What is STEPN (GMT)?
is a Move-to-Earn (M2E) application that runs on Solana's blockchain. Users can earn crypto assets by moving. This is not movement in a metaverse, but physical movement. So with STEPN, people are encouraged to move physically, which should ensure more people living healthy lives. After all, that is the goal the creators of STEPN have in mind.
Within the application of STEPN, three different types of cryptocurrencies are used: SOL (the cryptocurrency of Solana), GMT (Green Metaverse Token) and GST (Green Satoshi Token).
What can you use STEPN (GMT) for?
Users can download the special STEPN app on their smartphone, after which they need to connect their wallet to the application. It is important to have SOL tokens in this wallet, as users need to purchase an NFT
sneaker within the application. Thus, the SOL cryptocurrency is an important crypto currency within the STEPN application.
Once a user is in possession of NFT sneakers, the adventure can begin. The application will track how much the user moves. Thus, it is important that the user takes the smartphone with him/her when walking, jogging or exercising. In that case, the application will recognize that the user is moving, for which the user will receive a reward. These rewards are received in the form of GST or GMT tokens.
Users can use the GST and GMT tokens
for different purposes. For example, it is possible to upgrade sneakers, buy new sneakers on the NFT marketplace or it can be converted to fiat money.
GMT and GST tokens are thus in effect generated by providing physical energy. STEPN calculates that one token is equivalent to five minutes of movement. This energy can only be generated when the user is in possession of an NFT token. In this NFT the data of the user is stored. Think for example of the number of kilometers a user has traveled.
The application recognizes when someone is using a vehicle, such as a car, train or bus. You can only earn tokens when you use your muscles to propel yourself.
Who founded STEPN?
STEPN was developed by Australian fintech company Find Satoshi Lab. This company is based in Adelaide and has made several contributions to the blockchain industry in recent years. Jerry Huang and Yawn Rong are both co-founders of STEPN and formed one of the best teams at the 2021 Solana Ignition Hackathon Gaming Track.
What are the pros and cons of STEPN?
Below you will read the main advantages and disadvantages of STEPN (GMT).
- STEPN encourages people to exercise physically by rewarding them with tokens, which contributes to a healthier world;
- Both GMT and GST tokens are burned, which keeps the number of tokens in circulation from being too high;
- STEPN is one of the few projects running on Solana, but because of this it can take advantage of the many benefits that blockchain offers (such as fast processing time and low transaction costs).
- The project is new and has yet to prove itself among all the other cryptocurrencies and blockchain projects available;
- The value of STEPN (GMT) could always fall, potentially causing you to lose money.
What is the GMT and GST token of STEPN?
Many crypto projects have only one cryptocurrency. This is not the case for STEPN. In fact, this project has developed two different crypto tokens that you can use within the project, which is also called a 'dual token economy'. These are the GMT token and the GST token.
GST Token: Green Satoshi Token
Users can earn so-called GST tokens within STEPN's application. For this they only need to be in motion. With the GST tokens users can purchase in-game functionalities. Think of new sneakers or an upgrade of current sneakers. This game element should ensure that people are encouraged to move. The GST tokens are minted the moment you move yourself. This means that there is an unlimited supply of them.
GMT token: Green Metaverse Token
GMT is the native token of STEPN
, but is less used within the application than the GST token. A maximum inventory of a total of 6 billion tokens is available. GMT is also used as a governance token and can be earned by performing certain actions. You can also use the GMT token for some specific functions within the application. For example, it is possible to customize the name of your sneakers by paying with GMT tokens.
It is possible to swap both GMT and GST tokens for USDC stablecoins. For this, your sneakers will have to have reached level-30. You can reach this level by being active within the application of STEPN.
Where can you buy STEPN (GMT)?
Are you positive about STEPN and do you think the project will increase in value in the future? You could then invest in STEPN's GMT token. You can buy STEPN (GMT) at Coinmerce
with iDeal, SEPA, Bancontact, MyBank, Giropay, EPS and Sofort by clicking here.
Before you can buy STEPN at Coinmerce, you will need to be in possession of a Coinmerce account. You can create one within a few minutes. After validation, you can immediately start purchasing GMT tokens. Click here to create an account at Coinmerce.
In which crypto wallet can you store STEPN (GMT)?
After purchasing STEPN (GMT), you obviously want to store the tokens in the safest way possible. If you buy STEPN from Coinmerce, your GMT tokens will be moved directly to your Coinmerce wallet. Here they are safe, as we will keep most of them in cold storage.
It is also possible to store your GMT tokens in your own wallet. To do so, you will first need to verify your wallet address with Coinmerce. Then you can send the GMT tokens to your own wallet. This wallet must support STEPN. Always check with the publisher of the wallet before you send your STEPN (GMT) to the wallet.