Cryptocurrency is a rapidly evolving field that introduces new digital assets to the market regularly. One of the latest innovations is the Green Metaverse Token (GMT), which is the native token of the Web3 app STEPN.
STEPN was launched in August 2021 by blockchain entrepreneur Yawn Rong and is built on the Solana blockchain.
The app encourages users to be more physically active by providing incentives in the form of in-game and governance cryptocurrencies.
What is STEPN (GMT)?
STEPN is a Web3 lifestyle app that rewards users equipped with STEPN NFTs for movement.
Players of STEPN are required to equip themselves with non-fungible tokens (NFTs) in the shape of shoes.
As they move around outside, they collect in-game currency that can be utilized in the game or exchanged for real money.
STEPN’s move-to-earn (M2E) concept is a new trend in the crypto world, which enables users to acquire cryptocurrency tokens for the physical activities they engage in, such as walking or running.
GMT or Green Metaverse Token is the native token of the STEPN platform, and it is gaining traction in the crypto industry.
The growing popularity of the STEPN app could lead to increased demand for GMT, and the move-to-earn concept is an innovative use case for cryptocurrency.
The STEPN Ecosystem
The STEPN system utilizes two types of tokens, the Green Satoshi Token (GST) and the Green Metaverse Token (GMT), that deliver unique advantages to those who utilize them.
The Green Satoshi Token (GST)
The Green Satoshi Token (GST) is a utility token that rewards players for various game activities.
Players can craft their own sneakers with the help of GST tokens, which can be used to repair, lock/unlock or improve a person’s sneakers. In addition, GST is commonly swapped for USDC.
GST can be used in various ways, such as creating shoes, fixing and restoring HP, enhancing trainers, enhancing with gems, unblocking sockets, and unpacking mystery boxes.
It is a type of currency utilized within the app, and players can acquire the token while playing the game, and its supply is endless.
The Green Metaverse Token (GMT)
GMT is a token that enables access to the Green Metaverse platform, a virtual space where users can interact with content and each other.
Users can obtain GMT through their engagement in various gaming activities or by simply running. The Token General Event (TGE) serves as an opportunity for users to mint GMT.
Achieving a high rank in GMT allows users to customize the name of their shoes. These tokens can be used to share game winnings and exclusive content.
Similarly to GST, when a sneaker reaches level 30 or higher, GMT can be exchanged for USDC.
GMT is widely used in various applications such as partaking in governance, deciding on the allocation of the staking rewards, and employing in the STEPN application for sneaker upgrades and minting of new sneakers. Both acts lead to the burning of tokens, thus reducing the total available supply.
The STEPN app is designed to detect players who try to cheat by using a vehicle to travel instead of exercising. A warning is sent out to those who attempt this, labeled “moonwalking.”
Consequently, no GST or GMT tokens are awarded to the user since they have not completed the app’s main objective, which is to promote physical fitness.
How STEPN is Different from Others?
The STEPN app offers a few defining features that set it apart from competitors.
It is designed to be eco-friendly, with part of its profits going towards carbon offsetting credits.
A built-in, noncustodial wallet is provided to support token swapping and other DeFi tools across multiple blockchains.
STEPN is built on the Solana blockchain, allowing for NFT transfers to be executed instantly.
In August 2022, STEPN launched its own multi-chain decentralized exchange (DEX) called DOOAR, which is currently in its beta phase and used to swap tokens.
How to Start with STEPN
To start with STEPN, download the STEPN mobile application from the App Store or Google Play.
After getting access to the app, sign up with your email address and receive a verification code.
Tap the Wallet icon (found in the top right corner of the screen), and the app will generate a 12-word secret phrase that you need to save for recovering your Wallet.
Transfer SOL into your in-app Wallet to buy NFT Sneakers and always keep some SOL as gas.
Use the Filter tool to choose your desired Sneaker type and make sure you have enough SOL for the purchase.