STEPN is a lucrative Move-to-Earn Blockchain initiative that has recently attracted global attention. The STEPN app recently become one of the most downloaded apps in the app marketplace because it allows individuals to earn money from using it.
GMT is one of two tokens that make up the project’s dual token economy model. The other utility token is the GST token.
The GMT token is currently the 69th largest cryptocurrency by market capitalization.
How STEPN (GMT) Works
STEPN is a blockchain model that utilizes the move-to-earn concept. Essentially, individuals that download the STEPN app and complete some of the prerequisites can earn tokens from completing regular physical activities.
You can tokenize activities such as running or jogging using M2E. The vast majority of individuals have already incorporated the use of something like fitness monitoring software into their routine daily activities.
The move-to-earn M2E app concept takes fitness applications to another step by awarding tokens and non-fungible tokens (NFTs) rather than meaningless “great job” stickers for completing workouts. These applications are so addictive because their utilization of accolades and milestones makes them an excellent blueprint for crypto applications.
STEPN aims to incentivize people to lead healthy lifestyles and be social while doing so by leveraging the use of blockchain technology. It is a Solana start-up that managed to raise $5 million after the concept was first proposed at the Solana IGNITION hackathon.
It is the first sports software app to be created on the Solana blockchain, and it’s become popular because it incorporates blockchain token incentives. After purchasing shoes (NFTs) from the marketplace, users have the opportunity to earn tokens by engaging in a daily activity such as walking, jogging, or running. The model utilizes GST and GMT tokens.
GST tokens (green satoshi token) is the utility token of the game and is given to users as rewards and is used for upgrading sneakers and other actions in the ecosystem. These tokens have an unlimited supply. The GMT token, known as the green metaverse token, is the governance token of the STEPN ecosystem. GMT tokens are minted at the token generation event and have a capped supply of 6,000,000,000.
The software incorporates a gaming component by letting users randomly discover and dump treasure boxes as they are moving around. Additionally, users have the ability to improve several aspects of their shoes. The sum of these parts creates a one-of-a-kind experience that combines earning money, working out, and having fun.
If you’re interested in ”NFT sneakers” and what the STEPN team is, you can read the STEPN whitepaper. If you’ve done your research and you’re ready to get started, you can download the STEPN app using your in-app marketplace.
What Is STEPN (GMT) Used For?
The STEPN App is used by most individuals that want to earn a lucrative income for staying fit. Users can earn GMT tokens and use various game modes, each where they can earn the in-game utility token.
NFT sneakers are the key prerequisite for earning in the game, and users are required to purchase these before they can earn an income. These NFT sneakers can be used in solo mode and various other modes – upgrading your shoes is beneficial because NFT sneakers’ attributes vary.
The STPEN project combines various game-fi elements that have attracted hundreds of thousands of individuals seeking to earn passive income for staying fit.
Additionally, some individuals swing and arbitrage trade GMT tokens on various exchanges. These traders may generate large returns but are exposed to a high amount of risk.
Where To Buy STEPN (GMT) Token
GMT has recently become the center of attention as the Move-to-Earn model has grown in popularity.
GMT tokens are traded on the most reputable centralized crypto exchanges. Before purchasing GST, users will need to use fiat money to purchase GST from the crypto exchange; sequentially, GST tokens will be sent to the users’ digital wallets on the exchange.
Here are some of the most secure places to purchase, sell, and hold tokens.
The majority of the time, owners of crypto tokens will move their tokens into a digital wallet. Holders would then easily be able to link their wallets to several decentralized marketplaces to take advantage of profitable DeFi services.
It is highly encouraged that users withdraw their tokens from centralized exchanges as doing so offers them entire control of their crypto tokens and private keys. Users may then leverage this ownership to their advantage.
None of the abovementioned information is investment advice.
About STEPN (GMT)
How long has STEPN (GMT) existed?
