Here’s Why Move-to-Earn Token STEPN (GMT) Spiked 31,000% In 30 Days - OhNo WTF Crypto

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Here’s Why Move-to-Earn Token STEPN (GMT) Spiked 31,000% In 30 Days

April 03, 2022 , ,
#Ripple #XRP

The crypto market has proven time and again that anyone who invests at the right time could become a millionaire with relatively small capital.

Aside from Bitcoin, which has gained over 5 billion percent in value since it started trading in July 2010, many other cryptocurrencies have turned average traders into millionaires within a few months.

One factor that reflects the upward momentum of digital assets is increased “hype” around a trend, and there are a lot of them in the crypto space. Over the years, the industry has moved from one trend to another, including ICOs, decentralized finance (DeFi), memecoins, non-fungible tokens (NFTs), and play-to-earn (P2E).

Interestingly, every new concept usually gives rise to a new set of crypto millionaires, with the more recent ones coming from move-to-earn tokens like STEPN’s Green Metaverse Token (GMT)

STEPN (GMT) has gained a massive 31,000% in profits since its token sale was conducted on Binance Launchpad on March 2. This means that anyone who received at least $1,000 worth of GMT tokens during the public sale and did not sell their bag would have made $300,000 as of April 1, when GMT traded at an all-time high price of $3.11.

stepn

What is the STEPN (GMT)?

STEPN is a move-to-earn cryptocurrency social-fi application built on the Solana network. The platform describes itself as a “web3 lifestyle app” that rewards users for maintaining a healthy lifestyle through walking, jogging, or running.

Move-to-earn is still a relatively new concept, but it is similar to the play-to-earn model because it adopts elements of Game-Fi, Social-Fi, and NFT. However, move-to-earn projects reward users for maintaining healthier lifestyles instead of solely playing games.

Since its public beta launch in December 2021, STEPN has seen tremendous growth, with the number of daily active users on the platform jumping from a measly 1,500 in January to over 100,000 in March.  Many users are joining the STEPN app as they hope it will become the Axie Infinity of the move-to-earn model.

In January, the project raised $5 million in a seed round by selling about 16% of GMT supply to some of the big names in the industry, including Alameda Research, Solana Ventures, and Folius Ventures.

STEPN NFT Sneakers

To earn rewards, users are required to mint, buy, or rent NFT sneakers from the in-app marketplace and start walking, jogging, or running outdoors. Players can also increase their earning potential by leveling up or repairing their sneakers or by upgrading their attributes with gems.

The sneakers, which are degradable, have four attributes (efficiency, luck, comfort, and resilience) and five qualities (common, uncommon, rare, epic, and legendary). The collection also has four different types of sneakers – walker, jogger, runner, and trainers. The price of each sneaker varies depending on its type, rarity, or level.

STEPN GMT and GST Tokens

STEPN uses a dual token model like many P2E gaming platforms such as the popular Axie Infinity. This means that the STEPN ecosystem has two tokens dubbed Green Satoshi Token (GST) and Green Metaverse Token (GMT).

GST is STEPN’s unlimited supply utility token, while GMT functions as a governance token with a limited supply of 6 billion units. Although GST has an infinite supply, STEPN uses a burn mechanism to control the circulating supply. In other words, players have to burn GST to mint, repair, or level up their sneakers. The project also has a quarterly buyback and burn mechanism for GMT.

The STEPN app rewards users with both GST and GMT, but this depends on the users’ level and ownership status of the sneakers. For instance, new users or users renting sneakers can only earn GST, while sneakers owners who have leveled up can earn GMT.

Why is GMT Pumping?

There are a couple of reasons why GMT has gained over 30,000% in a month and more than 300% in the past seven days.

Source: CoinGecko

First, like many other crypto manias in the past, the move-to-earn model is fast becoming the hype and might even outperform play-to-earn. This has led to a significant increase in the number of users on the STEPN and more demand for GMT.

Also, earlier this week, a STEPN spokesperson gave subtle hints about a potential partnership deal with a major sports brand. The project took it a notch further by sharing an artwork containing hidden logos of popular brands Adidas, Nike, Asics, Head, and even Binance. The news spread like wildfire, and euphoria filled the air, which again led to more demand for GMT.



OhNoRipple via https://www.ohnocrypto.com/ @Mandy Williams, @Khareem Sudlow