What Is STEPN?

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Jul 20, 2022
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5 min read
what-is-stepn

This blog post will cover:

  • About STEPN (GMT)
  • Where did STEPN (GMT) come from?
  • What are the advantages of STEPN (GMT)?
  • What are the disadvantages of STEPN (GMT)?
  • How to buy STEPN (GMT)?

About STEPN (GMT)

STEPN is represented as a Web3 application containing GameFi and SocialFi features. It gives users an opportunity to get special equipment — sneakers — in order to do different activities like walking or running in exchange for native GST tokens. These tokens, as it follows, may be utilized as a payment for upgrading or minting the new pair of trainers. Game participants can make a choice whether to rent or trade their sneakers. All of the earnings are kept in the application Wallet. It also enables people to swap coins. STEPN also has GMT as a governance token. Users can only earn GMT when they get the 30th level for the sneakers. The full issue of tokens is promised to be halved every 3 years.

Where did STEPN (GMT) come from?

STEPN is constructed on the Solana blockchain. It was launched in August 2021 by the Find Satoshi Lab studio and entrepreneur from Australia, whose name is Yawn Rong. Earlier, he had already created Crypto SA, a crypto fund. Mister Rong has released STEPN with his comrade Jerry Huang, who developed games and founded the Falafel Games. By September 2021, the core crew had already shaped and “started the machine”.

The primary mission of STEPN is to stop the fast climate change and to encourage users to take care of their weillness by involving them in Web3. Empowering users with token payment, the project enables an environment for healthy habits which can prolong life and improve its quality.

What are the advantages of STEPN (GMT)?

  • Healthy motivation.
    
    The main benefit of STEPN is an urge to encourage people to enhance their lifestyle by using crypto rewards. Afterwards, someone who gets the application and creates a wallet, is able purchase his first sneakers and start receiving GST for the physical activities. The more you walk, the more you earn, it is quite simple.
  • Fitness is a game.
    
    STEPN has made a revolutionary step in sports gamification. Now, running and walking are fun! Usually, the daily rewards, customizable items, NFT, and other details are a part of a modern virtual reality or a game but now it comes true. Those who participate in marathons will compare their results on a board, and get extra tokens for first place. Probably, fitness has never been this entertaining before.
  • Green impact.
    
    STEPN engages users into an eco-deal also via the input in reducing the carbon footprint via buying Carbon Removal Credits on blockchain to fight climate change.

What are the disadvantages of STEPN (GMT)?

  • Non-free entry.
    
    In order to begin running and earning, you have to buy your first sneakers. And no, they’re not free, you ought to invest at least $1300 for a pair of NFTs. This could really become a problem because most people do not own that much money to just buy invisible sneakers. Of course, you can claim that this price will pay off, but this could happen much later than you can plan.
  • It is a young project.
    
    STEPN is a freshly born concept that stands on good marketing and hype. The app is still not working 100% correctly and crashes during some updates. The GMT and GST tokens are not stabilized. Also, the more users are involved in a game, the fewer rewards they may get. It is necessary to wait a bit till STEPN forms a loyal community, gains some trust, and upgrades the application to a final version.

How to buy STEPN (GMT)?

Have you decided to support the STEPN project and become healthier in 2022? Then go ahead and visit the SimpleSwap homepage. Follow our instructions to purchase your own GMT:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select GMT in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. GMT will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

If this article was useful for you, feel free to check out other SimpleSwap articles about crypto.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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