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.

Now more than a year past its launch, STEPN has recorded more than a million downloads on Google Play Store and amassed a following of over 650,000 users on Twitter.

What Is GMT?

GMT (Green Metaverse Token) is the governance token of the STEPN platform and ecosystem. It’s backed by real, constantly growing computing power measured in terahashes (TH) via the SHA-256 protocol.

Not only do GMT holders get a say in the overall development of STEPN, but they’re also entitled to a share of the company's Bitcoin mining output (corresponding to the amount of GMT they hold). This is made possible by STEPN's pooling technology, which permits fractional ownership of mining rigs.

By purchasing a GMT token, users acquire the real computing power of GoMining's fleet of BTC mining devices, which bring in BTC mining revenue every day.

GMT tokens are issued via Ethereum and BNB Smart Chain contracts, allowing token holders to easily confirm the amount of TH allocated to their GMT token.

STEPN: How It Works

Aiming to inspire millions of people to live more active lifestyles, STEPN has created a unique web3 app that locks in user participation and engagement in a gamified manner. Available on both Android and iOS devices, the STEPN app can be downloaded from Google Play Store or the Apple App Store.

Once registered on the app, users are required to mint or buy a sneaker for running and jogging outdoors. These sneakers have built-in features that allow the user to level up when the need arises, rent out the sneaker through STEPN's rental system, acquire an NFT achievement badge and trade the sneaker within the app's NFT marketplace.

STEPN players who participate by jogging or running with their sneakers earn the platform's GST tokens, which are sent directly to the user's wallet. This in-app wallet comes with a swap function, which allows users to leverage DeFi functionalities on the GST tokens they earn. STEPN makes a profit with each in-app transaction, including shoe-minting, shoe-rentals and NFT trading on the platform's marketplace.

Key Features of STEPN

1. Zero-Entry Barrier

With just a smartphone and an internet connection, anyone can use the STEPN app with ease.

2. DOOAR: STEPN’s Own Multi-Chain DEX

Launched in August 2022, DOOAR is STEPN’s own multi-chain decentralized exchange (DEX) that can be used to easily swap tokens. It’s currently in its beta phase.

3. Transparent & Trustless

STEPN is built on a public blockchain, which makes it transparent and trustless. Users are in full control of their data, and can easily confirm the veracity of any transaction that takes place on the platform.

4. Eco-Friendliness

The STEPN app is eco-friendly, and its business model is designed to have a positive impact on the environment. The platform uses part of its profits to buy carbon removal credits, which are used to offset the carbon footprint of its users, creating a positive cycle.

5. Instant Transfers and High Scalability

Thanks to the Solana blockchain, all NFT transfers on STEPN execute instantly.

Solana is a high-performance, open-source blockchain protocol. Its main claim to fame is its use of a unique proof of history (PoH) consensus algorithm that allows the network to process more than 50,000 transactions per second (TPS).

In addition, Solana utilizes an innovative architecture that shard chains and distributes the ledger across multiple nodes, which helps to further improve performance and scalability. Due to its impressive speed and scalability, Solana has been adopted by several high-profile projects.

6. Built-in Noncustodial Wallet

STEPN comes with a built-in noncustodial wallet that supports token swapping among other DeFi tools across multiple blockchains. This is a huge plus for any NFT owners on the STEPN platform looking to explore features outside STEPN’s ecosystem.

GMT Tokenomics

With 6 billion GMT tokens minted for GMT's token generation event, 30% of the total amount of GMT will be distributed as rewards for the move-to-earn platform and STEPN governance participants. The tokenomics of STEPN's GMT token are designed to incentivize users to participate in carbon-neutral Bitcoin mining.

Additionally, STEPN users need at least three energy levels on their profile to start earning GMT tokens. Each day, a set of GMT tokens will be unlocked to earn. Lastly, the token features a deflationary halving process that takes place once every three years.

GMT has a current market cap of approximately 290 million tokens.

GMT Price Statistics

GMT recorded its ATH (all-time high) and ATL (all-time low) just a month apart, in March 2022 and April 2022 respectively — the token's price jumped 40-fold from $0.10 to $4.11. From May 2022, GMT price recorded a sharp decline. Its current token price stands at about $0.49.

GMT Crypto Price Prediction

According to analysts at DigitalCoinPrice, STEPN price could reach a high of $1.38 by 2025, while CoinPedia has an even more bullish prediction of $4.18. Interestingly, Walletinvestor predicts the token's highest price to stand at $0.111 in the same year.

Pros of STEPN (GMT)

• Anyone can sign up for STEPN
• Carbon-neutral
• Transparent
• Scalable
• Highly engaging

Cons of STEPN (GMT)

• To start earning with the app, you need to pay up-front by buying or minting a sneaker
• Rewards take time to accumulate, with payouts made only in cryptocurrency

Is STEPN (GMT) a Good Investment? 

Given its recent developments, STEPN (GMT) seems to be a good investment. So far, it’s partnered with sports brand Asics and hinted at possible partnerships with other brands, such as Nike and Adidas. Adding to the excitement around STEPN is that the platform is riding on two of the hottest trends in the crypto space: GameFi and SocialFi.

How to Buy the GMT Token

You can buy GMT on Bybit as follows:

1. Create an account on Bybit using the Sign Up button.
2. Complete the KYC process.
3. Deposit the fiat currency of your choice into your Bybit account and buy USDT.

4. Go to the trading page and select GMT/USDT.

5. Buy GMT tokens at the current market price.

In a Nutshell

Given its recent developments, the future of STEPN (GMT) certainly looks promising. GMT's deflationary nature means the token will become more valuable as time passes, and collaborations with major brands will work to strengthen its brand image and value. Even so, keep in mind that cryptocurrencies are highly volatile. Before investing in any digital asset, we highly recommend you conduct your due diligence, and only invest what you can reasonably afford to lose.