What is Stepn (GMT) crypto and how does Stepn make money?

StepN, an innovative initiative created by FindSatoshi Lab, revolutionizes the fitness and sustainability landscape. Encouraging individuals to stick to healthier habits, this incentivizes sports initiatives, starting from simple steps per day and ending with active games. Moreover, StepN plays an active role in promoting carbon neutrality by dedicating a portion of its profits to acquiring Carbon Removal Credits via blockchain technology. This article delves into what is StepN, highlighting its implementation of a move-to-earn economic paradigm, which rewards users for maintaining their activity levels. 

Key Takeaways

• NFT sneakers: to commence their journey, users are required to acquire NFT sneakers. These sneakers seamlessly integrate with the app, enabling users to accumulate points while engaging in different kinds of sport while wearing them.
• Double-token model: project operates on a dual-token framework, comprising GST and GMT tokens. While GST acts as the utility token in StepN domain, GMT is mostly used for governance purposes.
• Carbon offsetting: StepN actively contributes to environmental sustainability by offsetting carbon emissions through the acquisition of Carbon Removal Credits. This endeavor underscores StepN's commitment to advocating a healthy lifestyle while prioritizing planetary well-being.

What is Stepn (GMT)?

It serves as the central token in a widely adopted web3 lifestyle application, and gets users into the habit of moving more - they adopt better habits through participating in sport activities like going for longer walks or doing more running. Developed by FindSatoshi Lab, a reputable Australian organization, StepN underscores its commitment to sustainability by allocating a portion of its profits to acquiring Carbon Removal Credits via blockchain mechanisms.

With such an approach, a portion of carbon dioxide is taken out of the air - this aids at mitigation of greenhouse components and helps in the struggle against negative impact. This endeavor resonates with StepN's core mission of promoting masses into embracing organic initiatives and striving for C neutrality. This represents a pivotal motive of the project's dedication to leveraging new technologies for a sustainable future.

To answer the question of what is GMT crypto, it’s necessary to explore a few features: 

• It functions as the principal player of the StepN community.
• It holds utility across all FSL ecosystem products, facilitating actions such as token burning, unlocking various functionalities, and accessing exclusive perks.
• It boasts a fixed supply of 6 billion, ensuring a stable and predictable token economy.

What is Move-to-Earn (M2E)?

It is a pioneering web3 economic concept aimed at motivating users to engage in fitness and sports activities. This novel approach means that users can earn income through diverse channels, including exercise, staking, trading, and minting. By tokenizing walking or running, M2E revolutionizes how individuals get rewards and provides them with unique opportunities for income generation.

Stepn (GMT) price, supply and Market cap

How does StepN work?

StepN blends elements of both SocialFi and GameFi. Those interested can get their hands on perks, post their acquisition of sneakers (NFTs) from the marketplace. The app introduces a gamified experience by incorporating random treasure box discoveries during one's physical excercise. These sneakers are characterized by unique traits too.

How to make money with StepN

StepN offers several avenues for how does StepN make money, as well as how users generate income. Let's delve into each of these methods in greater detail.

Solo Mode

With this, people can start accumulating tokens by participating in exercise after acquiring an NFT sneaker. How many tokens one gets is contingent on the energy level of the sneaker. Numerous Level 1 StepN users claim to earn between $15 and $25 per day.

Marathon Mode

Participants must sign up at least 24 hours before the competition. Such events are held weekly and monthly, covering distances varying from 2.5km to 15km. Noteworthy contenders showcased on the leaderboard have the opportunity to win rewards in the form of GST/GMT tokens and NFT badges.

Background Mode

This option provides users with the flexibility to earn rewards without actively engaging with the StepN app. Merely owning an NFT sneaker within the application allows Background Mode to automatically monitor users' steps using their phone health sync. However, this mode has a daily step limit.

