What is STEPN GMT, which is at the center of attention of Turkish crypto money enthusiasts? Here’s everything you need to know about the Move to Earn app and its token.
What is STEPN crypto?
The STEPN game is a Web3 lifestyle mobile app that aims to increase their physical activity by rewarding players with in-game and governance cryptocurrencies. Users earn by walking, running, and brisk walking outdoors. StepN GMT co-founder Yawn Rong said in a game demo video, “We aim to attract over 400 million runners worldwide to play this crypto game. Also, we want to turn some of them into the crypto community,” he said.
The Solana Blockchain-based project claims to be ‘the first project to effectively implement a working move and win concept’. Meanwhile, the Solana Ignition Hackathon is the fourth of 568 projects in 2021. The global hackathon is organized by Solana Blockchain. A competition focusing on Web3, decentralized finance (DeFi), gaming and digital art, and Non Fungible Tokens (NFT).
Following the Hackathon, the project was launched in Beta phase in December 2021. The in-app commerce functionality and marketplace became available a month later. According to the STEPN GMT project roadmap, the app will release an NFT marketplace launchpad in August. An achievement badge system will follow in September and a marathon mode in October.
STEPN explained: The mining machine powered by the steps of the players
How does STEPN work? To play the game, each player must have an NFT sneaker to purchase from STEPN’s in-app marketplace. In the teaser video, co-founder Rong likens the sneaker to “a mining machine powered by the steps of players.”
Also, there are four different types of sneakers with different optimal speeds. Players choose the most suitable sneakers for them. To maximize STEPN token earnings, the sneaker needs to move within the optimal speed range.
How to make money with STEPN GMT?
It is possible for players to add abilities such as “efficiency, luck, comfort and flexibility” to sneakers. For this, they can use their earned STEPN tokens stored in the in-app Wallet to upgrade or level up their sneakers via the platform’s Gem sockets feature.
It is possible to exchange tokens for other cryptocurrencies or fiat currencies. Players can also rent an NFT sneaker for free. Proceeds from the moves are split between the owner (70%) and the renter (30%) of the sneakers. However, this feature is not yet available.
It is possible to sell, rent and gift NFT sneakers. Players need to burn tokens to replicate new sneakers and improve the quality of sneakers. STEPN charges for in-app activities such as NFT trading, shoe printing, and shoe rental. This is the source of income and profit of the project.
Earlier in July, STEPN introduced “Health Points,” the lifespan of athletic shoes. When sneakers wear out, users will need to stop using them, reduce supply, upgrade or restore them. STEPN said, ‘Without HP there would be an endless supply of sneakers. “It never got old, which is a recipe for inflation and eventual price reduction.”
Token functions and provisioning
cryptocoin.com As readers know, the Move to Earn game uses two types of STEPN tokens. The in-game currency is the Green Satoshi Token (GST) and the governance token is the Green Metaverse Token (GMT). There is an unlimited supply of GST in the STEPN game. In addition, the token is burned in the following cases:
- shoe printing
- repairing and restoring HP
- leveling NFT sneakers
- gem upgrade
- Unlock Socket
What is STEPN GMT?
GMT was minted at the Token Generation Event (TGE) on March 9, 2022. The supply is limited to six billion tokens. According to StepN’s whitepaper, 30% of the total GMT supply will be distributed to users through gaming and management participation. The remaining 30% will go to the STEPN treasury, 16.3% to private sale and 14.2% to the project team. Project consultants are given a 2.5% share.
Every day a certain number of GMTs are unlocked for users’ earnings. Also, GMT supply will halve on the first day of every three years. It is possible for GMT holders to stake STEPN tokens into the game profit pool. Token holders’ voting power can be increased by staking their tokens for a longer period of time. The longer the staking period, the higher the voting power of the token holders.
The source of income and profit of the project consists of the platform fee and royalties allocated to support the operation. According to STEPN’s whitepaper, at least 5% of team profits will go to ecosystem funding. GMT token holders are also able to donate their crypto to carbon offsets with the following options.
Co-founder Yawn Rong released the following statement:
The more profits they donate to carbon offsetting, the more governance rewards they receive. The opposite is also true. Management tokens will be burned as punishment for taking excessive profits.
Meanwhile, it is possible to obtain GMT tokens other than purchasing them on exchanges. For this, holders’ NFT Sneakers must reach level 30.
Who is behind STEPN?
STEPN was founded by Australian entrepreneurs Yawn Rong and Jerry Huang. Rong is the co-founder of the Australian-based blockchain investment firm Crypto SA. According to his LinkedIn profile, Jerry Huang is the co-founder of Hong Kong-based Falafel Games, as well as STEPN.
According to the project, one of the co-founders “ran 200km a month to test all working apps. He then had his appendix and one-third colon removed because of the appendix mass. He did the study despite being immobile in his hospital bed.
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