STEPN(GMT) is a crypto-token built on the Solana (SOL) blockchain. Being the native token behind the STEPN project, this token has a limited supply of six billion tokens. GMT step-in is a move towards earning cryptos via social fi & game fi applications that are built on Solana.
The platform describes itself as a “web-free lifestyle app” that rewards users for maintaining a healthy lifestyle through walking, jogging, or running. Sounds a bit like pokemon go right? However, the move to earn is still a relatively new concept. It is similar to the play-to-earn model, primarily because it adapts elements of game phi and social fi in NFT. Instead of solely playing games, this project rewards users for maintaining healthier lifestyles!
Created by a fintech studio termed ‘Find Satoshi lab’ based in Australia, the GMT token soared more than 3500% since March 11, turning it into a top-performing web3 crypto token of 2022.
How Does It Work?
Stepn offers sneakers NFT in its marketplace. All you have to do is buy the sneakers NFT and start your journey with Stepn.
Here we outline additional methods of how you can do it:
- Install the application from the play store/app store. Connect to your wallet and transfer Solana to buy sneaker NFT from the marketplace. The Stepn app runs only on Solana so you must have their wallet.
- Once you have your sneaker, then you can connect it with the Stepn application and commence your fitness journey with Stepn. You can then jog, walk around, or run outdoors, from anywhere in the world and earn brownie points. You can then use those points for various rewards like leveling up, upgrading sneakers, or NFTs. You can even cash out the money in the real world, as the points earned are the game’s currency.
- After completing the signup, you can view the status on top of their screen which will depict your current position.. be it walking or running.
One might even come across a notification that says “moonwalking,” This means that the user is using a vehicle to travel instead of using muscles. In this case, the user is not eligible to earn any GST or GMT tokens as he ignores the purpose of Stepn, which is to stay healthy and fit.
The STEPN ecosystem primarily runs on two tokens:
- Green Satoshi Token (GST)
- Green Metaverse Token (GMT)
Green Satoshi Token (GST)- It is an in-app utility token used as an in-app currency to purchase goods in the application. GST has an unlimited supply and can be earned in the game.
Green Metaverse Token (GMT)- It is the main token behind the Stepn project and has got a limited supply of six billion tokens. It can be earned during the Token Generation Event (TGE) where it can be minted.
Use Cases of GMT
Here are the usees cases of GMT:
- Governance token
GMT is the native governance token of STEPN. The user holding GMT gets to participate in governance to increase the voting power. the only caveat: the locking period should be longer.
- Staking reward
The distribution of the staking rewards is decided by the GMT stakers via vote.
GMT is used in the application for sneaker upgrades and minting of new sneakers. All this leads to the burning of tokens and reduces the overall supply.
Price analysis of GMT
STEPN (GMT) has witnessed a sharp increase since March in just over a month. According to data from CoinGecko, the price of GMT has exceeded 3500% since March 11, when the price of a coin was simply $ 0,100826 (approximately Rs 7.69 at today’s INR-USD price). The price of a coin today is $ 3.18 (approximately Rs 243.20). With a 24-hour trading volume of $2,225,183,269 USD. STEPN is down 1.40% in the last 24 hours. The current CoinMarketCap ranking is #55, with a live market cap of $1,903,985,864 USD. It has a circulating supply of 600,000,000 GMT coins and a max. supply of 6,000,000,000 GMT coins.
The major reason behind the massive upward price trend is believed to be Stepn’s recent earnings reports. As per an official statement of the company, STEPN made a profit of $26.81 million from its NFT Marketplace trading and royalty fees in Q1 2022. That’s not all: GMT coin is now available to trade at Zebpay, India’s oldest and most trusted crypto exchange where you can enjoy a secure and seamless trading experience.
STEPN White Paper: