The innovations brought by cryptocurrencies and associated technologies appear boundless.
Emerging from the financial sector, cryptocurrencies have readily expanded to various other industries, including some that might not seem immediately related. An example of such a surprising application is the cryptocurrency STEPN (GMT), but what is STEPN’s future?
We begin by looking at its past.
The founders of STEPN have clearly demonstrated their objective to revolutionize the health and fitness sector by promoting physical activities.
Dedicated followers of the cryptocurrency sphere likely remember the impactful entrance made by this cryptocurrency on various exchanges. In this overview of STEPN, we introduce the GMT cryptocurrency and evaluate the extent to which the founders’ goals have been met. This guide also gives our forecast for STEPN as a potential investment opportunity.
GMT cryptocurrency gives individuals the incentive to engage in physical activities with an emphasis on walking.
The crypto rewards those who engage in regular exercise. To accomplish this goal, STEPN works on the Solana blockchain and powers a dedicated web3.0 application. Known for its security and innovative features, the Solana blockchain provides an ideal technical environment for the expansion of GMT cryptocurrency.
Combining STEPN blockchain technologies with health applications that include gamification elements is a very innovative approach. The aim is to immerse users in an environment that motivates them to engage in physical activity and work towards their physical well-being.
This approach has led to the “move-to-earn” concept in which users can exercise to earn rewards. The name of STEPN is particularly evocative. In fact, the name “STEPN” comes from the English terms “step” and “n” (a diminutive of “and”). The cryptocurrency code, GMT, completes this, indicating that it yields “green metaverse tokens” (GMT).
To take advantage of the STEPN superstructure, users can explore the application on Android and iOS.
The launch of STEPN began in 2021 with the goal of promoting an active lifestyle centered around sports. The project was conceived by two entrepreneurs with expertise in both blockchain technology and gaming.
One of the STEPN founders, Yawn Rong, is an Australian entrepreneur in the blockchain space. He is also the founder of a crypto platform auditing company and a representative of Algorand. Rong partnered with Jerry Huang, an entrepreneur and video game developer, to bring the STEPN (GMT) project to life.
The collaborative efforts of the two entrepreneurs led to the creation of the STEPN cryptocurrency and its accompanying application in August 2021. Early on, they successfully secured an initial funding of around $5 million USD from significant players in the cryptocurrency industry.
Among the initial investors in GMT were notable names such as Sequoia Capital, Alameda Research, DeFi Alliance and 6th Man Ventures. This vote of confidence from prominent entities contributed to the rapid advancement of the project. A mere five months passed between the conception phase and the public release of STEPN’s beta version.
Additionally, STEPN expanded its reach to the BNB Smart Chain and Ethereum in addition to its existing presence on Solana.
Following the success of experimenting with the reward system, Yawn Rong and Jerry Huang executed the IDO (initial DEX offer) for the GMT cryptocurrency in March 2022, marking the official entry of GMT into the cryptocurrency market.
Subsequently, the cryptocurrency has experienced growth attributed to the originality of its concept and an active community presence on social media.
Cryptocurrencies, in addition to being speculative assets, are expected to provide real contributions in specific areas. In this regard, STEPN crypto materializes to nudge people forward into their fitness goals.
Activities like walking and fitness are public health concerns, and STEPN crypto demonstrate beneficial options. The question is how to use that to encourage people in an original way to engage in physical activities.
The creators of STEPN decided that the answer was toward them. Ultimately, the founding team tied user assessments into a system of distributing tokens.
The creators of the cryptocurrency appear committed to an ecological focus as well. Their promotion of walking over using cars aims to reduce CO2 emissions. The literal significance of the GMT code can be translated as a green token of the metaverse. The project plans to allocate a portion of its earnings to contribute to carbon neutrality.
In particular, the operation of the GMT cryptocurrency and the entire STEPN ecosystem can be summarized in three points.
The first operational aspect of STEPN is found in its mobile application, which is available on iOS and Android. The application serves as the entry point to the project and includes features for measuring the number of steps taken.
It includes menus for managing GMT and GST tokens, participating in events, challenges and more.
The STEPN application uses the motion sensors of smartphones to make these measurements. Additionally, it is linked to a blockchain for converting efforts into tokens, including NFT sneakers.
The NFT sneakers enable users to obtain STEPN tokens (GMT). These are virtual shoes generated as non-fungible tokens (NFTs). Before receiving rewards based on physical activities, users must first get an NFT sneaker.
The number of GMT tokens that each user obtains depends on the quality of their NFT sneakers. The quantity of tokens awarded as rewards increases as the user’s NFT sneakers become more rare and valuable.
Most STEPN users can access two types of tokens. The GMT token represents the ecosystem’s governance token while the GST token serves as a utility token.
