What Is STEPN? | GMT Review | Notum
Apr 06, 20228 min read
Stepn is the first Move to Earn app for an active lifestyle within the Web3 with Social-Fi and Game-Fi elements of an Australian origin. Thanks to the app, you can earn $GMT and $GST tokens just walking in the park or jogging. First, you only need to download an app called STEPN, which is already available for both iOS and Android platforms, buy a pair of NFT sneakers, and walk or run your first distance that the app's asking for. Your sneakers could be A new player can start earning about $15 per 10 min of any activity.
Today, the app's NFT price for such crypto-sneakers starts from 9.5 SOL. For those who don't want to buy a pair of shoes, there is a nice option of renting them with a fixed amount of income — an owner gets 70% and a renter 30%. That's an incredible opportunity to earn your first NFT sneakers. They have a limited amount of power, so you need to burn $GST. The team is developing an in-game, decentralized wallet and an NFT Marketplace, an achievement and quest system.
The first levels of the game allow earning $GST tokens with less value because countless players can earn them. Rising up a level, the app gains an opportunity to get a $GMT token with a limited emission.
The $GMT emission is 6 billion tokens. That's an impressive number, but a thorough tokenomics and a system of spreading those tokens among the project's team and early investors adds a kind of assurance. To ensure the longevity of the STEPN project, the total release of GMT will halve every three years," according to the whitepaper.
GMT holders have an opportunity to block the tokens to vote for getting rewards and donating to reduce the blockchain carbon footprint.
At the beginning of March, the $ GMT token went through IEO on a Binance exchange and was listed on the 9th of March, and now, at the moment of writing, it costs $2.24.
You can easily buy a token on all major exchanges such as Binance, KuCoin, Huobi, PancakeSwap, etc.
From the moment of launching, the token showed an exceptionally rising movement from $0.1 to $2.29 and showed 2060.28% growth just for 20 days. We can expect an $11.54 price for a GMT token once it reaches an 'Axie Infinity' capitalization level.
As for the partners, the project involved more than $5 investments from big investing funds such as Sequoia Capital, Alameda Research, and Solana Ventures. Scott Dunlap, the Adidas CEO, was involved, as well.
It's also quite possible there will be a powerful collaboration with the biggest sports clothes and accessories brands, as we can perfectly see in the illustration posted on Twitter.
It's important to note that the 'STEPN' project got 4th place in the Solana Season Hackathon in 2021.
Types of sneakers
The sneakers have four primary attributes: efficiency – determines the amount of $GST learned, luck – defines the frequency and quality of a Mystery Box drop, comfort – not in use at the moment, resilience – determines how much repair cost is needed for your sneakers, and five qualities — common, uncommon, rare, epic, and legendary. The price of each sneaker depends on its type, rarity, or level.
There is a great tool, STEPN Guide, to see how you can distribute your attributes to your sneakers. This is a calculator that will simulate your $GST earnings or repair cost based on the attributes and level of your sneakers.
There are 4 different types of shoes: Walker, Jogger, Runner, and Trainer. Each type requires you to move at a different speed while playing and will also earn you different amounts of GST:
- Walker shoes: must move at a speed of 1-6 km/h. Using up 1 Energy will get 4 GST.
- Jogger shoes: must move at a speed of 4-10 km/h. Using up 1 Energy will get 5 GST.
- Runner shoes: must move at a speed of 8-20 km/h. Using up 1 Energy will get 6 GST.
- Trainer shoes: must move at a speed of 1-20 km/h. Using up 1 Energy will get 4-6 GST.
How to choose a STEPN sneaker?
- First, choose your sneaker type.
- Then, the sneaker quality.
- Do you want to mint more sneakers or not? Select a sneaker with 0 mint if you need to mint more sneakers in the future.
- Pick up sneakers with high base attributes for Efficiency and Resilience.
Of course, you need the energy to get $GST. 1 Energy = 5 mins of earning time.
