STEPN (GMT) is a web3 lifestyle app designed with features like SocialFi and GameFi. They have efficiently succeeded in upgrading an old concept of exercising to move-to-earn which is currently fully functional and vastly popular in the blockchain industry. The idea is to promote socializing and assist users to have a healthy life at the same time which is now a possibility, courtesy of STEPN.STEPN was created by a fintech studio that is based in Australia and is known by the name of Find Satoshi lab. The company is known for several contributions in the past including its dominance as the top team in the 2021 Solana Ignition Hackathon Gaming Track.Recently the price of the GMT token soared more than 2000%, making it one of the top-performing web3 crypto tokens of 2022.
How Does It Work?
After successfully downloading the app the user needs to connect their wallet and transfer Solana (SOL) cryptocurrency to buy NFT sneakers and start their journey with STEPN. SOL is the main currency on which the STEPN app runs so it is compulsory for the user to have it in their wallet.NFT sneakers (acquired with SOL) are the required item to start your journey with STEPN. Users can connect their app with the sneakers and walk around, jog or run outdoors, be it anywhere in the world, earning points as they do. Those points are classified as game currency and they are then used for various rewards such as upgrading sneakers or NFTs, leveling up, or cashing out the money in the real world.Users need to buy a pair of sneakers from the in-app marketplace after completing the signup process. After proceeding through the instructions, one can start their journey with STEPN and earn free GST tokens with additional benefits on a daily basis.
The advanced working of these tokens includes the implementation of the NFT sneakers in solo mode and earning tokens by moving around regardless of the location. Earning GST tokens requires energy which is calculated through your steps in the application. The formula is that 1 energy equals 5 minutes of movement or movement gain. However, energy can only be replenished under the condition if the user purchases an NFT shoe. In order for the process to start, users can select an NFT shoe from the application of their choice and start the process.After successfully completing all the signup steps users should be able to see the status on top of their screen which will show their current position be it walking or running. One might also come across another notification specified as moonwalking which indicates the use of a vehicle or any kind of transport other than the use of muscles to travel. In that case, users are not eligible to earn any GST or GMT tokens of any kind as that defeats the purpose of STEPN being a health-promoting community.
Unique Features of STEPN
Burn Mechanism
The tokens being available in a limited supply has made the requirement of a burn mechanism necessary in order to facilitate more and more users to lead a healthy life. This process is used to reduce the circulation of both the GMT and GST tokens through various in-app activities.
Dual Token Model
The STEPN ecosystem runs on a dual-token economy model which is mainly due to the need for fundraising and utility. In this case, there are two tokens that are both available for users to earn through different methods.
Green Metaverse Token (GMT)
GMT is the native token behind the STEPN project and offers a limited supply of six billion tokens. It can be earned in different ways such as through the Token Generation Event (TGE) where it can be minted.
Green Satoshi Token (GST)
Green Satoshi Token is an in-game utility token that can be used to purchase goods in the app. Unlike the GMT token, GST enjoys an unlimited supply and can be minted in the game through basic movements.
Use Cases of GMT and GST Tokens
As mentioned above, the STEPN project runs on a dual token economy model and both tokens (GMT and GST) offer different benefits to their users:
GST is classified as a utility token that does not require any investments other than running or participation in various game activities. It can be used to repair, unlock/reset or even level up your sneakers. Users are allowed to mint their sneakers and upgrade gem items through GST tokens. Moreover, it is also widely used to swap USDC.GMT, unlike the GST, is a governance token. GMT can also be earned through easy participation in several game activities and by running. These tokens allow you to level up to a high spot and change the name on your sneakers. Moreover, they are also used to distribute game profits and high-level activities that can also be considered premium content. Much like the GST token, GMTs can also be swapped with USDC when the sneakers reach level 30 or above and not before.
Bottom Line
The STEPN app combines three trending elements in the blockchain world that have made it a hit among crypto users. It is a web3 app that offers amazing GameFi and Social-Fi aspects. Users not only interact with other members of their community but also keep themselves fit while earning cryptocurrency as a reward for their efforts.Scott Dunlap is an interesting addition to the team of advisors at STEPN as he is also the VP at Adidas – one of the leading shoe manufacturers in the world. The addition of such members to the team STEPN is surely a positive message for upcoming institutional investors and a future Adidas partnership with STEPN may also be in the works.In the past two weeks, the price of STEPN’s native token, GMT, has experienced parabolic gains gaining over 2378.6% from its all-time low of $0.100826 and reaching an all-time high of $3.11, five days ago.According to crypto experts, the price rally around GMT is going to increase and the next short-term target is a break of $5. However, with Bitcoin still flirting at the $45k level, no one can really say for sure when it will happen. Also, since the market cap of GMT is low as compared to other crypto projects a sharp increase or decrease in price can be expected, which is why it is important to DYOR.