Holding GMT tokens allows users to participate in project decisions such as choosing partnerships and organizing events, while GST tokens can be exchanged for GMT and used for activities like repairing or generating new NFT sneakers.
Additionally, according to their listing on exchanges, both types of tokens can also be sold for fiat currency.
As outlined above, the STEPN application does not facilitate the direct purchase of GMT tokens. To participate in the STEPN crypto project, simply install the STEPN app on your mobile device, acquire NFT sneakers and maintain a satisfactory level of physical activity!
Alternatively, or in addition to a healthy routine, you may choose to invest more directly in the GMT crypto by purchasing units through crypto platforms.
Numerous exchanges offer an option to purchase GMT. However, before selecting a platform, it’s important to analyze the features it offers, its popularity, security measures and more. Based on these factors, Binance stands out as a strong option for buying STEPN.
Binance is a financial-service company in multiple countries. As a result, the platform has built a solid reputation in the crypto market. Binance’s key advantages include multiple user features, s margin trading and a variety of cryptocurrencies.
You can buy GMT on Binance using a credit card or through P2P. Through the platform, you can also exchange your GMT for Bitcoin (BTC), Ethereum (ETH), or Tether (USDT). Taking all these factors into account, Binance naturally stands out as the top option for investing in GMT.
It’s worth noting that Binance was among the platforms that hosted the IDO for GMT tokens in March 2022.
Coinbase has compelling arguments when considering the best options for buying STEPN.
Initially highly popular in the United States and virtually holding a monopoly for several years, the exchange later expanded its offerings globally. It is possible to purchase GMT with fiat on Coinbase. The company’s mobile app enables easy execution of your transactions.
Kraken considers security to be a key selling point. The platform has particularly robust security protocols in place, which enable it to safeguard its users’ assets. It offers a variety of features, allowing users to buy STEPN, trade GMT and more. Various payment methods are available for acquiring or selling GMT tokens.
The reliability of Kraken also comes from its longevity. The company has been in operation since 2011, making it one of the oldest crypto platforms in the market. Kraken does not offer STEPN staking.
Now: 78 Extreme Greed
Now: 78 Extreme Greed
Yesterday: 78 Extreme Greed
Last Week: 70 Greed
It’s difficult to form a firm opinion on the opportunity to invest in STEPN as the project is still young. However, by focusing on the objectives, functioning, and how the crypto community currently perceives the GMT cryptocurrency, some conclusions can be drawn.
Let’s start with the project concept: it is undoubtedly innovative. The possibility for users to receive rewards for exercise and environmental protection is a revolutionary idea. What makes it even more groundbreaking is that these rewards can be converted into real money.
The growing enthusiasm is leading to a rapid growth of the STEPN community. Furthermore, the project’s foundations show signs of reliability, instilling confidence in investors. In the long term, the impact of STEPN and its move-to-earn system could significantly increase, making investment in GMT highly appealing.
When we look at the numbers, what can we take away?
The GMT token officially started with a value of 0.14 USD on March 10, 2022.
Not surprisingly, STEPN’s value and market capitalization experienced a boom in the following days.
By April 30, 2022, STEPN’s price in USD had risen to $3.83, with a trading volume of $1.93 billion US dollars in 24 hours. This was followed by a decrease with the enthusiasm gradually waning. By April 30, 2023, the price of STEPN was $0.34, with 41.27 million in trading volume in 24 hours.
Will STEPN go up?
It is difficult to chart STEPN’s future potential. STEPN crypto is currently undergoing a period of testing so caution should be exercised before making any investment. While it shows some promise, there is no way to know if STEPN will recover high yields on investments.
The GMT cryptocurrency entered the market between late 2021 and early 2022 amid intense competition. However, with the backing of industry heavyweights and an innovative concept, it has garnered widespread support among investors.
Its decentralized operation, demonstrated by its launch through an IDO rather than an ICO, adds to its credibility. As such, the GMT crypto project meets the criteria to be classified as a secure investment option. However, for now, the STEPN app is only operational in a few countries. This limits any prediction for STEPN’s stock market value in the future.
The question of whether the project will succeed in expanding on a larger scale and maintaining long-term appeal remains unanswered. There is uncertainty regarding the sustainability of gamifying sports activities. Additionally, the available data does not yet support a solid conclusion or a credible opinion on GMT tokens.
Although the project appears intriguing, the STEPN forecast is uncertain, so exercising prudence is essential.
About the author
In seeing a digital world explode, Joseph invested his writing in the field of technology over 8 years ago. As a leading-content creator, he believes in clarity, credibility and writing topics people want to read. From blockchain to Web3.0, Joseph sees no shortage of developments as crypto pushes forward. He’s become a voice in technology that people can trust and look forward to hearing more from.
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