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What Are STEPN (GMT) and GMT Tokens?

2023-06-06 07:52:12

Cryptocurrency and blockchain have transformed digital asset transactions. Decentralized Finance and Web3 applications have created new opportunities for individuals to participate and earn rewards in the crypto world. Move-to-earn is a new value proposition that has taken the cryptocurrency industry by storm in recent years. Green Metaverse Token (GMT) is one of the dual-utility tokens that powers the STEPN app, a Web3 lifestyle app that motivates users to "move-to-earn."

In this article, we will explore the features of the GMT token, its value, and how to buy it. This article will delve into STEPN's history and the move-to-earn concept, highlighting how the GMT token, a dual-utility token, plays a crucial role in the platform's success. By the end of this article, readers will have a comprehensive understanding of the GMT token and its potential as a valuable asset for those interested in the move-to-earn movement and cryptocurrency as a whole.

What Is STEPN?

STEPN is a Web3 lifestyle app that incorporates Game-Fi and Social-Fi elements. The app is centered around a common daily activity - movement. Users can earn game currency by walking, jogging, or running outdoors, and use it in-game or cash it out for profit. 

Green Metaverse Token (GMT)

To explore the STEPN platform, users must download the app, sign up using their email, and connect their wallets. Sneaker NFTs are worn by users in the Game-Fi system, and to purchase them, users need to deposit SOL tokens into STEPN's in-app wallet and wait for their energy to be replenished every 24 hours. 

The energy cap of the sneaker depends on the chosen attributes such as resilience, efficiency, and comfort. STEPN has two tokens in its ecosystem: GST, the utility token with an unlimited supply, and GMT, the governance token.

Users can earn game currency by jogging, walking, or running outside and buy/sell or lease/rent NFT sneakers, gems, and badges on the STEPN marketplace. Users can begin running and earning STEPN token rewards once their sneaker is ready.

What Is a GMT Token?

The GMT token also known as Green Metaverse Token is a governance token of the STEPN platform. The GMT token is fully compatible with the Solana blockchain and uses the SPL token standard. Individuals who possess STEPN sneakers have the opportunity to earn GMT tokens, which can grant access to various in-app features, including sneaker upgrades and the creation of new sneakers. 

In addition, GMT token holders are eligible to participate in STEPN's governance by voting on how much of the STEPN treasury should be allocated toward procuring Carbon Removal Credits.

GMT serves as a reward system for users who engage in physical activity and can also be used for upgrading users and exchanging with other cryptocurrencies. The amount of GMT produced by NFT-based sneakers varies based on their value, with higher-end sneakers generating more GMT per minute.

The Green Metaverse Token (GMT) has multiple applications such as renaming sneakers or advancing to higher levels. Additionally, GMT tokens can be used to access premium game content, participate in high-level activities, and receive profits.

On STEPN, only sneakers that have achieved Level 30 are able to trade the GMT token. To start accumulating GMT, users must meet the "rule of three requirements," which includes having at least three units of Energy.

History of STEPN (GMT)

STEPN was founded by Yawn Rong, an Australian blockchain entrepreneur and former Algorand ambassador, and Jerry Huang, co-founder of MMO game development firm Falafel Games. Rong also founded Crypto SA, a blockchain regulation firm.

The STEPN team is composed of skilled experts from various industries, including blockchain, gaming, and fitness. The main goal of STEPN is to encourage people to participate in outdoor activities such as walking, jogging, and running by providing them with cryptocurrency rewards. The platform employs a move-to-earn approach, allowing users to earn tokens for their physical activity.

STEPN employs the Green Metaverse Token (GMT) and Green Satoshi Token (GST) as its native tokens to operate the platform. It has gained significant recognition and captured a lot of attention, quickly becoming one of the most sought-after move-to-earn platforms globally. STEPN has amassed a community of more than 2 million active users and has generated revenue surpassing $500 million.

STEPN has the potential to revolutionize the fitness sector by increasing its accessibility and affordability to a global audience, leading to a promising future.

Features of STEPN

  1. Token Reward Mechanism: STEPN incentivizes users to live a healthier lifestyle by rewarding them with Green Satoshi Tokens (GST) for physical activity, based on the efficiency of their NFT sneakers.
  2. Gamification of fitness: The app gamifies movement through in-game rewards, daily energy allowances, and customized sneakers, nudging users towards a healthier lifestyle. Future plans include a Marathon Mode with races and a leaderboard.
  3. Contribution to Carbon Neutrality: Users can signal their positive impact on the environment through STEPN's contributions to buying Carbon Removal Credits on Solana to combat climate change.
  4. Highly Scalable Foundation: The STEPN platform is built on the Solana blockchain, which is a highly scalable blockchain that can process thousands of transactions in a second and have quick block finality.
  5. Dual-Token Economy: STEPN users can earn both the Green Metaverse Token (GMT) and Green Satoshi Token (GST), both of which are required to buy items and access features on the app.

GMT Token Value

As of May 2023, the current trading value of Green Metaverse Token (GMT) is $0.27 per token. The value of GMT is derived from its utility within the STEPN ecosystem. As the STEPN app becomes more popular, the demand for GMT tokens is expected to increase, which will drive up the price. 

GMT tokens are deflationary, as a portion of GMT tokens are burned each time a new pair of sneakers is minted. This means that the supply of GMT tokens will decrease over time, which will also help to drive up the price.

How to Buy GMT Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including GMT, users can now trade easily and seamlessly. To purchase GMT tokens on CoinEx, follow the steps below.

  1. Register or Log In: To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
  2. Deposit Fiat or Crypto: Fund your CoinEx account by depositing through a range of options such as credit cards, bank transfers, etc. 
  3. Exchange Paired Tokens for GMT: Deposit funds into your CoinEx account, then go to the trading page and select the appropriate GMT trading pair that matches your deposit. For example, choose "GMT/USDC" if you deposited USDC.
  4. Buy/Trade GMT Tokens: Purchase GMT tokens by specifying the desired amount and exchanging the paired token for GMT after selecting the correct trading pair.
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