The hype is real. NFT kicks decked out with the Argentine Football Association (AFA) crest. A marriage of crypto-cool and national pride. STEPN, the popular move-to-earn web3 application, jumping in feet first on a two-year sponsorship of the AFA. Autographed jerseys! Match tickets! The Web3 glory awaits… the AFA delivers! Hold on a second… “Are you really a World Cup-winning player or just another flashy crypto free kick that’s going to go wide?
Empowering Users, Or Just Profiting?
Let's talk about decentralization. But it’s the catchphrase of the decade. Welcome to Web3—an exciting new internet where you control your data, your assets and your future! Permissionless innovation! That's the rallying cry! So what exactly makes this AFA deal a true representation of those principles? The AFA, an opaque, centralized organization with deep roots in the establishment, has now agreed to give its brand to the STEPN. Is it decentralization by association? I doubt it.
Think about it. The guiding principle of Web3 is that users should be in control. Does it truly empower the user to put the AFA logo on an NFT sneaker? Or does it simply leverage the AFA's global brand recognition to pump up STEPN's user base? I am not saying it's wrong, but are STEPN users going to be able to influence the AFA's decision?
I'm reminded of a quote from The Social Network: "A million dollars isn't cool. You know what's cool? A billion dollars." In this case, "A cool NFT isn't empowering. You know what's empowering? True ownership and control."
Financial Inclusion Or Digital Divide?
This is where things get tricky. We’re led to believe that crypto is the new great equalizer, poised to bring millions outside the financial system into convenient and affordable services. Let’s face it, the crypto space can sometimes be an intimidating place. It’s a dangerous place, ripe with jargon, risk, and greenie grifters. STEPN’s first entry into the Adidas NFT market was billed at 10,000 GMT per entry. A gigantic entry barrier for any normal cylinder.
Are these NFT sneakers even a genuine effort towards advancing financial inclusion? Or do they in reality introduce new hurdles for all those not well versed in crypto and NFTs? Are we potentially setting up vulnerable populations for exploitation, lured in by the promise of rewards only to get burned by market volatility and rug pulls?
We need to ask ourselves: Are we building a truly inclusive ecosystem, or just creating a new form of digital feudalism?
Marathon Or Sprint To Cash?
STEPN is going further into the NFT sneaker market while competitors such as Nike are leaving, saying it’s unprofitable. This is not a good sign.
Think of it this way: Is this partnership a marathon—a sustainable, long-term effort to empower users and promote genuine fitness and well-being—or is it a sprint designed to quickly capitalize on the NFT craze? Are we just building a culture, or merely following the next pump?
This partnership is a “long-term” collaboration with the AFA. It’s set to begin May 5, 2025, and continue through the end of 2027. Yet two years in crypto is an epoch. Do you think STEPN will be alive in two years? Will the AFA still be interested in NFT sneakers when they’re on their feet?
The reality is, this deal has potential to be a true genius move. This would bring new users onto the STEPN platform. She notes that it will build anticipation for the AFA and open up incredible real-world benefits for fans. Or maybe it’s only a short-lived fad. Or it might just be a cynical attempt to cash in on the crypto-fueled nonsense before the whole thing collapses.
I urge you to do your research. Don't just blindly buy into the hype. Ask tough questions. Demand transparency from STEPN and the AFA. Ensure that this new public private partnership best serves your residents, commuters, and the traveling public—not just the companies represented in the room. Let's hold them accountable and ensure that this isn't just another example of centralized exploitation disguised as decentralized empowerment.
