With Move To Earn So Popular, Is StepN (GMT) Worth Buying?
The GameFi blockchain game StepN (GMT), which helped created the ‘move-to-earn’ (M2E) craze, has been in high demand, currently ranking in the top 60 of cryptocurrencies listed on CoinMarketCap (CMC). Unlike most other crypto investments, StepN users can earn money simply by exercising. Launched in December 2021, the STEPN platform has become a favorite with many investors with a huge growth in active daily users. Following recent market downturn, could StepN be worth investing in?
Although the cryptocurrency StepN is less than a year old, it has become one of the most popular cryptocurrencies. The emergence of StepN allows users to earn rewards for walking, jogging, or running outdoors, turning their daily exercise into money. And since its token launch (IDO) in March, StepN has risen from $0.15 to a high of $4.11, a very healthy return of over 2,700%, before returning to around $1.6.
What is StepN?
StepN is billed as a web 3 lifestyle app with social and gaming elements. By gamifying exercise and fitness, it encourages users to socialize with a healthier lifestyle, allowing them to earn passive income through regular physical activity.
StepN is built on the Solana blockchain, a decentralized blockchain designed to host decentralized, scalable applications. StepN was created by Find Satoshi Lab, an Australian-based fintech studio. First, users download the app, then connect their crypto wallet to buy NFT sneakers from the marketplace using the Solana (SOL) cryptocurrency. After a user buys a sneaker NFT, they can carry their phone and earn cryptocurrency by walking, jogging, or running.
“As it stands, the total supply of STEPN sneaker NFTs is 99,999 and the floor price is just north of 11 SOL (>$1,100). This makes for a rather high barrier to entry, more so when you consider that competition for NFT rentals is high. Each NFT has four different parameters (Attributes, Types, Levels and Quality) which affect its value, the amount of GST the holder can earn, and how fast it can level up,” according to an assessment of move-to-earn on CMC.
StepN’s dual tokenomics
StepN has adopted a dual currency model in the token economy. Among them, the utility (game) token GST (Green Satoshi Token) is mainly obtained through move-to-earn activities. The token itself has unlimited supply, and its use is the payment medium in the above-mentioned various APP functions, including pairing, casting, repairing, and sneaker upgrades. Any GST used to pay is burned and permanently deducted from circulation. The governance token GMT (Green Metaverse Token) is the governance token of StepN and is also the payment medium for some high-level functions with a total supply of six billion. GMT is earned after users have leveled up their sneakers to level 30. Note that the total release of GMT is halved every three years, and team and private sale tokens are subject to vesting from 2023.
Once the mobile app is connected to the sneaker NFT, users can walk, jog or run anywhere they want and earn GST tokens. The rate depends on the type of sneaker, the efficiency attributes of the sneaker, comfort attributes, and speed of movement. Sneakers start at 10 SOL, or about $650. The current high is 10,000 SOL, or $650,000. Therefore, users need to make a minimum investment before earning cryptocurrency.
In addition to monetizing sports, StepN uses rewards, energy perks, and custom sneakers to gamify sports. For example, users can use earned rewards to upgrade sneaker NFTs or exchange them for fiat currency. In the future, StepN plans to add a marathon mode, offering races between 2.5km and 15km, where top runners will be rewarded.
Is StepN (GMT) worth buying?
As with all cryptocurrencies, you must do your homework and understand the risks involved before investing. Users can now buy StepN on many major cryptocurrency exchanges. Whether StepN is worth buying, BigONE believes that it depends on whether the ‘move-to-earn’ upsurge will continue. Judging from the current market conditions, although the currency price of GMT has undergone a sharp correction, there is still a user base to guarantee growth meaning as users’ love for ‘move-to-earn increases, StepN still has a lot of potential room for growth. While the surge in prices is unsustainable, many still believe that cryptocurrencies can continue to be profitable for investors.
StepN’s mission to help people live healthier lives while earning tokens may be a popular concept. However, since it is a new cryptocurrency, it is essential to understand the pros and cons of StepN before investing in this cryptocurrency.