommon shoebox. And a mixed mint, in which you mint a Common and Uncommon shoe together, has mixed results...
Shoebox Quality Probabilities Based on Vintage Qualities
Pretty simple, right? Well, there's more...
Shoe Qualities based on Shoebox Quality
To add a further wrinkle to this whole process, each shoebox that you receive has a different probability of containing different quality shoes. For example, a Common shoebox likely contains Common shoes, but there is a 3% chance that there could be an Uncommon sneaker in there!
Inversely, if you had an Uncommon shoebox, there's still a 25% chance that you would receive a Common shoe - which would be quite unfortunate!
Below are the different chances of receiving different quality shoes based on the quality of your shoebox.
Shoe Quality Probabilities Based on Shoebox Quality
Now you have a decision to make. You don't have to open the shoebox, and could sell it in the marketplace. If you're like me and find the mystique of an unopened shoebox far too tempting to resist, go ahead and open that thing up! If you have more restraint, check out our Shoebox Pricing Tool to determine how much you should sell (or buy!) a shoebox for.
If you're wondering what type of shoe you can expect to get when minting, then yes, there is also a table for that (below).
The most surprising thing to note from this table is that even if you mint a trainer (or 2 of them together), your odds of getting a new trainer aren't that good.
If you're not sure what a Trainer is, or confused about any other details about sneakers you've seen here, take a look at Everything to Know About Sneakers in StepN.
Sneaker Type Probabilities Based on Vintage Types
So now you have all of the information you need to understand the outcomes of the minting process. But you're probably wondering how much it all costs.
Below are shoe minting costs, shown in different tables based on the shoe qualities that you're using to mint. Each row/column represents the number of times each shoe has already been minted. For example, minting two common sneakers with either 0 or 1 mints on them already would cost 120 GST + 80 GMT, per the first table below. This increases to 150 GST + 100 GMT if one of your 'vintages' has 2 mints.
Given the increase in cost to mint shoes that have already been minted more often, you'll see shoes with more mints selling for less in the marketplace.
Sneaker Minting Costs
Arbitrage! (The most exciting part of minting)
And finally - for anyone willing to stick with me this far - there is one last piece that makes minting shoes exciting and fun, especially for nerds like myself who enjoy strategy and numbers.
As you may have noticed by now, you buy your shoes in the StepN marketplace with Solana (SOL), but pay to mint them with GST and GMT.
This means that, depending on the prices of SOL, GST, and GMT, minting sneakers could be much more cost-effective than buying them. However, in addition to the token prices, there are many other factors that determine whether minting your shoes is the right move. To help determine how much you could potentially save from minting based on all of these factors, take a look at our Minting Tool.
If you want to see how I used this arbitrage (and a whole lot of luck) as part of a strategy to get 6 shoes (including 1 Uncommon) for a total cost of around $1,000, check out My Minting Strategy (coming soon).
Thanks for reading! If you have any more questions, feel free to contact me. I'd also recommend checking out our Minting Tool before doing any minting, as the benefits of minting can change quickly as prices change (as mentioned above). Lastly, please subscribe for updates!