The financial technology studio Find Satoshi Lab established the platform in August 2021. The founding members of STEPN were only finalized in late September and the team went on to release the GST and GMT tokens.
STEPN held an ICO on the Binance launchpad in March 2022, and the sale raised $9,200,000. Only 7% of the total token supply was available for purchase, and the ICO price was 1 GMT = 0.01 USD.
The platform has grown immensely in popularity since it was launched, and the team recorded $122 million in revenue in Q2 of 2022.
What’s controversial about STEPN (GMT)?
Blockchain and crypto remain largely unregulated in most of the world. This is both beneficial and detrimental because there is a need for a decentralized monetary system but without regulations scams are rampant.
Individuals should always be cautious before investing and ensure that they have done sufficient research.
Let’s take a look at the top controversy surrounding STEPN (GMT):
- Ill-intentions – Many individuals that are invested in the STEPN project were elated to see that the company had performed so well in Q2 of 2022. The project is relatively new on the scene but has managed to make waves, advertising itself as a community move-to-earn project.
But, after announcing its revenue, STEPN went on to do something that feels all too familiar in the traditional business world – it seems fueled by greed. The company announced it would use only 5% of revenues to purchase tokens and burn them.
For a ”community-driven” project this seems incredibly odd – after all, the users are the ones that have added to the success of the project. Many individuals were unhappy with the company’s announcement and feel as if the company is ill-intentioned.
How many STEPN (GMT) Tokens are there?
At the time of writing, STEPN (GMT) has a circulating supply of 600,000,000.00 GMT.
The total supply of STEPN (GMT) is 6,000,000,000.
The max supply of STEPN (GMT) is 6,000,000,000.
Can STEPN (GMT) be mined?
Mining GMT tokens is not possible. There are a significant number of websites that make the initial claim that they are capable of GMT mining, but don’t be taken in. While not possible to mine GMT, it is possible to stake GMT, and one may receive GMT tokens via the process of staking GMT.
GMT token holders can utilize DeFi products but are required to store their GMT tokens in a digital wallet that will be connected to the STEPN platform. Users can then use SOL to purchase NFT sneakers, earn GST tokens for completing physical activities, and much more.
Some centralized exchanges let users earn returns by staking GMT tokens.
What is the market cap of STEPN (GMT)?
The market cap of STEPN (GMT) is: the total amount of coins in circulation x the current market price of GMT.
STEPN (GMT) Market Cap = 600,000,000.00 GMT x $1.09 = $655 million (69th largest market cap).
GMT is currently one of the top 100 cryptocurrencies by market capitalization.
Biggest Competitors Of STEPN (GMT)
The move-to-earn sector has recently become incredibly popular and has managed to attract retail investors who hadn’t previously invested in crypto. The play-to-earn sector was the catalyst of the blockchain gaming craze and STEPN has been a continuation of the model. However, several emerging projects could be potential competitors.
GMT’s biggest competitors are:
What Are The Future Plans Of STEPN (GMT)?
STEPN is actively working on building more exposure for their native platform, onboarding more users, and creating a valuable ecosystem of DeFi products. Their latest earnings report revealed that the company had managed to clear more than $100 in Q2 – the team will continue trying to generate more revenue in the coming months.
Additionally, the project will look to cement its place in the crypto space by offering users a model that will prove to be sustainable in the coming years.
Pros And Cons Of STEPN (GMT)
Pros:
- Earning incentives– The STEPN team has introduced a novel ”move-to-earn” model that has taken the crypto community by storm. The app rewards users, with STEPNs in app wallet, for completing physical activities.
- Listed on major exchanges – The project is listed on most of the major crypto exchanges and this has ensured there is a lot of exposure for the project. Listings on multiple exchanges also help add credibility to the project.
Cons:
- Low circulation – Only 10% of GMT tokens are in circulation. When more tokens enter the market, we’re likely to see a price decline.
- New model – The M2E model is new and many people think it might just be a flash in the pan. Whether the project will stand the test of time is yet to be seen.