What is STEPN (GMT)?

STEPN (GMT) is a “Web3 lifestyle app” with GameFi features on the Solana blockchain. It integrates elements of a play-to-earn game alongside a fitness app to make a new category coined “move-to-earn.”

In turn, people purchase NFT sneakers to gain in-game currency while walking, running or jogging.

STEPN’s goal is to transform the fitness application market by rewarding millions of people for engaging in a healthier lifestyle. The app resolves some problems, including “proof of movement” to prove that its users performed physical activities and show the GPS is functioning.

Additionally, STEPN (GMT) provides its users with financial rewards and soon brings social rewards to achieve carbon neutrality. STEPN (GMT) can now be accessed through Android and iOS devices.

STEPN (GMT) developed from its initiation phase to the open beta version in just five months. With its successful IDO in March 2022, it aims to enhance its in-game benefits and become accessible on several other chains in the future.

Who Created STEPN (GMT)?

Yawn Rong is an Australian blockchain entrepreneur who founded STEPN (GMT) in August 2021 with his partner Jerry Huang, an established game developer and former founder of Falafel Games.

Before STEPN, Rong began Crypto SA, a crypto fund and pro-regulation auditor based in Australia that has assisted as an ambassador for Algorand and an industry representative for the South Australian Blockchain Association.

STEPN (GMT) earned a $5 million seed round from established crypto venture capital firms, including Sequoia Capital, Folius Venture, Solana Capital, Alameda Research, 6th Man Ventures, Defi Alliance and a few more.

How does STEPN (GMT) Work?

STEPN (GMT) works by tracking your footsteps (similar to a pedometer) and incentivizing users with tokens depending on the number of steps. These STEPN tokens can be traded or used to buy NFT sneakers, providing users with rare and unique benefits.

The two tokens in the STEPN ecosystem include the Green Satoshi token (GST), which has an unlimited supply and is the game’s utility token. The second is the Green Metaverse Token (GMT), the governance token.

To be rewarded, you can access STEPN’s move-to-earn app and transfer solana (SOL) or bnb chain (BNB) into the app’s crypto wallet to buy sneakers. Afterwards, you can begin exercising and receive rewards for it.

The number of minutes a user can spend exercising with a sneaker NFT depends on the amount of energy measured. Users may select attributes such as resilience, efficiency and comfort as they can play a part in their energy cap. The energy cap is essential in stopping distribution as the supply of rewards is limited.

Is STEPN (GMT) a Good Investment?

If you’re wondering whether STEPN (GMT) is a good investment, you should consider its goal to transform the fitness industry. Firstly, it rewards users for being in a healthier lifestyle through a token reward model.

Its plans include putting in a Marathon Mode, which includes weekly and monthly races between 2.5km and 15km. Users can earn and monitor their progress on a leaderboard, with additional benefits for the top-ranking users.

In addition to encouraging a healthier lifestyle and getting rewarded, STEPN contributes to carbon neutrality by purchasing Carbon Removal Credits on Solana to beat climate change.

There are risks in buying cryptocurrency, but by learning more about STEPN, you can mitigate the risks. Some helpful tips include prioritizing time to research a coin, going on trusted crypto exchanges to avoid scams and researching the coin’s founders and developers to help you see whether it’s worth investing in.