What is STEPN (GMT)?
STEPN is striding forward. Follow the next wave of ‘crypto craze’
STEPN (GMT), dubbed “move-to-earn”, is a relatively new crypto token that has been gaining momentum this month, leading the competition. The GMT coin price has surged 3,500% since March 11, when it was only $0.100826. And as of this writing, its price continues to rise. Last week, GMT rose around 70%, and the current price is around $3.89.
STEPN (GMT) – Money Making Money
STEPN (GMT) and the “money-making money” philosophy explained
STEPN (GMT) is a “move-to-money” model crypto token based on the Solana (SOL) blockchain. “Move-to-earn” cryptocurrencies are often compared to “Play-to-earn” tokens (e.g. AXS), but the “move-to-earn” program is Real-world activities, not in-game dynamics, are rewarded. STEPN rewards users for walking, jogging or running, providing additional incentives for personal fitness.
STEPN isn’t the only “money-on-move” model token. There are also competing currencies such as: Genets (GENE) and dotmoovs (MOOV). Recently, media and investor interest in the fusion of DeFi, Web3, and fitness has multiplied, and the prices of many “money-on-money” tokens have risen sharply.
Given the previous gamification activities of “Pokemon Go” and the profit potential of “Axie Infinity”, it may be just the initial state of “take-off” for “money-making” tokens, and STEPN is the best token of its kind. “Leader”, the future can be expected. According to CoinMarketCap data, the total market value of STEPN tokens has exceeded 2.3 billion US dollars, and it is currently ranked 45th in capitalization.
Ahead of the recent surge in GMT prices, STEPN recently released an earnings report saying the company made $26.81 million in profits from NFT Marketplace transactions and royalties in the first quarter of 2022.
How STEPN works
STEPN’s official website states that users can “earn ‘significant income’ by walking, jogging or running outdoors”. This involves several steps. STEPN has an in-app marketplace to sell virtual sneakers in non-fungible tokens (NFTs). Users who buy these NFTs can participate in the AR game STEPN, and players in turn can earn in-game GST tokens by actually moving. Users can then exchange GST rewards for SOL or USDC. The company said it would use the profits to “repurchase and destroy on-chain GMT from the secondary market,” a move that should see the GMT token appreciate somewhat.
STEPN was founded in the summer of 2021, and it’s uncertain whether “money money” will continue to grow, but the idea presents some new hope, combining technology and fitness culture in new ways. Wearable fitness trackers and mobile apps have become an integral part of many people’s exercise routines, so why not include encryption in the mix?
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