STEPN (GMT) is a “move-to-earn” token based on the Solana (SOL) blockchain that has skyrocketed since its market launch in March.
GMT’s price soared 34,000 percent in just 41 days, from $0.01 on March 9 to a new high of $3.45 on April 19. Its meteoric rise was fueled by the excitement surrounding decentralized finance (DeFi) applications that reward users with tokens for remaining active.
GMT, or Green Metaverse Token, is the STEPN app’s governance coin, which runners and joggers – and even walkers – can use to earn crypto in the form of GMT and GST while exercising (Green Satoshi Token). They earn more money the more they work out.
It’s a fun, unique, and intriguing use case, and the STEPN app may have greater long-term appeal and utility than the Shiba Inu meme coin (SHIB).
The GMT price has been soaring as the number of people installing the STEPN app has grown, minting sneaker NFTs, their ticket to play the game, and beginning to profit. STEPN is now the #29 app in the Health & Fitness category on the App Store.
What is the reason for this?
On a 24-hour adjusted period, for example, the prices of GMT and its major rivals, such as Genopets (GENE) and dotmoovs (MOOV), surged dramatically.
Despite this, STEPN remained the most valuable move-to-earn (M2E) initiative, with a market cap of about $2 billion.
In detail, purchasing NFT Sneakers allows users to play STEPN, which allows them to earn the Green Satoshi Token, the game’s in-game token (GST). Traders can then convert GST awards for SOL or USD Coin (USDC).
STEPN invests its profits in buying back GMT, its governance token, from secondary markets (exchanges, over-the-counter platforms, etc.) and then burning them on-chain, essentially removing 600 million GMT from circulation.
According to the whitepaper, STEPN will launch a shoe NFT rental system in Q3 2022, allowing users to use the app without having to buy sneakers — removing the issue of high floor prices and allowing more people to be onboarded.
The latest rise in the price of GMT tokens shows much potential for the new sector of the move to earn tokens. It can also attract fitness-motivated users to join the crypto industry. But there are still many things to do to make this sector mature. If the price of GMT token starts to dump because of selloffs by current users, we can expect this market to experience challenges, too.