Deep Dive Research

Unraveling the Mechanics of SuperWalk M2E Game: An On-chain Analysis (Part 1)
Looking for an on-chain community growth success story? Look no further than SuperWalk! Join us to learn more about this M2E game's impressive growth in our Part 1 analysis of SuperWalk M2E game ecosystem.


Trang Nguyễn


27 Feb 2023


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SuperWalk is a GameFi project that combines NFT technology with Move-to-Earn (M2E) mechanics. Players can earn rewards by walking and completing in-game challenges. The mobile-friendly project aims to create a fun and healthy way for players to earn while they exercise.

SuperWalk is a cutting-edge Web 3.0 fitness platform, allowing users to earn tokens ($WALK, $GRND) for their daily physical activity.

The reward amount is calculated based on walking/running mode, shoe type, and performance stats. These reward tokens can be utilized within the app for various features including repairs, synthesizing, purchasing items, and more!

SuperWalk is also expanding its collection of unique Shoes NFT and Fungible Tokens, giving users even more incentives to keep fit and healthy.

This first part of analysis on SuperWalk will explore 2 dimensions:

1. Player/User Growth

2. FT/NFT Demand



Playing Components

Pro Mode

If you're a Shoes NFT holder, you can access Pro Mode and start earning $WALK and $GRND rewards by simply walking or running.

With the SuperWalk reward calculation algorithm, tokens are awarded based on your Shoes rating, level, attributes, and items. This is an opportunity to boost your earnings while staying active.

Basic Mode

A pedometer service is a tool or app that counts the number of steps a person takes.

It uses a device called a pedometer, which is usually attached to the person's waistband or worn on the wrist, to track their movement. The pedometer service then records the number of steps taken and displays it for the user to see.

This can be useful for people who want to monitor their physical activity or track their progress towards a fitness goal, such as walking a certain number of steps per day.

If you don't have a Shoes NFT, you can still take advantage of SuperWalk's Basic Mode. This pedometer service rewards users for walking or running with up to 200 Points daily.

Each Point is equivalent to 1 Korean Won and can be redeemed for coffee, snacks, e-coupons, and other exciting perks from partner brands. Make sure to claim your rewards before 00:00 (UTC+9) each day when the step count is reset.

As SuperWalk continues to develop, Basic Mode users can look forward to more ways to earn points, such as exploring missions, quizzes, challenges, and raffles.


Enhance your SuperWalk experience with the strategic and diverse upgrades available in Store. Users can purchase Items to upgrade their shoes and manage their Energy for optimal performance.

These upgrades will take your SuperWalk experience to the next level, giving you an edge over the competition.

Game-fi Elements

GameFi is a term that combines gaming and decentralized finance (DeFi) and refers to how developers incorporate financial elements into their gameplay.

In GameFi, players can earn cryptocurrency tokens by playing the game and achieving certain goals. These tokens can then be used within the game's ecosystem to purchase virtual assets, trade with other players, or even earn interest through staking or yield farming.

GameFi is seen as a way to incentivize and reward players for their engagement with a game, while also offering new opportunities for investment and financial growth.

Experience the unique and exciting world of Shoes NFTs in SuperWalk game, complete with Energy and Durability attributes that add to the challenge.

With the built-in reward algorithm, players can earn tokens based on their Shoes' stats, ratings, levels, and attributes. Compete against other players and climb the Points & Leaderboard ranking system to earn even better rewards and unlock the Title System.

As you progress, collect various Items to enhance your Shoes' stats, provide additional options, and offer energy boosts for peak performance.

And stay tuned for their upcoming equipment enhancement system, which will provide even more diverse and improved capabilities to take your game to the next level.

Social-fi Elements

Unlike GameFi which highlights the importance of finance, SocialFi is a type of gaming platform that incorporates social features into the gameplay experience.

It offers various functions such as community-based challenges, raffles (lucky draws), item trading, and peer-to-peer interactions.

SocialFi aims to create a sense of community among players by providing opportunities for engagement and collaboration beyond the traditional gaming experience.

Take your Social-fi experience to the next level with SuperWalk’s 4 additional functions.

  1. Join the community-based Crash Challenge and work towards achieving a specific distance or participation goal within a set time frame.