Blockchain Stepn (GMT) operates on

StepN uses Solana blockchain, renowned for its high-performance capabilities that allows for smart contracts and dApps. Distinguished by its remarkable speed and scalability, Solana stands out as an ideal platform for applications such as StepN, which necessitate rapid and secure transactions. Leveraging the Solana blockchain, StepN offers a streamlined user experience, enabling real-time token earnings as users engage in healthier habits.

What is the STEPN coin used for? 

The STEPN ecosystem has two tokens, which we’ll dive deeper into now.

Green Satoshi Token (GST)

This option serves as the utility token within the game, boasting an infinite supply. Acquired through physical movement, GST holds multifaceted utility within the STEPN platform, facilitating activities such as sneaker enhancement, durability restoration, and NFT sneaker creation. Notably, users earn GST by engaging in real-world movement while donning NFT sneakers, with the option to trade or lease their NFT footwear via the in-app marketplace. As of the time of writing, GST is valued at $0.011822 USD.

Green Metaverse Token (GMT)

Functioning as the governance token, the GMT serves as the foundational token in the community. It is an important player across all FSL ecosystems, that facilitates functions like burning, utilization, and staking to unlock assorted benefits and features. With its token supply capped at 6 billion, GMT witnessed an astounding surge of 34,000% within a mere 41 days, catapulting from $0.01 on March 9, 2022, to a remarkable high of $3.45 on April 19, 2022.

Both tokens are integral to the StepN ecosystem, and can be used within the app for various purposes. On the other hand, GMT tokens give users a say in the governance of the StepN platform, allowing them to influence its future direction5. This dual-token system adds depth to the StepN platform and provides users with multiple ways to engage with and benefit from the app.

What Makes Stepn Unique?

StepN stands out as a web3 lifestyle application celebrated for its innovative approach to fostering physical fitness and well-being. Employing the pioneering move-to-earn concept, StepN incentivizes users to prioritize their physical health by rewarding their efforts. Crafted by Find Satoshi Lab, an influential fintech studio headquartered in Australia, StepN aims to revolutionize conventional exercise paradigms by embracing the innovative model.

Here are some unique features of STEPN:

• M2E: one can accumulate points by engaging in outdoor or even indoor activities. The earned assets serve as StepN game currency and offer access to different perks. 
• NFT sneakers: this acts as a driving force of StepN. The sneakers are connected to the app, and users earn points as they move.
• Dual tokens: project decided to adopt a different model to a few other models, with the Green Satoshi and the Green Metaverse tokens.
• Carbon impact: founders also care about carbon impact, and make a difference to the environment.Burn mechanism: the presence of a limited token supply necessitates the implementation of a burn mechanism.
• DOOAR: the project will go through a few stages, with the development of its own DEX.

Who created Stepn?

StepN originated from the creative minds of Jerry Huang and Yawn Rong, who were intrigued by the emerging "X-to-earn" concepts within the cryptocurrency realm.

History of Stepn

In late 2021, StepN was brought to life at Solana Ignition Hackathon, securing fourth place in the competition. By January 2022, the project attracted $5 million in funding. It’s time to have a better look into the history of the project to understand its evolution.

Beginnings

The inception occurred in August 2016 when Jerry and Yawn delved into the "X-to-earn" concepts prevalent in the crypto space. They transformed their vision into reality by creating a proof of concept and a mock-up design. Their participation in the aforementioned Solana Hackathon brought great results, propelling them to assemble a team and announce the public beta for testing by December 2021.

Expansion

StepN embarked on initiatives to repurchase and burn its GMT tokens while extending its reach from the Solana and BNB Chain to the Ethereum network. As of 2023, StepN boasted a user base exceeding 3 million monthly active users.

The major stakeholders of Stepn

The driving forces behind the coin include its creators, Jerry and Yawn, along with its esteemed investors. Notable investors in StepN's journey include Akatsuki, Binance, Alliance DAO, Folius Ventures, Lemniscap, among others.

It's essential to acknowledge that the ownership of StepN crypto likely spans a diverse array of individuals and entities, encompassing founders, team members, investors, and token holders. However, due to the nature of blockchain technology, the specific identities and holdings of all owners remain undisclosed to the public.

