STEPN (GMT/GST) explained

In 2021, Solana held IGNITION, its fourth global gaming hackathon focused on innovations within Web3, Defi, Gaming, and Digital Art & Collectable NFTs. The hackathon was won by Find Satoshi Lab, an Australian fintech firm. They created STEPN, a mobile NFT game using the Solana blockchain. But what is STEPN all about, and why is it trending? Read on to learn more about what STEPN is, how its move-to-earn concept works, its implications on the Metaverse, and how to buy GMT.

As earlier stated, STEPN is a non-fungible token (NFT) game built on the Solana network. The game works on a move-to-earn basis. This means that people playing the game can earn tokens when they walk, jog, or run using an NFT sneaker. 

This move-to-earn innovation aims to help people adopt a better and healthier lifestyle using this Web 3.0-based innovation. This will launch many people into the Web 3.0 era and encourage carbon neutrality. 

First Move-to-earn Concept 

NFT games are built on a play to Earn concepts. These different games all had one aim: the players carry out actions within the game to earn real-time tokens. Many games like jigsaw puzzles and alien battle station games have been created before. 

All the player needs to do is carry out some actions within the game for all of these games. This can include solving puzzles, shooting down invaders, and renting space. 

STEPN introduces a new concept into the NFT play to Earn arena. It is called move-to-earn. While the other games involve mostly virtual-based actions, STEPN creates an opportunity for the gamer to do something in real-time – move. 

This is the first move-to-earn concept ever developed. All you need to do is make movements either by walking, jogging, or running. More explanation is offered below on how it all works, how you play, and how you earn. 

Getting Started With STEPN 

The way STEPN works is pretty simple. To get involved in the world of STEPN, users need to download the STEPN app from their app store and sign up using an email address. The created account will be verified, and then the user can connect their wallet to get started with the STEPN currency. 

The game begins for the users when they acquire a sneaker. They have to deposit Solana SOL tokens into the STEPN in-app wallet to do this. There are different kinds of sneakers that you can purchase within the game.

All of these sneakers can be classified into four categories. We have walkers, runners, joggers, and trainers. The trainers earn the highest tokens while the walkers earn the least. The sneakers can be used once a day, and their energy is replenished in 24 hours. 

All the sneakers have different attributes that the user can pay attention to when choosing a sneaker. Each of these attributes contributes to the sneakers’ energy cap. This is very important as the sneakers you choose to go a long way in determining how much you get to earn. 

It’s important to note that you do not need sneakers to start running in the game. You can download the app, register, and start running even if you do not have sneakers within the game. However, you cannot earn within the game if you do not have sneakers. The sneakers are needed for you to earn. 

Earning on the STEPN platform

The platform has two different tokens: the green Satoshi token (GST) and the green Metaverse token (GMT). The GST is the in-game utility token. This is the token users earn within the game when they walk, jog, or run. 

The supply of this coin is unlimited. The second coin is the GMT which serves as the governance token. This one is limited and has only 6 billion in circulation. The coins earned within the game can be cashed out or used to improve one’s earning power within the game. 

Within the game, there is a market for selling and buying. Here, users can buy/sell or lease/rent NFT sneakers, badges, and gems on the marketplace. 

Why The Platform is Unique 

Unlike all the other platforms that have come up before, STEPN offers the user the opportunity to interact with the real world and real people. You have to run, jog, or walk to earn. Besides that, you get to interact with people through the different events made available on the app.

 You do not have to run alone as you can join marathons and other events that involve many people. Additionally, STEPN is the first NFT game that contributes to your health and wellbeing. Since the users have to run, walk or jog regularly, it would help them keep fit. 

Introduced on Binance Launchpad 

Is it possible to buy STEPN? Well, yes, it is. You need to find an exchange that lists its GMT token on its platform. An example of such a platform is the Binance platform. Binance is one of the only exchange platforms that has completed the subscription format launchpad for STEPN. 

This means it is now possible to purchase and sell Stepn (GMT) on the platform. STEPN is currently listed in the innovation zone. It is also open for trading and can be traded in the following pairs: GMT/BTC, GMT/USDT, GMT/BNB, and GMT/BUSD. 

Metaverse Implications 

The STEPN game is revolutionary and has great implications for the Metaverse. Before now, many experts have claimed that the Metaverse is still farther away and that it would take time to finally arrive at the point where the Metaverse will be fully functional. 

The STEPN move-to-earn initiative has punched air holes in that narrative. Now, people can actively participate in the virtual and real worlds while engaging in a Metaverse platform. With the STEPN game, users can run in real-time and engage in the Metaverse. 

Another implication is that Stepn changes the real world through the Meta world. One major criticism of the Metaverse is that it would improve at the expense of the real world. STEPN is proof that this isn’t necessarily the truth. With STEPN, people have the motivation to live a healthier lifestyle by getting involved in the activities within the game. 

Running, walking, and jogging in real-time can help users keep fit. Stepn also has a plan to help improve carbon neutrality around the world. These are real-time contributions. This is enough proof that the Metaverse can positively influence the real world. 

This would inspire and challenge other Metaverse and Web 3.0 related companies to get more active in making the Metaverse come alive sooner than expected. 

How to buy GMT

As earlier mentioned, GMT is listed on the Binance app and can be purchased by anyone having a Binance account. To get Stepn (GMT), you have to follow these steps.

  • – Download the Binance app if you do not already have it
  • – Open and verify your account on the platform
  • – Search for GMT trading pairs 
  • – Store your GMT on any wallet of your choice. 

What’s The Verdict on STEPN? 

It’s no secret that the crypto business is a double-edged sword. It can go either way. The performance of STEPN and its tokens is great at the moment. However, that is not enough reason to buy GMT. You would have to decide that by yourself. 

It would help if you did your due diligence, as is the tradition with crypto investments. Find the white paper on their site and read extensively about the token. Find out if its vision is something that you encourage or align with. If that is the case, you can try out the STEPN platform. However, if you are not certain about the whole project, it’s fine if you watch a little more before committing to it. 

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Written by:  Narender Charan

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