{"id":698,"date":"2022-04-01T17:36:50","date_gmt":"2022-04-01T17:36:50","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=698"},"modified":"2022-04-07T21:36:17","modified_gmt":"2022-04-07T21:36:17","slug":"gmt-token-soars-as-move-to-earn-project-stepn-gains-traction","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/gmt-token-soars-as-move-to-earn-project-stepn-gains-traction\/","title":{"rendered":"$GMT Token Soars As \u2018Move-to-Earn\u2019 Project STEPN Gains Traction"},"content":{"rendered":"\n<p><strong><em>tl;dr Summary:<\/em><\/strong><em> STEPN is a \u2018move-to-earn\u2019 project on Solana that offers users the ability to earn crypto for their regular day-to-day movement by holding \u2018sneaker\u2019 NFTs within the app wallet. A share of profits is reserved for environmental causes. Given the number of buzzwords in the last two sentences, it is perhaps no surprise that the governance token $GMT continues on a rapid upwards trajectory!<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"STEP&#039;N - Crypto Play-To-Move Platform with upgradable NFTs\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/ohSY0ZVafao?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><em>STEPN<\/em> <a href=\"https:\/\/whitepaper.stepn.com\/\">claims to be the<\/a> \u201cfirst project to effectively bring to life a functioning move &amp; earn concept.\u201d The idea is simple \u2013 to encourage a healthy lifestyle by providing rewards for physical activity. The Solana-based app was developed by Australian developers \u2018Find Satoshi Lab,\u2019 and started to make waves after winning the gaming track of the Solana Ignition Hackathon in 2021. The project has been going from strength to strength ever since, with the native governance token $GMT soaring 10x in the month of March.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"und\" dir=\"ltr\"><a href=\"https:\/\/t.co\/FwGATBqjiV\">https:\/\/t.co\/FwGATBqjiV<\/a><\/p>&mdash; STEPN | Public Beta Phase III (@Stepnofficial) <a href=\"https:\/\/twitter.com\/Stepnofficial\/status\/1508769471879847944?ref_src=twsrc%5Etfw\">March 29, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>To start earning with <em>STEPN, <\/em>users first must acquire their very own NFT \u2018sneakers\u2019 from the app marketplace. Sneakers come in the form of \u2018walkers,\u2019 \u2018joggers\u2019 or \u2018runners,\u2019 each with a different optimum speed for earning rewards. Every sneaker minted is unique, with varying qualities of \u2018energy\u2019 and \u2018durability\u2019 that determine their reward-earning potential. Once a user has their sneakers, all they need to start earning rewards is a GPS signal on their device and some in-game \u2018energy.\u2019 Available energy is capped by the game algorithm, but is replenished every six hours to encourage regular movement throughout the day.<\/p>\n\n\n\n<p>Rewards are paid out in the native game token, Green Satoshi Token ($GST). Rewards can be used to \u2018level up\u2019 within the game, to mint new sneakers, or to \u2018repair\u2019 worn sneakers. $GST can also be traded out for $SOL or $USDC via the in-app marketplace. The supply of $GST is unlimited, however there are multiple burn mechanisms to keep the total market cap in check, with tokens burnt during sneaker mints, repairs or upgrades. The project also carries its own governance token, Green Metaverse Token ($GMT). $GMT has a maximum supply of 6 billion tokens, and can also be earned from in-game activity once a certain \u2018level\u2019 is reached. Holding and staking $GMT allows participation in ecosystem governance.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/hlxu80hkNTr4jxaL8VUbtMLc-d_8dy6bwl0dOkJX2Mk1d517Z5Yx1SdoIWI7OyfPsYK9VapaKhtA4bb8pgTbcfsbg7DUVlBaV7_0FHHQ7akYTCqljHgNCJHscUeTaEmoaVlIeLjl\" width=\"624\" height=\"280\"><\/p>\n\n\n\n<p>A novice user of the app can expect to earn over $20 daily, with some reporting that this can increase to over $100 with sneaker upgrades and \u2018level-ups\u2019 from regular participation. Seems too good to be true? It is worth noting that the<a href=\"https:\/\/magiceden.io\/marketplace\/stepn\"> floor price<\/a> for a pair of <em>STEPN<\/em> sneakers currently sits at 9.25 $SOL\u2014over $1100 USD at current prices! Whilst this is enough to price many out of the market, <em>STEPN<\/em> is introducing sneaker \u2018rental\u2019 in the coming months, whereby users can rent sneakers from other users via the app\u2019s marketplace. The developers hope that this will remove both financial and also technical barriers to getting started.&nbsp;<\/p>\n\n\n\n<p>The team acknowledge that the current process of creating a crypto wallet, transferring over some $SOL from an exchange, and then minting an NFT is undeniably rather complex for a crypto newbie. By providing quick and easy rental of their sneaker NFTs, <em>STEPN<\/em> hopes to bring newcomers into Web3, and act as a stepping stone to further exploration of the space.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/_cMdWWDz--2K7irKs2jMN-YOQ0mN2h6wIdDPnP4dZjEzX-hh8ae0oU7T1mHk9ypQuRuMUMjXMwLZ3GDhxKbeQb_aeG2yD7IfKKz5hxCLW0xmZxK62cdxMCjfiLnFJOc0kimR2PbR\" width=\"624\" height=\"352\"><\/p>\n\n\n\n<p>Project revenue is generated from in-app fees, with a cut of minting, rental, trading and upgrade fees collected into a treasury pool. This treasury pool is used to pay dividends to those holding and staking $GMT, but also to carbon offset the project (explaining the \u2018green\u2019 elements of the $GMT and $GMT token names!). Carbon offsetting is achieved by buying up carbon removal credits, all of which are recorded on the blockchain to \u2018guarantee transparency and immutability.\u2019 The proportion of the treasury that is used for carbon offsetting is decided by governance, with $GMT holders able to choose to be a \u2018generous giver\u2019 or a \u2018greedy taker,\u2019 based on the share of profits they are willing to allocate towards carbon credits.<\/p>\n\n\n\n<p><em>STEPN<\/em> remains in its public beta phase, with developers working on the introduction of new game modes and the introduction of further \u2018social-fi\u2019 elements in the coming months. Ticking play-to-earn, game-fi, health <em>and<\/em> environmental boxes within the Web3 space, it is no surprise that <em>STEPN<\/em> adoption continues to grow, and as yet shows no signs of stopping!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>STEPN is a \u2018move-to-earn\u2019 project on Solana that offers users the ability to earn crypto for their regular day-to-day movement by holding \u2018sneaker\u2019 NFTs within the app wallet. A share of profits is reserved for environmental causes. Given the number of buzzwords in the last two sentences, it is perhaps no surprise that the governance token $GMT continues on a rapid upwards trajectory!<\/p>\n","protected":false},"author":2,"featured_media":691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,58],"tags":[416,421,422,417,418,420,414,118,269,415,419,413,119],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grandpascrypto.com\/gmt-token-soars-as-move-to-earn-project-stepn-gains-traction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$GMT Token Soars As \u2018Move-to-Earn\u2019 Project STEPN Gains Traction - grandpascrypto.com\" \/>\n<meta property=\"og:description\" content=\"STEPN is a \u2018move-to-earn\u2019 project on Solana that offers users the ability to earn crypto for their regular day-to-day movement by holding \u2018sneaker\u2019 NFTs within the app wallet. 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