Altcoins: STEPN (GMT) - What Is It? - A Deeper Look Into the STEPN (GMT) Platform
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Summary:
- What is The STEPN Platform and how does it work?
- What makes the STEPN exchange unique?
- STEPN’s present and future price positions.
The STEPN (GMT) platform
On the Solana blockchain, STEPN is a self-described "Web3 lifestyle app" with GameFi components. It creates a new category called "move-to-earn" by fusing elements of a play-to-earn game and a fitness software. Users purchase NFT sneakers so they can walk, run, or jog while earning in-game currency.
By encouraging millions of users to lead healthier lifestyles, STEPN seeks to transform the fitness application business. The app addresses a number of issues, such as "proof of movement" (demonstrating that users actually exercised) and a working GPS system. Additionally, STEPN monetarily pays users, intends to include social reward components, and successfully contributes to carbon neutrality.
The app, which works on both Android and iOS, only took five months to go from its initial development to the open beta stage. Following a successful IDO in March 2022, STEPN intends to improve its in-game features and introduce them to a number of additional chains.
Proof of performance came from STEPN's proof of concept from that coding contest. The STEPN app employs NFTs to feed data obtained from users' smartphones' accelerometer, gyroscope, magnetometer, and GPS sensors. It is hosted on the quick Solana blockchain.
The STEPN program measures a variety of physical activities based on this technology. However, as the name suggests, it focuses mostly on three: walking, jogging, and running. NFT sneakers, which track all activity, are where the revenue and gamification come into play.
The longer-term earning potential, however, ensures that there is never a lack of players. Each NFT sneaker has characteristics with STEPN that affect its sell value. Additionally, these qualities can level up through exercise, just like a character in a role-playing game.
STEPN (GMT): The primary governance token has a supply cap of six billion. Owners of GMT tokens may use it to cast a vote on the allocation of STEPN funds. Additionally, GMT tokens are used to pay STEPN holders with sneakers level 30 and higher. Green Satoshi Token (GST): A utility token with an unlimited supply that is produced every day. Similar to that, members receive daily payments based on their activity goals.
The uniqueness of STEPN
STEPN seeks to transform the fitness sector in a number of ways. First, it uses a simple token reward system to encourage people to lead healthier lifestyles. Users can start earning in the game's Solo Mode by purchasing a pair of NFT sneakers after installing the app and creating a wallet. They can gain Green Satoshi Tokens by moving around and moving around quickly (GST). The amount of GST that different types of sneakers can return varies, and the better the efficiency attribute, the more GST the user can make every minute.
The gamification of fitness is now introduced, which is STEPN's second groundbreaking component. STEPN gamifies exercise and encourages users to lead healthy lifestyles with the use of the app's in-game awards, daily energy allocations, and personalized footwear. The software intends to include a Marathon Mode in the future, which will have weekly and monthly races between 2.5km and 15km. The top-ranked runners will receive additional benefits. Marathon participants will be able to earn and compare their accomplishments on a leaderboard.
Finally, STEPN offers users two methods to signal: by positively influencing carbon neutrality and earning tokens for it, or by leading a better lifestyle and earning tokens for it. The former rewards users financially and emotionally. The second is accomplished by STEPN's financial support of Solana's purchase of Carbon Removal Credits to fight climate change.
Present and future prices of The STEPN network (GMT)
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, GMT does fall under this category.
According to some analysts, the future price of The STEPN network (GMT) could reach up to $7.16 by 2025 and could see a price of more than $38.86 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
STEPN Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, makeuseof.com, changelly.com
