What Is GMT Token? How Does STEPN Works? How To Buy And Store In 2022 Crypto Traders

What Is GMT Token How Does STEPN Work

You are already familiar with the concept of play to earn, but in this article, I will introduce you to something even more interesting, what is STEPN (GMT) – the first move to earn NFT mobile game on the Internet. world. But what is the GMT token exactly? What is GMT token? Does it have potential? Let’s go to find out more details in the content of the article below. 

What is STEPN (GMT)?

What is STEPN (GMT)

This project is also hosted on Solana, but instead of using magical creatures to track player movement, it uses NFT sneakers. For example, the sneaker set in the tweet below sold for 2,100 SOL, which is about $11,000, and the money went to charity.

STEPN is made up of two parts:

  • Green Satoshi Token (GST): The utility token used in-game to mint NFTs and pay for other things.
  • Green Metaverse Token (GMT): A governance token gives players the right to vote on how the project is built.

So, you will see when you search what GMT coin is on search engines, there will be many different names of GMT coin, sometimes STEPN, sometimes Green Metaverse Token.

GMT is a bitcoin mining token backed by real computing power. By purchasing GMT, holders get to use a portion of the ever-growing computing power of the device fleet involved in bitcoin mining. From the next day, they start receiving BTC rewards directly to their bitcoin wallet.

Even though STEPN is still in beta, it has over 500,000 Twitter followers, which is a big deal. At the end of STEPN’s development, a multi-chain wallet will be made available.This means that any earned tokens or cryptocurrencies (SOL, ETH) from selling NFTs could be directly deposited or withdrawn. With traditional in-game tokens tied to an account, this wouldn’t be possible, making them worthless.

What is Move-to-Earn (M2E)?

What is Move-to-Earn (M2E)

M2E games function similarly to P2E games in that they award points to users for taking part in activities that are beneficial to their health.

Utilizing the Global Positioning System (GPS), accelerometer, magnetometer, proximity sensor, and gyroscope of a smartphone allows this to be accomplished.

When taken as a whole, they constitute a sturdy base for technologically advanced fitness tracking devices.

After that, the software, which comes in the form of M2E games, connects to the hardware in order to produce a comprehensive move-to-earn package.

Background of STEPN

Jerry Huang and Yawn Rong laid the groundwork in 2021 for what would become Satoshi Lab, the parent company of STEPN.

The STEPN team was able to attract investor interest by finishing in fourth place at the Solana Ignition Hackathon in December 2021, which came after a recruitment drive that took place in September 2021.

After that, STEPN was able to secure seed round funding of $5 million from a variety of investors including 6th Man Ventures, Alameda Research, Corner Ventures, and others.

As a result of an increase in the platform’s total number of unique accounts, the M2E platform recorded significant financial gains of $26.8 million during the first three months of the year 2022.

How Does STEPN Work?

To get the most out of Stepn, start by minting your sneaker NFT using the in-app wallet (SOL must be imported into the wallet to make a purchase). Efficiency, comfort, and resilience are just a few of the sneaker features that users can choose from.

Through the marketplace, users need to buy sneakers NFT. You can begin running and receiving prizes in the GST utility token once your sneaker is set up (30% of supply is reserved for reward distribution). To earn more rewards, you may want to level your sneak buy spending your GMT and GST token, the exact amounts will depend on your current level of the NFT.

Despite the fact that “all assets in the Stepn app are held by individual users and the majority of earnings in app are created by users”, Stepn makes money from a tax that is applied to all in-app purchases and mintings.

The energy cap of your footwear is affected by all of its characteristics. Since there are only a finite number of rewards available, the energy cap plays a crucial role in the distribution bottleneck.

How Does STEPN Work

What Problems Does GMT Token Solve?

On the GEM platform, consumers can buy goods and services using the GMT utility token. Users can buy and sell goods and services directly from each other on the GEM platform, which eliminates the need for a middleman.

On the GEM platform, transaction costs are paid with the GMT token.

The issue of exorbitant fees levied by conventional online markets is resolved by the GEM platform. The GEM platform also eliminates the issue of chargebacks and fraud.

The GEM platform is made to be a risk-free and secure marketplace for goods and services.

The STEPN Team

Jerry Huang (Co-Founder)

  • He or she has been playing games for a long time and has made a number of high-ranking apps.
  • Former Co-Founder at Falafel Games.
  • Background in computer science.

Yawn Rong (Co-Founder)

  • An incubator for blockchain and a crypto angel investor.
  • A former Business Ambassador at Algorand, SA Representative at Blockchain Australia, and co-founder of Crypto SA.
  • He have a background in advertising, PR, and eMarketing.