  2. Participate in the Raffle System for a chance to win exciting prizes, including Shoe NFTs and other items, through a lucky draw.

  3. Use the Item Market to buy, sell, and trade items with other players.

And stay tuned for more exciting features to come! Ranking Match and Crew will soon be added to Social-fi, further elevating your gameplay experience.

As the game evolves and as you will see how their project demonstrates through the lens of our on-chain analysis, they’re committed to delivering new and exciting ways to keep you engaged and entertained.




User analysis

In this part of analysis, we distinguish between Users and Players.

Users refer to individual wallets within the SuperWalk ecosystem, while Players refer to unique wallets that interact with the Master Smart Contract.

The Master Smart Contract is the key element of the SuperWalk gaming experience, serving as the gateway for users to play the game.

Player & User Growth
Figure 2.1 & 2.2. Daily Player & User Count (Source: M3TA)

The SuperWalk marketing campaign in September was a resounding success, as evidenced by the peak in wallet counts from both Players (Figure 2.1) and Users (Figure 2.2).

To build excitement and anticipation, SuperWalk teased its GRND token would be listed on the popular exchange at the end of August.

This announcement was followed by a series of NFT Giveaway events and a partnership with Web3stat for an airdrop event.

The listing of $GRND on on September 7th was a major milestone and attracted a large number of new users, while also helping to retain current players and users. This was a key factor in the overall success of the SuperWalk marketing campaign in September.

Figure 2.3 & 2.4. Weekly Player & User Lifecycle (Source: M3TA)

From December 2022 to January 2023, SuperWalk maintained a consistent number of Retained Players & Users (Figure 2.4). During this period, the user retention rate did not significantly increase or decrease, suggesting a stable user base for SuperWalk.

In December, the SuperWalk Users and Players reached a second remarkable peak in wallet count. The remarkable success of SuperWalk in December can be attributed to several (marketing) factors.

◉ The introduction of the SuperWalk Crew System Season 1 brought a new social dimension to the game, enabling Players to form ‘walking’ alliances called “Crews”. The motivation for Players to participate in this event is the imminent benefits of “member perks” they will receive in the game.

◉ The associated community hashtag of Crew System also contributed to the widespread disperse of user-created & user-shared content on social media, leading to a staggering 2.88K increase in new Users (Figure 2.4), which also rendered to become Players (Figure 2.3), joining the on-chain SuperWalk ecosystem.

Figure 2. Crew System 3rd week SNS (slang for social media in Korea) & Community Hashtag Launch Announcement (Source: SuperWalk Discord)

◉ The Christmas Event was popular among Pro Players, offering the chance to collect super rare in-game items and additional event tokens. Examining Figure 2.4, which displays the uptick number of Returned Players, enables us to gain insights into the direct impact of the event on player engagement from an on-chain perspective.

◉ Around the same period, the project released a new item Energy Boost, which allowed players to reduce their exercise time, making it easier to earn rewards.

These events show that the SuperWalk team is focusing on the social aspect of the project and our on-chain analysis suggests that this approach is effective in expanding the ecosystem.

When and Where?

It’s also worth noting that the analysis of Figures 2.1 and 2.2 reveals a seasonal trend in the number of Players and Users between December 7th, 2022 and January 25th, 2023, with a peak on Wednesdays for two months, except for December 26th, 2022.

Figure 2.5. Player Heat Map (Dec 2022 - Jan 2023) (Source: M3TA)

This can be further confirmed by the Activity Heat Map above (Figure 2.5) which shows users were mostly active on Wednesday between 6:00 and 10:00 UTC (13:00 - 17:00 Seoul Time).

Figure 4.2. User Geo Map (Source: M3TA)

Tracking website traffic also provided us with a clear picture of where the majority of players are located.

We found that potential geographical locations for SuperWalk players are South Korea, China, India, Russia, and Kazakhstan. However, South Korea stood out with a big circle as it accounted for more than 80% of the web traffic to SuperWalk.

Given that SuperWalk revolves around fitness activities, it is reasonable to assume that the playing time would be concentrated in the evening and early morning hours when people have more free time to exercise.

