What to do with STEPN’s Green Metaverse Token (GMT)?
July 21, 2022
4 min read
The pioneer move-to-earn blockchain game STEPN made quite an entrance in 2022, setting the bar high for decentralized fitness apps. Its governance token, Green Metaverse Token (GMT), soared to a 34,000% price gain in just a little over a month, as throngs of health aficionados from around the world took to the streets, parks and outdoor trails to earn crypto while on the go.
The idea behind STEPN is simple: Users download the app and purchase the game’s non-fungible token (NFT) sneakers–which is what players “wear” for moving around. Besides your phone’s GPS turned on, having these shoes is what enables players to earn STEPN’s primary reward token, called Green Satoshi Token or GST. There are different sneakers to choose from–for walking, jogging, or running, and each NFT pair has its own unique set of attributes which can affect gameplay.
Sneakers with high “efficiency” for example, are able to earn more GST with each run, while sneakers with high “luck” are bound to get loot mystery boxes more often. Those with high “resilience” meanwhile, require less “repairs”.
The GST that players earn can be traded with or cashed out, or can be used to repair and upgrade one’s sneakers. However, besides GST, players should also pay attention to GMT, which has many up-and-coming functions within the STEPN ecosystem.
What is GMT for?
The STEPN app is still in its beta phase, and though GMT already has many of its basic functions, plenty more of its most anticipated features are still awaiting release.
GMT is used to purchase sneakers and other in-game items - GMT is used to purchase sneakers, gems, minting scrolls, and other items from STEPN's in-app marketplace.
GMT is used to level up sneakers - GMT is required to level up at Levels 5, 10, 20, 29 and 30. Leveling up rewards players with points which they can spend on improving their sneaker’s attributes, as well as unlocking gem sockets which are used to further increase their sneaker's stats.
GMT is used for minting new NFT sneakers - Players who own more than one sneaker not only have more energy to run with, they also have the ability to mint new sneakers by “breeding” the ones they already have. New sneakers can be used for additional energy, or sold at the market for profit.
At level 30, players can switch from GST to GMT earning - Level 30 sneakers have the option to earn GMT directly instead of GST. The amount of GMT earned involves a sneaker’s “comfort” attribute. From a tokenomics standpoint, earning GMT is perceived as more rewarding, since GMT has a limited supply unlike GST which has no maximum supply cap.
Other future updates - With GMT, players will soon be able to rename their NFT sneakers, enhance in-app mechanics, as well as gain access to premium content and high-level activities, and staking, though specific details on these have yet to be publicly announced.
GMT has a maximum supply capped at 6 billion tokens. All of these were minted upon STEPN’s launch and of which 600 million are in circulation as of July 2022. GMT’s market cap is currently valued at $608 million.
GMT is burned every time it is used for minting and for leveling up. Furthermore, GMT has a halving mechanism wherein the vested supply is reduced by half every three years. This is to ensure the project’s longevity.
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