What is STEPN (GMT)?
Did you know that you can convert your daily steps into cryptocurrency rewards? Surprising, isn’t it? Well, this is precisely what STEPN is all about – a platform where every stride you take becomes a valuable asset in the Web3 era.
Let’s explore how STEPN revolutionizes how we live, move, and interact in a blockchain-powered world.
STEPN is a Web3 game that has a broader impact on people’s lifestyles as it allows its users to earn rewards by doing physical activities, such as jogging. STEPN is the first project in the Web3 industry that has introduced the concept of earning money just by exercising or moving.
STEPN was launched to help people adapt to a better lifestyle. The platform motivates its users to earn rewards and GMT tokens by engaging in physical movements such as walking, jogging, or even running.
The user can use these rewards for in-game purchases of digital assets. Apart from that, users can also convert the GMT tokens to fiat currency and use it physically wherever they want.
Emergence of GameFi
GameFi is a combination of blockchain, games, and NFTs (Non-Fungible Tokens). It is revolutionizing the gaming industry and helping gamers earn while pursuing their passion. But how?
Until now, all the rewards of a gamer were usually part of the game. However, the emergence of GameFi has enabled gamers to trade tokens collected in the game for in-game assets from other players.
Moreover, with the help of GameFi, you can also earn cryptocurrency in games for stellar performance, and it can also be converted to fiat currency. Plus, this concept is entirely safe since all the game assets and players’ achievements are securely stored on various servers.
The Genesis of STEPN
Find Satoshi Lab (FSL) – a company founded by Jerry Huang and Yawn Rong – was responsible for launching STEPN.
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How Does STEPN Work?
Well, you have to download the STEPN application and sign up for the platform. After that, connect your wallet to the app ecosystem to explore more about their cryptocurrency.
In the GameFi system of STEPN, which is a market segment in the world of decentralized finance, users wear sneakers in the form of NFTs (Non-Fungible Tokens). These sneakers record the movement of users and pay them rewards accordingly.
You do not get these sneakers for free but have to pay for them through the native Solana SOL Token. You have to fund your STEPN wallet with SOL Tokens and then buy NFT sneakers from it.
Keep in mind that you’ll not be able to use your sneakers and earn right away; you need to wait for 24 hours to replenish the energy levels and your record, i.e., total time of exercise.
Additionally, users can select specific features, such as resilience, comfort, and efficiency for their sneakers.
Furthermore, it’s important for you to know that two tokens in STEPN can be used for transactions and purchases. One is the Green Satoshi Token, also known as GST, and this token has an unlimited supply. The other token is the Green Metaverse Token (GMT), which has a limited supply of six billion.
Significance of STEPN
STEPN has a significant impact on the decentralized finance world and offers many advantages to its users, which are as follows.
Flexible Earning Modes
STEPN allows its users to choose from three modes through which they can play games: solo, marathon, and background modes.
This gives the users more flexibility as they can play according to their preferences. In solo mode, users will be running, walking, or jogging alone, and their minor activities involving low energy will also be recorded.
In the case of a marathon, a user will have to run a marathon with other players, which will be at least 2.5 kilometers long. High-level energy will be recorded with the marathon mode, and it can also take a lot of time, so different users can choose the mode according to the time they can give.
Free Trial Access
STEPN provides a free trial to its users through which they can explore all the app’s features in detail without having to pay a penny. This increases users’ trust in STEPN as it becomes a risk-free option to try.
Monetization Possibilities
The STEPN users can use their tokens in several ways.
First, they can sell their tokens – be it GST or GMT – at its market price and receive the fiat currency from a crypto exchange. They can also sell this for a specific price by creating a limit order in the app marketplace.
Moreover, if users want to convert their GST or GMT tokens to any other cryptocurrency, that’s also possible. Users can do this to store their rewards in a more stable currency such as the USDT. It’s also possible to sell or lease your NFT sneakers within the NFT marketplace. This way, your sneakers could also get monetized, and you can earn money even without playing the game.
Core Mechanics of STEPN
Let’s now discuss the game assets of STEPN.
Game Assets and NFTs
The primary game assets are NFT sneakers. These virtual sneakers are unique tokens that users can earn, purchase, lease, or sell. In addition to NFT sneakers, the game features other digital assets like gems and badges. These items can be bought, sold, leased, or rented on the in-app marketplace.
Player Interactions
STEPN incorporates a Social-Fi component that promotes user-generated Web3 content and interactions. This aspect encourages community engagement beyond the core gameplay mechanics, creating a stable and vibrant ecosystem.
Users can also participate in weekly and monthly marathons, adding a competitive and social element to the game. These events allow players to showcase their achievements and compete with community members.
Technological Underpinnings
Let’s now dig deeper to learn about the technology stack of STEPN.
Blockchain Technology
Here’s how blockchain technology is beneficial for its users.
- Ensuring Transparency and Fairness
In the conventional banking system, a staff member or a person can manually alter the transaction history and numbers in the system.
