STEPN (GMT): What is it? Is it a good investment?
If you know of NFT games and play-to-earn titles, you’d more likely have heard about STEPN. STEPN is a lifestyle app and the first WEb3 NFT game that pays you for every step you take. It registers your progression as you move from one place to another.
To be a STEPN user, you can earn GMT when walking or running using NFT sneakers. STEP (GMT) is the token you earn on STEPN, and you can use it to buy digital items, stake, vote on future changes, and make upgrades on the platform.
STEPN’s vision which includes health and finance has made the model very popular, and since its launch 2 months ago, it has increased by 2,000% return, showing that investing in the STEPN (GMT) is a good investment. In the article, you will get to know more about the app, its vision, marketplace, and more about investing in STEPN (GMT).
STEPN in a Nutshell
STEPN allows you to earn tokens for every step you take. It is the first Web3 NFT lifestyle game, and it is different from the variety of games already available.
Other games like jigsaw puzzles, buying virtual lands and dismembering aliens require some effort for you to earn tokens. However, STEPN displaced these other games as you have to make an actual effort to earn. For instance, STEPN requires you to walk, jog, or run to earn tokens, while the other NFT games might not need you to do any physical activity as such.
Before you can progress in the game, you have to move and take steps. As you move, you earn tokens, and the more steps you take, the more tokens you make and the higher your chances of winning valuable gifts.
But, just because the method of earning requires real physical effort, unlike the other games, it does not mean its mode of operation is any different. STEPN also operates on a blockchain and has its token to get in-game utility.
The game went live on a recently competitive cryptocurrency – Solana blockchain. And you can make use of SOL to buy the game’s product via its marketplace. However, the game uses Green Satoshi Token as its token; it is the token you will earn. It is good to note that.
To use STEPN, you have to turn on your GPS, and it will track your movements just like Fitbit does. Then, you will have to buy a pair of virtual shoes apart from your physical sneakers. The virtual sneakers are NFTs, and you can decide to resell them when the value increases so that you can buy a new one and make a profit.
The virtual pair of sneakers has its rarity and stat. The stat is to determine how long you can run without recharging. And the more you run, the higher your chances of getting a speed bonus to earn more GST.
Buying the sneakers will be easy if you have SOL in your wallet. But even though spending in SOL is allowed, you can only earn in GST.
Do not be deceived by the price when getting your sneakers on the STEPN marketplace, as the price does not indicate quality.
Apart from the sneakers, you do not need to get anything else to start running and earning. You can use the app and its components for free as a first-time user. And as soon as you get your STEPN sneakers and start running, the earning meter will start going up.
One major disadvantage of the STEPN app is that there is a limit to how much you earn every day, thereby limiting your earnings. So when you reach your Energy limit for the day, even if you continue running, it will no longer read. Then it repeats the same process the next day.
And, when taking steps, there is a certain speed you have to keep up with to earn, and there will be a speed meter measuring it.
Green Metaverse Token
Green Metaverse Token is the governance token, and it is hosted on Solana. GMT has a higher worth than GST (Green Satoshi Token), and as you progress, you can start earning GMT. The token you make depends on the type of sneakers you use. But when you convert them to Solana, they become the same.
The number of people using the STEPN app has recently been increasing exponentially – more people are downloading the app, minting sneakers NFTs, increasing their ticking, and earning money. This is the reason for the exploding price of GMT.
The STEPN app is currently 29 Naira, and you can find it under the Health and fitness on the App store.
GMT current worth
The GMT coin launched in March at $0.01 and hit $4.17 on Binance, giving over 400% run for the ‘move to earn’ governance token.
Currently, the GMT price is trading at $2.50 – $2.70.
GMT Listing and trend
GMT keeps going up because popular new altcoins usually pump so that they can be listed on large crypto platforms like Coinbase, under which GMT is not listed.
Bybit exchange has listed GMT, and with bybit’s high trading volume, GMT has a higher chance of growing in price.
The coin is at $1.5 billion and is yet to be broken into the first 50 coins. Currently, GMT ranks #51 on Coinmarketcap
An integrated burn mechanism limits the supply of GMT circulating over time.
Some of the labs investing in GMT are
- Folius ventures
- Alameda research
- 6th Man ventures
- Binance labs
- Solana Ventures
- Sequoia capitals
Hopefully, by the third quarter, STEPN should introduce the NFT sneakers rental system to make it easier for users to use it without buying sneakers themselves and take care of expensive sneakers.
Note: GMT token is different from Green Metaverse Token and ticker GMT. And Step app is not the same as STEPN; in fact, they are their competitor.
Is STEPN (GMT) a good investment?
STEPN has the support of some of the biggest crypto venture capital firms, and in a short while, it has raised a $5 million seed round.
Owning STEPN helps your health and finances; it encourages living a healthier lifestyle while earning more tokens.
You also help the environment because STEPN stated that they buy Carbon Removal Credits to help fight climate change.
Is it Safe to Buy STEPN (GMT)?
STEPN was established in March 2022, which means it is an old innovation with a limited track record. And like other cryptocurrencies, its price is volatile; to thrive, it has to keep generating strong traffic and interest.
Also, compared to the popular cryptocurrencies, STEPN’s market cap is low, which can cause sudden price changes.
However, these are the common risks you face when getting a newly introduced cryptocurrency. Being the first lifestyle game, it has a promising future, so you can get the coin before competitors start setting in.
Considering that you can keep fit and earn, STEPN is a good game in the NFT games. And STEPN GMT is a good coin to invest in. So, do not hesitate to partake in the game and get some coins.
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