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Apr 26, 2022

by Guneet Kaur

What is STEPN (GMT) and How Does It Work?

STEPN (GMT) is a web3 lifestyle app with a novel concept of inspiring people to stay healthy by moving across the app. Users need to wear NFT sneakers to participate in the STEPN ecosystem. An Australian FinTech firm called Find Satoshi Lab is behind this unique project.

The project came into existence after winning Solana Ignition Hackathon Gaming Track. It is unique because it inspires non-crypto native people to explore the app.

In this article, you will learn how STEPN cryptocurrency works, why it is trending, where you can buy STEPN (GMT), and how you can make money with the STEPN move-to-earn crypto app.

What is STEPN (GMT)?

Solana blockchain is used to power the STEPN app, which means Solana's native token SOL is mandatory to get started with the app. STEPN has an in-app marketplace from which users can buy NFT sneakers. Then energy replenishment takes at least 24 hours before one can begin to explore STEN's web3 world.

In-app activities such as NFT trading, Shoe-minting, and Shoe-rental generate minor taxes for STEPN. Individual users own all assets in the STEPN app, and they receive the majority of the app's revenue. To address climate change, a portion of STEPN's profit is used to purchase Carbon Removal Credit on the blockchain.

The app has two tokens-

Utility token: GST (Green Satoshi Token) with an unlimited supply

Governance tokens: GMT (Green Metaverse Token) with a supply restricted to 6 billion

To start playing STEPN, please follow the steps below:

Select a sneaker that is appropriate for your level of fitness-You can only earn if your wear NFT sneakers and move outdoors with GPS.

From the in-app marketplace, find a sneaker you love to wear- You can use a filter to explore sneakers; to gain higher energy, own more sneakers. On the ‘sneaker detail page’, you can find details about sneakers like type, attribute, etc.

Move outdoors to earn rewards- You need to move outdoors after you equip sneakers, and burn energy to earn rewards.

Measure running outdoors- You can use GPS to measure running outdoors. If the signal is green, it means strong GPS, whereas red means weak GPS.

You can share your earnings on your social media handles as well. You can also choose to burn GST to mint a new sneaker or level up in the game or swap GST with USD coin (USDC).

Steps to buying STEPN (GMT) at the Binance exchange

If you are an investor and want to invest in GMT, one of the available options is to commit your money via the Binance exchange. Follow the below steps to do so:

Your Binance account serves as a portal for purchasing cryptocurrency. However, before you can buy STEPN (GMT), you must first create an account and authenticate your identity.

On the top left of the Binance website navigation, click the "Buy Crypto" link to see the available alternatives in your country.

You have one minute to confirm your order at this price. Your order will be adjusted after 1 minute based on the current market price. To see the new order amount, click Refresh.

You can keep your cryptocurrency in your own crypto wallet or in your Binance account now that you've purchased it. You can also trade it for other cryptocurrencies or stake it for passive income on Binance Earn.

Earning Money with the STEPN Move-to-earn Crypto App

You may make a passive income by being active with this lifestyle app. You can start earning once you sign up for their app and own or rent an NFT sneaker.

Oh no, you've got to get moving, too! This can be accomplished by jogging, walking, or running outside- every day, over and over. GST, the game token, or GMT, the governance token, are earned if you stay active.

Final Thoughts!

At the moment, STEPN is very popular. As a result, the app is in high demand, and the GMT token is flying. Fitness, like gaming, is something that a lot of people do. It appears that the combination is a win-win situation. Work on your fitness while earning money. However, there is still a lot to learn about this program. It appears to be working, though.

Also, if fresh people keep minting sneakers, the tokenomics and gaming might work out. The cost of the footwear could be a disadvantage.

Disclaimer:

This material should not be construed as a recommendation for any particular cryptocurrency. It is not a trading recommendation. The cryptocurrency market is full of unexpected twists and overvalued assets. Before you buy something, do some research. Don't put more money into it than you can afford to lose.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Binance NFT governance token utility token STEPN

What is STEPN (GMT) and How Does It Work?

Guneet Kaur

Guneet Kaur is a certified credit and securities analyst. She is MSc Fintech graduate (with distinction) from the University of Stirling, Scotland, United Kingdom. Prior to MSC, she has also done MBA from GNDU (gold medal) and has worked as a global client and partner business manager with Singapore-based MNC. She has written various conference papers and has authored a book titled 'The Magic Of Compounding'. She was the Finalist of the Women in STEM-Lovelace Colloquium that was held in 2019 at the University of Salford, UK, and Royal Bank of Scotland's Hackathon in 2019. Her expertise includes financial modeling, Cryptocurrencies, DeFi, Blockchain, quantitative analysis, academic research, business valuation, business analysis, data visualization, financial fraud, and AML analysis.