What is STEPN (GMT)?
STEPN is one of the first Solana-based initiatives to make profitable movement a reality. It is an app built on Web3 that combines concepts from GameFi and SocialFi into a lifestyle program. To take part in it, users need to download the STEPN application and purchase virtual NFT shoes. These sneaker NFTs are varied and their type determines what reward a participant receives for completing physical activities such as walking, jogging, or running. The sneakers can be purchased using SOL tokens, the native tokens of the Solana blockchain.
STEPN utilizes GPS tracking and motion sensor technology built into its app to track how far users move and convert these movements into rewards in its in-app token reward token – GST. These tokens are then used in the STEPN ecosystem for various purposes like minting shoes, upgrading sneakers, NFTs, collecting special Gems, and acquiring GMT – STEPN's governance token. Check out the live STEPN price chart above. It features the current and the previous GMT price.
STEPN Use Cases
The GMT token serves as a governance token with simulated utility functions within the STEPN network. Unlike GST, GMT is a deflationary token that has a restricted quantity. Possessors of GMT can carry out similar activities to those of GST but at an advanced level. Besides, the token is also used for upgrading NFTs and participating in what is known as a schadenfreude pool. Furthermore, holders can earn more rewards and use GMT as an admission ticket to vote on projects featured in the MOOAR launchpad's platform. In addition to that, GMT tokens are also used for covering platform fees.
Note that GMT can be earned by staking GST tokens. If you want to make a thorough GMT price analysis, take a look at the aforementioned STEPN price chart.
Who Founded STEPN?
In late 2021, Jerry Huang and Yawn Rong founded STEPN through Find Satoshi Lab (FSL). Jerry is a passionate IT enthusiast from Zhejiang University in China with over 10 years of experience in the gaming industry. He is well-versed in marketing strategy and game design. Besides, Jerry sits on the boards of many blockchain solutions and GameFi companies. Yawn, on the other hand, has expertise as a blockchain incubator and token fund expert.
STEPN Tokenomics
The max supply of STEPN coins is 6 billion GMT. To date, more than 98 million tokens have been distributed while 289 million have been destroyed. The distribution is as follows:
- 30% – ecosystem and treasury;
- 16.3% – private sale;
- 7% – Binance Launchpad sale;
- 24.7% – move-and-earn system;
- 14.2% – the team;
- 2.5 % – advisors.
