Contributor, Benzinga
February 17, 2023

Don't want to know what STEPN is and you just want to buy some? Some of the top exchanges that support STEPN are OKX, Binance and Uphold.

STEPN is a game changer in the era of Web 3 and personal wellness. STEPN created the first move-to-earn mobile non-fungible token (NFT), which is a derivative of the play-to-earn model. With the growing popularity of NFTs and the increasing importance of maintaining a healthy lifestyle, Find Satoshi Lab developed a unique NFT game that combines the best of both worlds. STEPN allows users to earn the Green Metaverse Token (GMT), which is the token for the STEPN ecosystem. GMT is earned through physical activities while using the NFT sneaker.

It is important to consider the long-term sustainability of STEPN, the move-to-earn concept may be difficult to retain the interest of long-term investors and users. The popularity of the game skyrocketed, but the question is how STEPN will continue to keep its users and investors engaged. 

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What is STEPN (GMT)?

The ultimate goal of STEPN is to inspire people to adopt healthier lifestyles by introducing them to the Web 3 era while making a positive impact on the environment by promoting carbon neutrality. 

As the first move-to-earn application on the market, STEPN uses the power of the Solana blockchain to offer fast transactions and low transaction fees on their NFTS. These transactions for other sneakers can actually happen inside of the STEPN app, so there is no need to go to other platforms. The integration of the elements GameFi and SocialFi provides users with a unique and engaging experience. 

To participate, users first download the STEPN app, which is available on both the Apple store and Google Play store. Once registered, users must buy or mint an NFT sneaker of their choice. Since STEPN runs on the Solona blockchain, SOL is needed to purchase the sneakers.

STEPN has two native cryptocurrencies, GST and GMT in which users are rewarded. GST, which is the game's utility token and has an unlimited supply, is earned by running, jogging or walking while interacting with game activities. You are able to use the GST token to do various things with the sneakers like minting, repairing, or leveling up. GMT can be earned by running, jogging and engaging in the game and can be used to make changes to the names of the sneakers or gain access to a higher level in the game. Once you reach level 30, you are able to exchange GMT tokens for stablecoins. 

Why Do People Use STEPN (GMT)?

STEPN has gained rapid popularity as the first move-to-earn app that effectively tokenizes real-world actions by integrating game elements and blockchain technology into an activity-tracking platform. However, the question is whether the STEPN token economy is sustainable or if it may suffer a shared destiny with previous play-to-earn games. 

The STEPN economy relies on new players joining the game to keep it profitable. If there is less demand for new sneakers, that is going to remove buying pressure from the tokens. Additionally, if the demand for new sneakers is down, the players in the game will continue to earn tokens, but the value of GMT and GST would plummet. 

STEPN has introduced improved methods that will help balance the token economy. For instance, the two tokens are needed for more than just creating or buying new sneakers. Players need the tokens to repair the sneakers, level up and upgrade on other parts of the game. This desire for the token should keep the demand high and increase the need to play. 

STEPN has also released the limit of new players entering the game to control how fast the game grows, which could potentially help with the crash. They will need to constantly improve and modify the game to reduce the risk of the potential crash of the NFT sneakers and tokens.

STEPN (GMT) History

The STEPN (GMT) app was first introduced by an Australian fintech firm, Find Satoshi Lab, in October 2021 at the Solona Hackathon. The platform was developed by Jerry Huang and Yawn Rong, the co-founders of STEPN (GMT). 

STEPN earned the top prize in the hackathon because the game design impressed the judges from its built-in marketplace, user-friendly platform, in-app wallet and goal of inspiring non-crypto users while promoting physical activity.

The token was officially released in December 2021 after lots of beta testing. The token experienced huge growth in a short timeframe. From March 2022 to April 2022, the price skyrocketed 34,000% from $0.01 to around $3.50 in just around 40 days. 

Where to Buy STEPN (GMT)

To buy STEPN, you need to find a cryptocurrency exchange that supports the token. The following exchanges offer the ability to purchase GMT with either Bitcoin (BTC), debit card or credit card. 

  • Uphold
  • OKX
  • Binance 
  • KuCoin 
  • Gate.io
  • Kraken 

STEPN vs. Other Exercise-to-Earn Cryptos

Although STEPN is the first move-to-earn app, other exercise-to-earn games can be found on the market. Axie Infinity has a similar economic structure as STEPN. Axie Infinity was the first play-to-earn game to be successful. Both platforms rely on new players to join for the game to continue to be profitable and for their economic structure to continue to thrive. Axie Infinity gained popularity in 2021, which caused the game's token cost to increase and made it less attractive for new players. In a short six months, it went from an all-time high of just over $160 to a low of $20 because of a $620 million hack and an inability to retain and gain players. 

Step App is basically a clone of STEPN but runs on the Avalanche blockchain, which uses proof-of-stake (PoS) consensus for security and network protection. The Step App ecosystem uses two tokens: FITFI, the governance token; and KCAL, the in-game token used to buy SNEAK the NFT.  

Sweatcoin offers an exercise-to-earn concept where it rewards users for walking and being physically active. It is similar to STEPN in the way that both offer an app that tracks your steps, which are then converted to digital currency. Sweatcoin is not widely used in cryptocurrency because it is more of a rewards-based program and is not exchangeable for other cryptocurrencies. 

How to Store STEPN GMT Safely

You have a couple of options to store your STEPN (GMT) safely. You can keep your GMT on the exchange you purchased it on; however, this practice is generally considered to be less secure. Exchanges hold user information and funds, making them an easy target for hackers.

When you acquire GMT, it is important to keep it secure. One of the best wallet options for storing your GMT is a Ledger Hardware Wallet. Ledger is a highly popular hardware wallet that offers complete control over your private keys. It supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Ripple, and all ERC-20 tokens. Hardware wallets are considered to be the most secure wallet type as they are not connected to the internet and make it virtually impossible to be hacked. 

Is STEPN (GMT) a Good Investment?

It is important to be aware that the economy of STEPN may not be sustainable in the long run. Based on experiences of other play-to-earn games, a risk exists that the gaming economy could crash. Unless a game makes drastic changes, a crash is almost inevitable.

Those who invested early in STEPN may see returns on their initial investments. However, for those who are wanting to start to invest, the gaming economy might be less favorable, making it difficult to profit moving forward. STEPN has been successful in incentivizing people to be more active and inspiring non-crypto users; however, it's uncertain if this alone will be enough to keep players engaged when rewards become less frequent.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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