Stepping into STEPN: The First ‘Fitness’ Token on NAGAX
While the majority of metaverse tokens have seen significant pain lately, falling 90% from their recent peaks, one token seems to be on the up and up. The STEPN (GMT) has experienced a massive rally since the release of IEO/IDO. In less than a month it has gone from 15 cents to almost $2.00 per token. What's behind its skyrocketing success and will it be able to hold on?
What is the STEPN project?
STEPN is a lifestyle application with a bias towards eco-trends. Yes, there's a lot of translation needed here. In simple terms, STEPN is a blockchain-based social app with game elements like P2E. STEPN is all about setting up a pedometer and starting to walk orr run, whichever you prefer. Users receive rewards for their physical and social activity - and walking means fewer car rides and CO2 emissions.
STEPN ranked 4th among the 500+ projects on Solana Ignition Hackathon 2021.
In January 2022, the project raised $5 million in an initial round, selling around 16% of GMT's supply to some well-known companies in the industry, including Alameda Research, Solana Ventures, and Folius Ventures.
While other P2E games encourage online play, STEPN is becoming an early example of GameFi that allows users to engage in fitness activities. Users who buy NFT games can be rewarded for every step they take.
STEPN uses a two-token model, meaning there are two tokens in the ecosystem: a governance (GMT) and a utility (GST) token.
What is the Green Metaverse token (GMT)?
GMT is the STEPN governance token with a limited number of 6 billion tokens.
Players buy GMTs to burn in the STEPN app in order to gain access to the features provided by STEPN, such as minting high-quality trainers, upgrading high-quality gems, and taking part in management voting.
The full breakdown of GMT distribution:
30% - Move and Earn 30% - Ecosystem Treasure 16.3% - Private sale 7% - Public sale 2.5% - Advisory Team 14.2% - Core Team
GMT is backed by leading names of the crypto industry such as Sequoia Capital, DeFi Alliance and Alameda Research.
Why did the GMT token take off?
While STEPN has been steadily gaining momentum since its beta launch, several additional factors are likely fueling the recent surge. In a recent interview with Solar Eco Fund, a STEPN spokesperson hinted at a possible partnership with a major sports brand.
At the time of writing, the GMT price is $2.20 with a 24-hour trading volume of $669,081,800.
STEPN (GMT) at NAGAX
GMT's debut seems to have caught the eye of investors and fitness enthusiasts alike. With our latest integration, you can now transfer GMT tokens to the NAGAX wallet within seconds.
Click here to learn how to transfer GMT tokens to your NAGAX wallet instantly.
We will also support more coins and tokens in the coming weeks, so stay tuned.
Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.
Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.