How Is Stepn (GMT) Different To

Let’s now see how StepN is different from three other coins: Bitcoin, Dotmoovs (MOOV), and Axie Infinity (AXS).

StepN vs Bitcoin (BTC)

Bitcoin, the father of crypto, set its goal to revolutionize digital transactions. Because of employing Proof of Work (PoW), BTC does not offer smart contract functionality. In contrast, StepN is based on the Solana blockchain which is recognized for its rapid processing and scalability. StepN also adopts a two token system, which gives it benefits of both types.

StepN vs Dotmoovs (MOOV)

Dotmoovs, a different move-to-earn token, motivates people to be moving but operates on a separate blockchain with its unique reward structure. In contrast, StepN utilizes the Solana blockchain, rewarding users with GST tokens for engaging in sports and providing GMT tokens for governance purposes within its ecosystem.

StepN vs Axie Infinity (AXS)

Axie Infinity, a game where users can earn rewards by engaging in battles with their Axies, operates on the Ethereum blockchain. One can collect, breed, and engage with creatures referred to as Axies. With its innovative gameplay mechanics and vibrant ecosystem, Axie Infinity has attracted a large and dedicated community of players and investors alike.

Advantages of Stepn

It stands out as a unique application that merges fitness and blockchain technology, introducing a pioneering move-to-earn model. It not only gives direction for one to keep moving, it also offers them the opportunity to earn tokens. Here are some notable advantages of StepN:

• Promotes healthy lifestyle: makes sports more interesting through providing users with tokens for different kinds of movement: walking, jogging, or running
• Combats climate issues: plays a role in environmental sustainability by buying Carbon Removal Credits.
• Dual token model: by employing a novel model, which consists of GST and GMT token, the project provides those interested with a number of options to engage with it.
• Built on Solana: this blockchain is famous for its high speed and scalability.

Disadvantages of Stepn

Although the project offers a number of positive features, it also has certain drawbacks. Here are some notable ones:

• Requires investment: acquiring NFT sneakers to initiate token earnings necessitates a financial investment, which may prove costly for users.
• Limited track record: as a relatively new cryptocurrency, StepN lacks an extensive track record compared to more established alternatives.
• Price volatility: similar to many cryptocurrencies, StepN tokens are subject to significant price volatility, posing potential risks for investors.
• Complex gameplay: it can be challenging for some, particularly those unfamiliar with the complexities of cryptocurrencies and NFTs.

How Is The Stepn coin Secured? 

StepN relies on the Solana blockchain, renowned for its rapid processing speed and scalability, to safeguard its coin. The security of the StepN token is intricately linked to the robustness of the Solana blockchain.

Solana employs a distinctive Proof of History (PoH), which guarantees secure and decentralized transaction confirmation. It enables each network node to autonomously validate the chronological order and time progression of events, enhancing security measures.

Furthermore, the StepN application creates a seed phrase upon wallet creation, ensuring user access to their StepN tokens even if they forget their password or uninstall the app. This mechanism ensures exclusive user control over their StepN tokens.

Nonetheless, similar to all cryptocurrencies, StepN tokens remain susceptible to common risks related to crypto, including hacking, phishing, and various cyber threats. Users must adopt preventive measures to secure their wallets and private keys effectively.

Buying Stepn (GMT)

After exploring the subject of what is StepN crypto, one might want to become an owner of the cryptocurrency. To do so, head to SimpleSwap and follow these instructions:

• For example, you want to swap BTC for GMT. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
• Select GMT in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
• Click the Exchange button.
• Enter the Recipient's Address. GMT will be sent. 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 BTC to GMT exchange.

How to Stake Stepn (GMT)

Staking involves depositing tokens into a wallet to assist in the operations of a blockchain. This may include tasks like transaction validation and bolstering security. In return for staking, participants get more tokens.

