StepN is a Web3 Lifestyle application with built-in social and gaming elements. It was founded by Jerry and Yawn in Australia in October 2021. The product is STEPN, the blockchain game featuring Move To Earn, allowing users to earn money by running in real life.
StepN is the first project to effectively bring life to the concept of action and earning, and it is built around the basic daily activities of most people. By walking or running in real life, and equipped with NFT sneakers, users can gain the game currency. Meanwhile, it is also used as a basis to articulate the social network of the community, thus building a long-term platform to cultivate user-generated Web 3.0 content and helping more users develop a habit of living healthy.
StepN aims to help more users form a habit of leading healthier lives. Its NO.1 feature is the Move To Earn mode. If you exercise within the valid energy time range, you can earn unlimited additional game tokens GST. After the sneaker level reaches level 30, you will be eligible to get the governance token GMT. The encrypted asset income earned by the user is determined according to the attributes of the NFT virtual shoes and the user's movement situation. It relies on a powerful global positioning system and a complex income algorithm mechanism to ensure the health of the ecology.
How GMT works
The operation logic of StepN is very simple. Users can make money by "running", which minimizes the threshold for people to make money. However, NFT shoes have different attributes, types, qualities, and levels. Within the effective energy time range, if the number of exercise steps is increased alone, the benefits obtained by users will have an obvious upper limit.
By upgrading sneakers and gems, unlocking slots, and forging new shoes, you will unlock different paces and basic rewards. Moreover, after owning multiple pairs of shoes, users can mint new shoebox blind boxes to open new shoes, and they can also resell the shoes. However, regardless of the quality and grade of the shoes, when the user runs, the virtual shoes will "wear and tear" and need to be repaired with rewarded tokens.
After obtaining the governance token GMT, StepN also participated in project voting through staking to unlock more ways to play in addition to improving the corresponding functions of running and earning money. This helps diversify the economic benefits of GST and GMT and constantly integrate earning and healthy exercise of StepN in the Move to Earn track. The platform will be able to run for a longer time.
What is GMT?
GMT is StepN's governance token and is also the payment medium for high-level functions within the StepN platform. The circulation is 6,000,000,000 GMT, but the total circulation is nearly 6,00,000,000 GMT. StepN has a dual-token economic system, namely the game token Green Satoshi Token (GST) and the governance token Green Metaverse Token (GMT). Different from the repair or upgrade of low-grade shoes, users can transfer GST from their personal wallets to Spending Account. However, if users want to upgrade shoes to the highest grade, they must get them upgraded by GMT.
Crypto assets earned through running are limited daily. Currently, the GMT rate of return is equal to 10% of the player’s GST rate of return, but the GMT earned by users can be directly converted into stable currency USDC in their APP wallet. The game's profit distribution and high-end in-game activities, such as rebranding sneakers and advanced upgrades, must be done through GMT.
Relatively speaking, the broader applications and consumption patterns make GMT have a higher value position than GST in the overall economic model of StepN. The positioning of StepN is GameFi + SocialFi. Although running makes the game pliable, the subsequent update and display of StepN in SocialFi are all opportunities for GMT value empowerment, including the cross-chain NFT market and wallet merger.
GMT Crypto Wallet
In addition to putting GMT in the Gate.io exchange for easy trading, users can also save GMT in a crypto wallet.
GMT does not have an encrypted wallet, but the StepN platform made a built-in wallet function after the launch of the product. GMT can interact with the wallet built into the StepN APP. After the user uses the in-app wallet to transfer the cryptocurrency SOL or BNB to the wallet, they can buy NFT sneakers and start running outdoors to make money.
There are two schools of thought in determining the price of GMT.
By way of intrinsic value: This typically involves on-chain metrics, project metrics and financial metrics of GMT, collectively known as fundamental analysis. The law of supply and demand, tokenomics, use case, project roadmap as well as regulations and governance involved would affect the value of GMT from a long term perspective.
By way of price action: Primarily analyzed via candlestick chart patterns and technical indicators such as MACD, RSI and the bollinger bands, technical analysis forecasts the price of GMT on the basis that history tends to repeat itself. As the candlestick charts are a general representation of the emotion of the market, news announcements and community sentiment can be significant price action drivers for GMT as well.
HODLers tend to prefer the long term nature of fundamental analysis, whereas short term traders tend to rely on technical analysis more. In reality, both analyses may combine and create interesting scenarios for GMT and the cryptocurrency market as a whole.
2. What is the highest price of GMT in history?
GMT achieved the all-time high of $0.53 in 2021-10-16, and is currently trading at $0.076.
3. What is the lowest price of GMT in history?
In 2022-10-24, GMT reached the all-time low of $0.069.
4. Should I buy GMT now?
It is important to remember that GMT, like all other cryptocurrencies, are subject to extreme market conditions, legal policies, project team management and other unpredictable factors. As such, cryptocurrencies fluctuate greatly and it is important to manage your own risk level. Users are advised to do your own research when making investment decisions in the crypto market.