Combining this assumption with the data on the most active playing hour, we can infer that many of the SuperWalk players are from SEA and EAST ASIAN countries, where 15:00 UTC equates to 20:00 - 0:00 UTC

Project Expansion
Figure 2.6 & 2.7. Player/User Ratio (Source: M3TA)

An important indicator of a GameFi project is the ratio of Players to Users, which can be analyzed from Figures 2.6 and 2.7. This is because it represents which direction the project was expanding.

While the ratio of daily new players to daily new users is expected to be between 60% and 100% in August, the ratio of daily players to daily users fluctuates between 80% and 100%, demonstrating a positive trend towards recurrent players dominating the ecosystem.

The seasonal pattern is not visible in Figure 2.6 but is evident in Figure 2.7, indicating that the seasonal effect is eliminated for the group of new Users/Players, revealing a consistent trend of recurring Players versus Users.

Figure 1.1 & 1.2. Player/User Ration between SuperWalk (left) & SNKRZ (right) (Source: M3TA)
Figure 2.1 & 2.2. Contributed Value per NFT Trader between SuperWalk (left) & SNKRZ (right) (Source: M3TA)

We can go back to the SuperWalk V1 Dashboard published in November 2022 to explore another insight into the SuperWalk ecosystem.

When comparing SuperWalk and its counterpart SNKRZ (also a Korea-based M2E project), SuperWalk has a significantly higher PoU ratio, with over half of its wallets classified as players, nearly twice as many as SNKRZ.

In absolute terms, SuperWalk also has more total players (6363) than SNKRZ (2746) from an on-chain perspective.

However, when it comes to the average value per NFT trader, a new NFT owner from SuperWalk generates only half as much value as one from SNKRZ.



FT & NFT Demand

FT & NFT Transaction
Figure 4.1 & 4.2. Cumulative Transactions & Total Weekly Transactions (Source: M3TA)

In Figures 4.1 and 4.2, it is noticeable that the frequency of Daily FT Transactions has gradually started to outsize that of Daily NFT Transactions.

One of the possible reasons for this trend could be the availability of GRND on the exchange, which could have impacted the demand for SuperWalk's NFTs.

However, it is important to note that this is just one possible explanation and there could be other factors that contributed to this shift in transaction frequency.

Furthermore, it is interesting to observe that the NFT transaction count suddenly surged to its peak during the last week of July. This significant increase in NFT transactions could be attributed to the various events hosted by SuperWalk during this month.

One event was

1KREAM event, where winners received rewards from popular shoe brands like Adidas or Nike.

It is possible that these events attracted more attention to SuperWalk's NFTs, resulting in the surge of NFT transactions during this period.

NFT Holding
Figure 3.1 & 3.2. Number of NFT Used & Average NFT Holding Day (Source: M3TA)

SuperWalk's data on NFT usage and holding periods suggest that the game has a strong and dedicated player base.

Figure 3.1 shows that the majority of Players use 0-4 NFTs when playing the game. Only a small percentage of players use 20-50 NFTs, which suggests that SuperWalk does not heavily rely on a small group of high-spending "Whales" for its revenue.

This diversity in NFT usage is a positive sign for the longevity of the game, as it indicates a wider range of Players who are interested in and engaged with the game.

In addition, Figure 3.2 shows that the NFT holding period for Players is fairly long, suggesting a loyal population of customers. This is significant, as it indicates that Players are not just buying NFTs for short-term use in the game but rather, they are investing in them for longer periods.

This loyalty among Players is a valuable asset for the game, as it creates a more stable player base and can lead to increased revenue in the long run.




SuperWalk’s on-chain community growth success could largely attributed to robust marketing campaigns throughout Q3-Q4/2022, as indicated by an increase in wallet counts from both Players and Users. Its player base is primarily from SEA and EAST ASIAN countries.

The team's focus on the social aspect of the project seems to be effective in expanding the ecosystem, as evidenced by a consistent number of Retained Players and Users from December 2022 to January 2023.

The frequency of Daily FT Transactions has gradually started to exceed that of Daily NFT Transactions. Additionally, there was a sudden surge in NFT transactions during the last week of July, which could be attributed to various events hosted by SuperWalk during that month.

Overall, the data suggests that SuperWalk's social approach is working well and is helping to expand the project's user base.

Follow us to the “On-chain Analysis: SuperWalk (Part 2)” to know more.




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