But every single piece of data that has once been added to the blockchain network cannot be deleted unless an agreement has been agreed upon, which makes the blockchain network relatively safe and fair in its dealings. This also reduces the risk of fraud caused by some missing information.
- Asset Ownership and Transfer
Blockchain Network uses a digital wallet to store the keys of assets in the blockchain network in its system. These wallets are highly safe, and private keys are essential for secure transactions. Only those individuals with private keys will be considered the asset owners in the blockchain network.
Moreover, these transfers of assets can take place at any time, and you can transfer assets to people in any location in just a few seconds without any problem. And the good part is there is no transaction limit.
Smart Contracts
The two benefits of smart contracts are mentioned below.
- Automating Transactions
Smart contracts are self-executing agreements that automatically execute predefined actions when specific conditions are met. When a user engages in physical activities and earns tokens, smart contracts ensure that these rewards are distributed to the user’s wallet without the need for manual intervention.
- Enhancing Player Trust
STEPN operates on a decentralized blockchain, which means there is no single central authority controlling the platform. Smart contracts execute autonomously based on predefined rules, eliminating the need for intermediaries and enhancing player trust in the game’s fairness.
GMT Token Economic Model
The tokenomics of GMT tokens are as follows:
Tokenomics
- Market Cap: $262 Million
- Circulating Supply: 1.3 Billion GMT
- Total Supply: 5.38 Billion GMT
- Max. Supply: Not specified
- Fully Diluted Market Cap: $1.1 Billion
Revenue Streams
One of the primary revenue sources for STEPN is the collection of transaction fees.
The platform charges fees for various activities within the ecosystem, such as buying, selling, leasing, or renting NFT sneakers and other digital assets on the in-app marketplace.
Partnerships and Collaborations
Below are some of the companies STEPN has partnered and collaborated with.
- ASICS
- Solana
- HypeSaints
Future Developments
Let’s now talk about the future scope of STEPN.
Upcoming Features
As of now, there aren’t any updates from the STEPN headquarters regarding future upcoming features. We can expect integrations of user-friendly features in the future that will engage gamers and serve the primary purpose of the platform.
Expansion Plans
STEPN will continue to improve its features and aims to redefine the Web3 experience, offering users not only a healthier and more active lifestyle but also a dynamic and rewarding journey within the evolving world of blockchain and crypto.
Conclusion
STEPN represents a pioneering leap into the world of Web3 lifestyle applications. Integrating gamification, social components, and innovative tokenomics not only motivates users to embrace healthier active lives but also ushers them into the Web3 era.
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Therefore, we are not responsible for the investment decision in STEPN and the resulting loss.
STEPN Basics
Here are some factors that investors should consider before investing in STEPN .
| Cryptocurrency Features | STEPN (GMT) |
|---|---|
| Publisher or Developers | Jerry Huang, Yawn Rong |
| Headquarters (Registration Number) | Adelaide, Australia |
| Symbol | GMT |
| Platform | Solana |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of STEPN in 2024
These are indexes mesuring the investment reliability of STEPN conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 8 Exchanges |
| Number of Available Pairs Worldwide | 385 Pairs |
| Market Cap of the Cryptocurrency | 399,912,822 USD (Rank #126) |
The table above shows the result of investment suitability evaluation for STEPN .
Check out how we evaluate cryptocurrencies on the crypto rating description page.
STEPN Price
Here are the price and recent trading volume of STEPN . (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of STEPN |
|---|---|
| STEPN Price | 0.127 USD |
| Price Change 24h | -2.98% |
| Price Change 7d | -7.25% |
| Trading Volume 24h | 17,851,115 USD |
| Trading Volume Change 24h | 12.24% |
Cryptocurrency Metadata
You can check the development status and social media information of STEPN through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://www.stepn.com/ |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| https://twitter.com/fslweb3 | |
| 🎺 Message Board |
Where to Buy STEPN
Here are the top ten world crypto exchanges where traders can buy STEPN in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/GMT_BTC |
| Coinbase | Listed | https://pro.coinbase.com/trade/GMT-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/gmt-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/GMT-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/gmt-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/gmt_usdt?type=spot |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/GMTUSDT |
| Gate.io | Listed | https://www.gate.io/trade/GMT_USDT |
Frequently Asked Questions
What is the current price of STEPN ?
STEPN price today is 0.127 USD. Furthermore, the price of STEPN has fluctuated by -2.98% from 24 hours ago, and by -7.25% from a week ago.
Where is STEPN listed?
Currently, it is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of STEPN now?
Currently, STEPN has a market cap of 399,912,822 USD, which is ranking 126 among cryptocurrencies worldwide.
How much is the trade volume of STEPN ?
Currently, 2,913,311,164 GMT coins are circulating through 385 market pairs. As a result, in the last 24 hours, 17,851,115 USD of GMT coins were traded in the market.