A pair of sneakers gives you 2 energy points, and 3 pairs of sneakers will give you 4 energy points. You can find a full chart reading a white paper. By the way, 2 pairs of sneakers will only give you 2 energy points. Extra energy is given if you have higher-quality sneakers. An Uncommon gives you an extra 1 energy point, and a Rare gets you 2 extra energy points.
STEPN Game Modes
In Solo Mode, users get their NFT Sneakers to gain tokens by moving. You need the energy to earn Green Satoshi Tokens (GST). Every 1 Energy = 5 minutes of move&earn movement and Energy which ONLY starts replenishing after users acquire an NFT Sneaker. To get started, users select a Sneaker of their choice and press Start.
Be aware of moonwalking: the app spots a weak GPS/internet signal, or the user is not moving (i.e., using an electronic scooter). So GST won't be earned while Moonwalking, and users may lose energy depending on the circumstance.
Don't forget to check if you have energy before moving, as there is no token earning if you have 0 Energy.
GST/GMT will be paid for every minute of movement, depending on 4 main factors:
- Type of Sneaker
- Sneaker's Efficiency Attribute
- Sneaker's Comfort Attribute
- Speed of Movement
Marathon Mode (Under Development)
1. Weekly Marathon — they are held weekly and last for the whole week. Users can participate in the 2.5km, 5km, or 7.5km Marathons but can only take part in one Marathon at a time.
2. Monthly Marathon — they happen once a month and last for the whole month. Users can choose to participate in the 5km, 10km, or 15km Marathons but can only take part in one Marathon at a time.
Background Mode (Under Development)
Even if a STEPN app is not actively used, users can continue earning GST. If a user has a sneaker in the app, Background Mode will count the steps directly from their mobile device's Health Data app, capped at 3,000 steps daily. These earnings are fixed and will not add to the daily GST Cap.
Look for more detailed information in STEPN's whitepaper.
- Market cap - $1,298,039,349
- Circulating Supply - 600,000,000 (10%)
STEPN has a dual-token structure — an in-game token Green Satoshi Token (GST), and a governance token (GMT).
GMT, the STEPN crypto-token, was launched on the 9th of March in an initial decentralized exchange offering (IDO) on the Binance cryptocurrency exchange. The token generation event (TGE) minted the total supply of 6 billion coins and entered 10% into initial circulation.
Of 6 billion tokens in total, 30% will be spread among users for completing move-to-earn tasks and participating in governance. Another 30% of the tokens will be distributed to the Treasury.
The process of earning GMT tokens starts when a user's sneaker reaches a particular level. A user can burn GST to level up their sneakers.
The NFT sneakers, badges, and gems are bought and sold within the STEPN marketplace. The STEPN development team charges 2% of trading fees to support its operations. At least 5% is sent back to the ecosystem. STEPN will launch in-app trading and swapping functionality in April.
- As has been already said above, the development team will introduce carbon offsetting, and GMT stakers could vote to decide how much STEPN to donate for buying carbon emissions removal credits on the blockchain.
- The second quarter of 2022 is devoted to introducing multi-chain support for the STEPN wallet and marketplace.
- STEPN aims to introduce a rental system during the third quarter to help new users rent NFT sneakers instead of buying them.
Let's have a look at some obvious pros and cons of the project:
Available on iOS and Android platforms.
The registration process is rather difficult.
It's Play-to-Earn platform.
To start earning, you need to buy or rent NFT sneakers.
One of the most popular NFT games people is talking about.
Opportunity to earn cryptocurrency in fun and healthy way.
The project is quite unusual and looks promising. Maybe you won't become a billionaire, but you can monetize your daily activity and legally earn crypto. It can be fun, as well, as there are different modes, types of sneakers, and entertaining in-game perks.
If you are active and into the sport, or if you are about to start, STEPN could be a nice motivation, as you'll earn for being fit. With the combination of money and health benefits, being a part of a large STEPN community looks vibrant and tempting. So put on your NFT sneakers and run to the bright future as fast as you can!