STEPN (GMT Crypto): The Move-to-Earn Pioneer You’ll Love

One of the most intriguing crypto concepts in 2022 is "move to earn." As its name implies, users are rewarded for movement, whether walking, running or dancing to a rhythm. STEPN offers a web3 lifestyle app that features built-in GameFi and SocialFi. In this article, we offer you an exciting glimpse into the world of STEPN.

What Is STEPN?

Launched in August 2021 by SatoshiLabs, a Prague-based blockchain development firm, STEPN is led by co-founders Jerry Huang and Yawn Rong, as well as CSO Jessica Duan and lead designer Ryan Turner. The team includes advisors such as William Robinson (a core contributor at DeFi Alliance) and Jason Kam (the founder of Folius Ventures). STEPN is also backed by some of the world's most prominent venture capital firms, including Sequoia, Solana Ventures and Alameda Research.

STEPN harnesses the power of the Solana blockchain to offer blazing-fast transactions and low fees on its NFTs. With STEPN, participants can equip themselves with NFT-based sneakers for outdoor jogging, running or simply walking as they earn rewards in the form of GST: one of STEPN’s two native tokens, and the other half of its dual token system. 

STEPN players can also trade their NFT sneakers on the app's marketplace and use GST earned both within and outside of the STEPN platform. Previously, users could only earn Green Satoshi Tokens, or GST (and not GMT) on STEPN. Since September 2022, however, users can switch from the default “GST Earning Mode” to “GMT Earning Mode” once their sneaker upgrades to level 30, and earn GMT directly with the app.