What is STEPN (GMT)? A beginner's guide on the Web3 lifestyle app
STEPN (GMT) explained: Why is it trending?
The first move-to-earn mobile nonfungible token (NFT) game powered by the Solana blockchain is called STEPN. With STEPN, users may earn tokens by walking, jogging or running outdoors with an NFT sneaker. STEPN aspires to motivate millions of people to adopt better lifestyles by bringing them into the Web3 era while also helping to achieve carbon neutrality. But, who created STEPN?
Find Satoshi Lab, an Australian fintech firm, developed STEPN. Jerry Huang and Yawn Rong are the co-founders of Solana (SOL)-based STEPN (GMT). The Solana Ignition Hackathon Gaming Track was won by STEPN. It's also the only mobile game to take home the prize at the Hackathon. The Hackathon judges praised STEPN's game design, built-in marketplace, easy-to-use user interface, wallet and goal of persuading millions of non-crypto users to adopt the app.
The first Web3 running app secured a $5.0M seed round (the first official money that STEPN raised). Leading investors, including Solana Capital, DeFi Alliance, MorningStar Ventures, Sequoia Capital, etc., invested in STEPN's vision. The funds will go toward STEPN's aim of inspiring millions of people to live healthier lives by connecting them to Web3 and helping to achieve carbon neutrality.
This article will discuss how STEPN works; what the STEPN coin is used for; how you can buy STEPN (GMT) and how to make money with STEPN by walking, jogging or running outdoors.
How does STEPN work?
Users need to download the STEPN app. Then they need to sign up for STEPN using their email address. After verification, users must connect their wallets to explore STEPN cryptocurrency.
NFTs in the form of sneakers are worn by the users in STEPN's Game-Fi system. Users must deposit Solana's native SOL token in STEPN's in-app wallet to buy NFT sneakers and wait for their energy to be replenished after 24 hours. The number of minutes a user may exercise with a sneaker NFT is measured in energy.
Resilience, efficiency and comfort are the various attributes that users may select. The features of your sneaker all contribute to its energy cap. The energy cap is significant in bottlenecking distribution because the supply of rewards is restricted.
There are two tokens in the STEPN ecosystem: the Green Satoshi token (GST) is the game’s utility token, which has an unlimited supply, and the Green Metaverse Token (GMT) is the governance token. So, how many STEPN (GMT) coins are there? The supply of GMT tokens is limited to 6 billion.
GMT's price soared 34,000% in just 41 days, from $0.01 on March 9, 2022, to a new high of $3.45 on April 19, 2022. Its meteoric rise was fueled by the buzz surrounding decentralized finance projects that reward users with tokens for remaining active.
Users can sell/buy or lease/rent NFT sneakers, gems and badges on the marketplace and can earn game currency by jogging, walking or running outside, which can be cashed out for profit or utilized in-game. The marketplace has a simple filter and sort tool for quick navigation.
For instance, once your sneaker is ready, you can begin running and earning GST utility token rewards (rewards are distributed of the 30% of the supply that is set aside for this purpose). However, please note that STEPN has yet to operationalize the rental and the credit system.
What makes STEPN unique?
The STEPN move-to-earn crypto app has Social-Fi and Game-Fi elements. STEPN's Game-Fi initiative intends to encourage users to combat climate change, live a healthy lifestyle and link the public to Web3 while relying on its Social-Fi component to create a stable platform that fosters user-generated Web3 content.
Users wearing NFT sneakers can earn GST by walking, jogging or running outside. GST can be used to mint new sneakers or level up in the game. On the in-app marketplace, players can lease or sell their NFT sneakers, and their GST revenues are saved in the in-app wallet, which features a built-in swap function.
This dual-token economy model fulfills STEPN's needs for utility and fundraising. The primary goal of generating tokens is to avoid regulatory complications and divide the project's ecosystem into two tokens for easier use.
Due to the limited quantity of tokens, a burn mechanism is required to help people live a healthy lifestyle, which is another unique feature of STEPN. Through various in-app actions, the burn mechanism is used to reduce the circulation of both the GMT and the GST tokens.
What is the STEPN coin used for?
