STEPN is a Web3 app that merges GameFi and SocialFi to create an engaging experience around the concept of Move-to-Earn. The lifestyle dApp aims to make users fitter by offering crypto rewards for walking, jogging, or running outdoors.
STEPN players must purchase NFT sneakers from the in-game marketplace to start. Based on their activity and the sneaker NFT they use, they can earn incentives for keeping active. The Web 3.0 lifestyle app built on the Solana blockchain encourages people to adopt healthier lifestyles and contributes to tackling climate change through a unique feature for carbon removal credits.
The Green Metaverse Token (GMT) is one of two native tokens of the STEPN game and serves as the dApp’s governance token. GMT must level up in the game and mint new sneaker non-fungible tokens (NFTs). In addition, GMT token holders can also access in-app features, enjoy voting rights, and contribute their thoughts on proposals for upgrading the STEPN ecosystem.
STEPN has set the max supply of the GMT token at six billion. The game will also implement various token-burning mechanisms to bring down the GMT circulating supply, creating deflationary pressure and supporting the GMT price in the market.
The move-2-earn STEPN game came in fourth among the Solana Ignition hackathon winners in the gaming category. The game boasts a lineup of formidable backers, including Sequoia Capital, Folius Ventures, Binance, Solana Capital, DeFi Alliance, and Alameda Research.
STEPN is available as a mobile app for download on both iOS and Android devices. Users can register with their email addresses and buy NFT sneakers using Solana (SOL) tokens from their wallets connected to the game.
The STEPN Sneaker Marketplace contains a wide range of options, depending on the activity you plan to use the sneaker for - walking, running, or jogging. Other attributes, or Gems, of the sneaker NFTs you can assess before selecting the right one include efficiency, luck, comfort, and resilience. The fifth variable is the rarity of the sneaker.
STEPN players receive rewards in the form of Green Satoshi Token (GST) - the second game token, based on their activity level and how good the NFT sneaker is chosen. The higher the intensity and duration of the activity.
The STEPN game offers the following modes:
Users earn Green Satoshi Tokens as rewards for moving. After Level 30, players can opt to receive rewards in GST or GMT tokens. To maximize earnings, players should move within the optimal range of the NFT sneaker they use - anything higher or lower than this could reduce their earning potential by as much as 90%.
The STEPN developers will also release a Marathon Mode for players, which offers the SocialFi element in the game. Once this feature goes live, the game will conduct Weekly Marathons and Monthly Marathons, in which users can register 24 hours before the event and participate. They compete with other players and receive rewards based on their ranking in the marathons.
In addition to active movement, STEPN will also offer a chance for players to earn GST rewards in the Background Mode. This mode will reward users for up to 3,000 steps daily; however, the earning potential will be far lower than when they perform active movements such as outdoor walking, jogging, or running.
The open beta version of the STEPN game went live in December 2021. The developers rolled out the in-app NFT marketplace and trade function a month later, letting players buy and trade NFT sneakers.
The Gem system defining attributes to the sneaker NFTs came in February 2022, followed by an IEO/IDO wallet upgrade in March. STEPN’s in-app wallet received an upgrade in April 2022.
Multi-chain wallet features were added in May 2022, while June saw the team release an upgrade to support a multi-chain marketplace for the game. In August 2022, the NFT marketplace launchpad was released.
As of August 2022, upcoming features the team is working on include an achievement badge system, the release of the Marathon Mode, and a brand expansion for STEPN. The first phase of the game’s SocialFi elements is expected to go live in December 2022.
The STEPN GMT token has several uses within the game and outside it, including:
GMT holders enjoy the right to vote on proposals that decide the future evolution of the game.
After owning at least three Energy, you are eligible to start earning GMT tokens when playing STEPN.
It would help if you burned GMT to upgrade your sneaker NFTs and increase your earning potential in the game. To upgrade a Gem to certain levels - sneaker attribute from Level 4 onward, you need to burn GMT. The Green Metaverse Token is also burned for various other upgrades within the game.
As a native token of one of the hottest Web 3.0 apps, GMT is an attractive crypto asset to invest in. You can buy or sell STEPN against other cryptocurrencies in the market or hold it long-term if you believe in the future potential of the game. Review the current price of STEPN, GMT live market cap, current circulating supply, 24-hour trading volume, and latest crypto news, and perform technical, sentiment, and fundamental analysis on the GMT price chart before entering a new trade.
Some platforms let you stake GMT to earn APYs by putting your crypto holdings to work. KuCoin enables you to earn passive income from investing in GMT via our Crypto Lending feature. Head to this section on our platform to lend liquidity in GMT to the exchange and earn daily interest over seven days, 14 days, or 28 days.
Although it is impossible to make an accurate STEPN (GMT) price prediction over any duration, the fundamentals of the project suggest that it could be a good crypto asset to invest in. As one of the most trending Web 3.0 games on the blockchain, STEPN could see rising adoption by players, which could support the GMT price and market capitalization and take it higher.
As more players sign up and start playing the game, the GMT token burn picks up pace, making the token even more valuable and taking the STEPN price and market cap higher. In addition to an uptick in the number of players, increased activity in the NFT marketplace could also power an uptrend in the live price of STEPN.
As Web3 applications gain more mainstream traction, GameFi dApps like STEPN could be among the most popular examples of powering the trend. The STEPN price could also increase as the crypto market sentiment turns positive, boosting investor confidence in buying digital assets like GMT.
STEPN minted six billion GMT tokens at the Token Generation Event (TGE) on 9 March 2022. Here are the multiple ways you can earn tokens:
You can earn GMT tokens by playing the STEPN game and moving up through the levels. At Level 30, you have the option to swap GMT for USDC.
STEPN rewards you for participating in the game’s governance by distributing GMT tokens.
In addition to earning GMT within the STEPN ecosystem, you can also obtain GMT crypto by buying them directly on supported exchanges like KuCoin. You can then put your GMT holdings to work via staking or lending liquidity to grow your portfolio and earn more GMT crypto.
Several activities contribute to GMT token burning to bring down its total supply within the STEPN game. Let’s take a look at them below:
STEPN burns GMT to permanently increase the daily earning limit on the game's Green Satoshi Token (GST).
GMT is burned while minting rare, epic, legendary sneakers with high value and high earning potential for players.
You can burn GMT in STEPN to improve your chances of getting your hands on a higher-quality sneaker when you open a mystery shoebox.
The Green Metaverse Token is burned while redistributing attribute points within the STEPN app.
You must participate in GMT token burning when upgrading Gems on your new sneakers on the level of 5, 10, 20, 29, and 30 in the game.
GMT token burning improves the success rate of Gem upgrades and sneaker upgrades. This can improve your earning potential from the NFT sneakers you purchase and use while playing the game.
As the game progresses, you must burn GMT to cross Levels 5, 10, 20, 29, and 30.
Burning GMT can also raise the likelihood of receiving two sneakers when you mint NFTs within the STEPN marketplace.