STEPN (GMT) Research

STEPN (GMT) Research Details

STEPN (GMT) STEPN

INTRODUCTION

STEPN is the world's first Mobile NFT Game Move2Earn model, promising to bring a new trend to the GameFi model, the token is using the Solana blockchain. It is inspired by everyday activity and promises to provide a new wave to the GameFi model. What makes STEPN unique is that you can walk and exercise while getting the project's tokens to mint into NFT Sneakers or swap to stablecoins, as the name of the project suggests.    

STEPN is a web3 lifestyle application that includes features such as SocialFi and GameFi. STEPN's mission is to promote socialization while also supporting users in leading a healthy lifestyle.


HISTORY AND FOUNDER

STEPN was created by Find Satoshi Lab, an Australian fintech company. Jerry Huang and Yawn Rong are the co-founders of STEPN, which is situated in Solana (SOL) (GMT). STEPN received first place in the Solana Ignition Hackathon Gaming Track. It's also the first and only mobile game to win a prize at the Hackathon. The game design, built-in marketplace, easy-to-use user interface, wallet, and objective of encouraging millions of non-crypto users to use the app were all appreciated by the Hackathon judges.

The founders have extensive experience in the fields of crypto, gaming, and entrepreneurship. Traditional and crypto-industry venture capitalists are among the advisors. Within three months of participating in the Solana 2021 hackathon, STEPN released the public beta version of the project. After the initial launch, the team continued to improve and simplify the code. The project is moving along quickly, and the team's delivery capabilities are remarkable. The app's website includes information about the core team as well as links to their social media accounts.


REASON TO BUILD THE PROJECT

STEPN wishes to transform the fitness business in a number of ways for which it was created. It uses a simple token incentive system to encourage people to adopt a healthy lifestyle. Users can purchase a pair of NFTsneakers after installing the app and creating a wallet to begin earning in the game's Solo Mode. They can earn Green Satoshi Tokens by running or walking around (GST). Varying types of sneakers refund GST at different rates; the higher the efficiency of a sneaker, the more GST the user can earn per minute.

The second revolutionary concept of STEPN is the gamification of fitness, STEPN gamifies exercise and nudges consumers towards a healthier lifestyle through in-game incentives, daily energy allowance, and customizable sneakers.


BASE OF PROJECT

The project consists of 2 tokens- GST and GMT.

GST token is the utility token that can be obtained by participating in-game activities and running.

GMT token is the governance token used to distribute game winnings and high-level activities inthe game, such as changing Sneakers' names and reaching high levels.

Attributes, Quality, and Level are all used to categorize NFTs.

·       Efficiency, Luck, Comfort, and Resilience are the attributes of a good sneaker. They decide how much GST they make, how often they win a random prize, how much GMT they will earn once this function is available, and how often they need to be updated.

·       The NFTs' base level of attributes is determined by their sneaker quality. The energy points available rise when you wear renowned sneakers.

You can level up the sneaker and increase its attributes as you collect GST.


USE CASE

·       By exercising and participating in-game activities, you can earn tokens.

·       Used for distributing game revenues, repairing, unlocking/resetting, leveling up and minting Sneakers, and upgrading gem items.

·       Used to share game winnings and high-level activities in the game, such as changing Sneaker's names and reaching high levels.

·       In the near future, it will be possible to trade on the DEX platform.

·       On the Binance exchange, it's used for trading.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

26/05/2022

Chinese investors and walkers can no longer use the products and are banned from the platform

-32% Decrease

06/04/2022

Binance Labs strategic investment in Stepn

+25% Increase


CONCLUSION

STEPN appears to be promising, given the trade activity for the GMT token and the building of the current app on the Solana blockchain.

The metaverse will likely include tools and applications to help users create real-world action tokens. And STEPN is already hitting web3, adding game features to the tracking app that most people are already familiar with. We're all looking forward to seeing new features on the STEPN app in the coming future.

If you are going for a walk, why not keep that effort into a token that you can sell on a cryptocurrency exchange?


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.