As discussed, there are two tokens in the STEPN ecosystem. Various use cases of the GST and GMT tokens are discussed in the sections below:
Green Satoshi Token
The GST token can be obtained through a variety of methods, including by participating in the Token Generation Event (TGE), where it can be minted. When a DApp developer officially releases the individual tokens of a blockchain-based network into the market, this is known as a token creation event.
This utility token does not require investments other than the time and effort needed to participate in various game activities, including running, walking and jogging.
Moreover, sneakers can be leveled up or repaired using the GST token. Also, users can upgrade gem items and mint sneakers through the GST token, which is also extensively used to exchange/swap USD coin (USDC).
Green Metaverse Token
A governance token, GMT, can be used to change sneakers' names or level up to a high spot. Also, premium game content or high-level activities and profits can be distributed through GMT tokens.
It is important to note that only sneakers who have reached Level 30 are eligible to swap GMT with USDC. However, to begin earning GMT, you must have at least three Energy, also called the “rule of three requirements.”
How to make money with STEPN by walking, jogging or running outdoors?
Users can access three STEPN gameplay features, the solo, marathon and background modes, to earn money and freely participate in the game. While you will need sneakers to begin earning, you are not required to have anything to begin jogging/running. New users can get a free trial of the app and all of its features. The earning meter will start filling up while you run if you're ready to commit and have some STEPN footwear.
In solo mode, users move around wearing NFT sneakers to earn GST tokens, but Energy is required to earn these tokens. Five minutes of move&earn movement is supported by 1 unit of Energy, which can be recharged by purchasing an NFT sneaker. Always check your Energy before moving, as there is no way to gain tokens if you have none.
Furthermore, ensure that your GPS signal is not weak and you are organically moving. So, if you are moonwalking (moving with a low GPS signal), you won't earn GST tokens. In STEPN, GPS signals are categorized as:
Moreover, the token payment depends upon various factors like types of sneakers and sneakers' attributes like comfort, efficiency and speed of movement. For instance, in the case of the sneaker's efficiency attribute, the more efficiency, the more GST a user earns every minute.
From Level 0 to Level 29, users can only earn GST, whereas, at Level 30, users have the option of continuing to receive GST or switching to GMT. Users have complete control over switching between these two earning modes. Nonetheless, users stop earning tokens after their Energy is depleted.
Users can participate in weekly or monthly marathons by registering under the "Marathon tab." However, they must do so 24 hours before the commencement of the preferred marathon.
Users can choose from 2.5, 5 or 7.5 kilometer (1.5, 3.1 or 4.7 mile) marathons in weekly marathons, but they can only participate in one race at a time.
Monthly marathons, on the other hand, can be 5, 10 or 15 kilometers long (3.1, 6.2 or 9.3 miles, respectively) but again, users can only run one marathon at a time. It is crucial to note that sneakers cannot be repaired during the marathon.
If users have at least one pair of sneakers in inventory, they can earn GST tokens offline and without repair charges. The background mode collects the step count straight from the mobile device's health data while the STEPN app is turned off, which does not affect the sneakers' endurance.
How to buy STEPN (GMT)?
To buy STEPN, you need to check for exchanges that support its GMT token. For instance, Coinbase does not allow its users to purchase STEPN yet, whereas Binance offers such a provision. Please follow the steps below to buy STEPN with Binance exchange:
You can download the Binance app or go to its website to create a free account (if you don't already have one).
After identity verification, fund your account using a debit/credit card, bank deposit, peer-to-peer service or third-party payment channels like Simplex, GEO Pay, etc.
Find a navigation bar and search STEPN (GMT) or trading pairs with STEPN (GMT), and enter the amount of GMT tokens you want to buy.
Store your STEPN (GMT) using wallets of your choice.
Is STEPN (GMT) a good investment?
Any crypto investment depends upon your goals and objectives in committing money to some project. If you are not clear about the vision of a protocol in which you want to invest, please search the market thoroughly.
That said, STEPN is a good or bad investment, depending upon how much you understand about this app, its team and your financial goals. Also, if your goals correlate with the vision of the app, then it may be a good investment project for you. However, if the answer is no, then you must think twice before committing your hard-earned money to something you don't believe in.