FMFW.oi Exchange Lists STEPN!
We are excited to announce that we’ve added Green Metaverse Token (GMT) to our exchange! 👾🔥
$GMT is the governance token of STEPN, a move-to-earn health and fitness application. Users equipped with sneaker NFTs can move outdoors to earn tokens and NFT rewards.
STEPN (GMT) explained:
The first move-to-earn mobile nonfungible token (NFT) game powered by the Solana blockchain is called STEPN. With STEPN, users may earn tokens by walking, jogging or running outdoors with an NFT sneaker. STEPN aspires to motivate millions of people to adopt better lifestyles by bringing them into the Web3 era while also helping to achieve carbon neutrality. But, who created STEPN?
Founders of STEPN
Jerry Huang and Yawn Rong are the co-founders of Solana (SOL)-based STEPN (GMT). The Solana Ignition Hackathon Gaming Track was won by STEPN. It’s also the only mobile game to take home the prize at the Hackathon. The Hackathon judges praised STEPN’s game design, built-in marketplace, easy-to-use user interface, wallet and goal of persuading millions of non-crypto users to adopt the app.
The first Web3 running app secured a $5.0M seed round (the first official money that STEPN raised). Leading investors, including Solana Capital, DeFi Alliance, MorningStar Ventures, Sequoia Capital, etc., invested in STEPN’s vision. The funds will go toward STEPN’s aim of inspiring millions of people to live healthier lives by connecting them to Web3 and helping to achieve carbon neutrality.
How STEPN works?
STEPN offers NFT sneakers on its in-app marketplace. By being these NFT Sneakers, users get to play STEPN, which in turn allows them to earn the in-game Green Satoshi Token (GST). Users can later trade the GST reward for SOL or USDC. STEPN’s official website says users can make “handsome earnings” by simply walking, jogging or running outdoors”. The company said it will be using the “profit to buy back and burn GMT on-chain from secondary market.”
Users can also rent a sneaker NFT through the marketplace and share the rewards with the owner. Once your sneaker is equipped, you can start running and earning rewards in the GST utility token (30% of supply is set aside for rewards distribution).
Stepn profits from a tax applied to all in-app mintings and purchases although “all assets in the Stepn app are owned by individual users and the majority of earnings in app are made by users.”
Your sneaker’s attributes all contribute to its energy cap. Since the rewards supply is limited, the energy cap is a critical factor in bottlenecking distribution.
The Stepn cryptocurrency economic model relies on two tokens. Green Satoshi Token (GST) is the utility token used to pay out in-app rewards. The token has an unlimited supply but is burned whenever a shoe is minted, repaired or upgraded.
The Green Metaverse Token (GMT), with a maximum supply of six billion, is Stepn’s governance token and the primary store of value for Stepn investors. Running on Solana, GMT coin is valued at $2.21 (as of 7 April 2022) and is traded primarily on Binance.
What is the STEPN coin used for?
As discussed, there are two tokens in the STEPN ecosystem. Various use cases of the GST and GMT tokens are discussed in the sections below:
Green Satoshi Token
The GST token can be obtained through a variety of methods, including by participating in the Token Generation Event (TGE), where it can be minted. When a DApp developer officially releases the individual tokens of a blockchain-based network into the market, this is known as a token creation event.
This utility token does not require investments other than the time and effort needed to participate in various game activities, including running, walking and jogging.
Moreover, sneakers can be leveled up or repaired using the GST token. Also, users can upgrade gem items and mint sneakers through the GST token, which is also extensively used to exchange/swap USD coin (USDC).
Green Metaverse Token
A governance token, GMT, can be used to change sneakers’ names or level up to a high spot. Also, premium game content or high-level activities and profits can be distributed through GMT tokens.
It is important to note that only sneakers who have reached Level 30 are eligible to swap GMT with USDC. However, to begin earning GMT, you must have at least three Energy, also called the “rule of three requirements.”
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