What is STEPN?
Over recent months, there has been a rise in adoption of GMT, the token of the new move-to-earn game, STEPN.
STEPN is the first Game-Fi project that makes use of the move-to-earn system to reward gamers for walking, jogging, or running using NFT sneakers. The project aims to inspire millions of people to live a healthier lifestyle, connect them to Web3, and combat climate change. It does this by diverting a percentage of their profits to purchase carbon removal credits on the blockchain.
GST (Green Satoshi Token) and GMT (Green Metaverse Token) are the two coins within the STEPN ecosystem. GST, the utility token, is earned by gamers when they use their sneakers to walk, jog, or run. While GMT is the governance token which can only be earned as you level up in the game. Since STEPN operates on the Solana blockchain, both tokens can be converted to SOL or various USD stablecoins.
Players can burn game tokens to level up their sneakers, make new sneakers, pay for repairs, or participate in online marathons. Users don’t need to purchase anything to start playing the game, but in order to start earning, they need to purchase or rent a pair of sneakers. 70% of the profits during a lease is given to the owner and the renter is given 30%.
The GMT token has gained up to 3,998% gains over the past 8 weeks. According to CoinGecko, the GMT price was just $0.1008 on March 11 and reached an all time high of $4.03 on April 28th. This means if someone had purchased $1000 worth of GMT tokens on March 11, they could have sold them for $39,980.15.
One of the major reasons why the price of GMT has been on the rise is the increase in hype of the STEPN project. According to Financial express, the company released an earnings report which indicated that it made a profit of $28.81 million from its NFT marketplace and royalty fees in Jan 2022 alone.
Also, the company’s twitter page gave hints about a potential partnership deal with a major sports brand. This led to a lot of speculation on which sport brand it would be which in turn resulted in more demand for GMT.
Sustainable or Crash Imminent?
It’s not only the GMT token that has experienced massive growth within a short period of time. AXS experienced a 337% growth in 30 days and APE has jumped 1000% since it was created in March. But it takes more than just sudden growth to determine the potential of a token.
The health and fitness sector alone is worth $96.7 billion and it has been untapped by the crypto industry. So, the project’s quest to get people incentivized for fitness activities makes the project unique compared to other play2earn projects.
The project has been backed by notable investors like Sequoia Capital, Folius Ventures, Alameida Research, and Solana Capital. With the recent partnership with the ASICS sport brand and the plan to later on becoming a social platform, there is a good chance that STEPN could maintain a place as a popular and valuable crypto project.
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