Here's a general overview of how to stake a token like GMT:

• Acquire assets: the first step - acquire what one intends to stake. This is usually accomplished with help of a cryptocurrency exchange or through direct purchase from another user.
• Choose a wallet: choose a compatible wallet that supports staking - make sure it is fit for the StepN tokens. Confirm that it aligns with your staking intentions.
• Begin staking: with the wallet of choice, find the button 'stake' tokens. Specify desired quantity, and voila - these tokens are locked within the system. They are now supporting its operation.
• Earn Rewards: once your tokens are staked, you'll start benefiting from rewards. The return can vary based on factors like the network's protocol and the amount of tokens staked.
• Unstaking: should you decide to unstake your tokens, most networks offer this option. However, there might be a certain time between initiating the process and regaining access to your tokens.

How to Mine Stepn (GMT)

To earn StepN (GMT), enthusiasts of the ecosystem engage in improving their sneakers to Level 30. Within this platform, one has an option to select either GST or GMT as their desired reward. The greater the comfort level of the sneakers, the higher the potential GMT earnings. Furthermore, the allocation of GMT rewards correlates directly with individual user efforts. However, as more users simultaneously earn GMT, the available amount per person decreases proportionally.

Stepn Roadmap

StepN has been actively advancing its future prospects through various initiatives, including implementing an activation code to manage user influx, systematically introducing innovations and updates, and fostering integrations and partnerships with renowned brands.

Furthermore, several key milestones on their future roadmap include:

• FSL account system: this will enable users to create a unified account across all projects developed by FSL - Mooar, Gas Hero and more. Users will have access to different StepN web3 applications using the same identity and wallet, unlocking cross-platform benefits and rewards.
• Web2 onboarding: this initiative aims to attract more web2 users to the StepN ecosystem by offering a simplified and gamified user interface, a fiat gateway, and a social network. This strategic move seeks to enhance the adoption and awareness of web3 and cryptocurrency among mainstream audiences.
• New realms: expansion plans involve extending the StepN project to other layer-one blockchains - Ethereum, Binance Smart Chain. This expansion will enable users to engage with the same project across different networks, leveraging the unique advantages of each blockchain. 
• New sneakers and gems: the roadmap includes introducing a wider variety and diversity of NFT sneakers and gems within the StepN app. This initiative aims to enhance the collectability and utility of NFTs while offering users more options and customization features.

Future of Stepn

The sentiment remains predominantly bullish, with an impressive 78.72% upward rise over the past month, or a remarkable 214.92% surge over the past year. Additionally, robust community backing and substantial trading activity reflect heightened demand. Despite this, the Fear & Greed index for GMT stands at 53, indicating a neutral market stance.

Consequently, the overall outlook for the GMT token appears optimistic, given its substantial potential for growth within the move-to-earn and GameFi sectors. Moreover, the token seems immune to inflationary pressures or dilution. Holders stand to benefit from various privileges, including governance rights, sneaker upgrades, and cross-realm transactions facilitated by the token.

The Bottom Line

In essence, StepN emerges as an exceptional application blending fitness and blockchain technology, introducing a move-to-earn framework. It not only motivates to start moving, but also - earn tokens. Nonetheless, akin to all cryptocurrencies, StepN tokens are susceptible to common risks one should always keep in mind. Users must stay alert and invest only the capital they can afford to lose if things don’t go as planned.

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.

FAQ

Below is a list of the most popular questions readers ask about GMT.

Is STEPN Actually Web3?

Yes, STEPN is a Web3 lifestyle app. It operates on the Solana blockchain and rewards users with tokens. 

How does StepN make money?

StepN makes money in the form of fees and taxes for in-app activities, such as NFT sneaker trading (2%), shoe minting (6%), and shoe rental (8%)4. The majority of the profits from StepN go to users, but these fees and taxes provide revenue for the StepN team.

When was GMT coin launched?

The GMT token was launched in March 2022.

What coins are in Stepn ecosystem?

There are two tokens in the StepN ecosystem: the Green Satoshi token (GST) and the Green Metaverse Token (GMT). GST is the game’s utility token, which has an unlimited supply, and GMT is the governance token.