Jessica Duan (CSO)

  • They have experience in design, operation, strategy management, client consulting, marketing, and business development (BD).
  • Former Co-Founder at Soko Design studio.
  • Background in architecture.

Ryan Turner (Lead Designer)

  • Illustration, Graphic, and Interior Design skills.
  • Malicious Delicious’s first founder.

The STEPN Team

Advisors

  • Scott Dunlap: VP at Adidas, GM/CEO at Runtastic GmbH.
  • William Robinson: Head of Accelerator at Alliance DAO.
  • Jason Kam: Founder of Folius Ventures.
  • Santiago R.: Web3 Investor, formerly worked at JP Morgan, Elysium Health and ParaFi Capital.

Partnerships

Partnerships

What Is GMT Token?

Basic Information About GMT

  • Token Name: Green Metaverse Token
  • Blockchain: Solana
  • Token Standard: SPL
  • Token Type: Governance, Utility
  • Maximum Supply: 6,000,000,000 GST
  • In circulation: 600,000,000 GMT

Read more: TOP Solana Projects To Know In 2022: DeFi, P2P, NFTs, Metaverse

Token Allocation:

  • Move & Earn: 30%
  • Ecosystem: 30%
  • Private Sale: 16.3%
  • Team: 14.2%
  • Public Sale: 7%
  • Advisory: 2.5%

Token Allocation

Token Sale

From 2 March to 9 March

  • Ticker: GMT
  • Token type: SOLANA
  • ICO Token Price: 1 GMT = 0.01 USD
  • Fundraising Goal: 420,000,000 TOKEN
  • Total Tokens: 6,000,000,000
  • Available for Token Sale: 7%
  • Whitelist: YES (PERIOD ISN’T SET)
  • Know Your Customer (KYC): YES (PERIOD ISN’T SET)
  • Min/Max Personal Cap: TBA / 15000$
  • Accepts: BNB
  • Sale: $9,200,000 OF $9,200,000 (100%)

During its IEO on Binance Launchpad, participants put up over $3.6B to get into the $GMT token sale at a price of $0.01. On April 28, the price of $GMT reached an all-time high of $4.11 (411x return).

Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2022?

Price of GMT Today:

  • The live STEPN price today is $0.6472
  • 24-hour trading volume of $76,577,305.
  • The current CoinMarketCap ranking is #90, with a live market cap of $387,012,217 USD. It has a circulating supply of 600.000.000 GMT coins and a max. supply of 6.000.000.000 GMT coins.

What is GMT Used For?

GMT holders can stake their tokens to partake in voting rounds. Collectively, token holders voted to donate a percentage of tokens to a carbon-offsetting programme.

How to Buy GMT Tokens?

Stepn coins can be purchased from listed cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

How to Store GMT Coins?

GMT coins can be stored in a variety of wallets, including online wallets, software wallets, and hardware wallets. Many exchanges also offer wallet services.

When choosing a wallet, consider factors like security, ease of use, and whether or not you need access to your GMT coins on the go. Online wallets are convenient but may not be as secure as other options.

Software wallets can be installed on your computer or mobile device and offer more control over security. Hardware wallets are physical devices that store your GMT coins offline and are considered the most secure option.

Once you’ve chosen a wallet, create an account and follow the instructions to generate a GMT coin address. This is where you’ll receive and store your coins. When sending or receiving GMT coins, always double-check the address to ensure it is correct.

To keep your GMT coins safe, never share your private key with anyone. Store it in a secure location, such as a password-protected file or encrypted USB drive.

Read more: Best Crypto Wallets For Storing Coins In 2022: Hot Wallets & Cold Wallets

Goals of GMT Token

The GMT token is a utility token that enables holders to access the benefits and services of the Goldmint platform. The Goldmint platform is a blockchain-based platform that allows users to buy, sell, and trade gold and other precious metals.

The GMT token is used to pay for platform fees, such as transaction fees and storage fees. The Goldmint platform also allows users to take out loans against their gold holdings. The GMT token is also used to pay interest on these loans.

Prospect Of GMT

The following are some price forecasts for STEPN (GMT) for the years 2022, 2023, and 2025:

  • By the end of the year 2022, STEPN has continued to establish itself as the preeminent lifestyle app for Web 3. As a result, the value of its token has increased to $20, which is a new all-time high.
  • At the end of the year 2023, the sneaker renting feature will be released, which will result in increased user participation in the M2E project.
  • Because of this widespread adoption, the STEPN token’s market valuation might increase to $40 from its current value of $20.
  • The STEPN project is scheduled to launch its marathon feature at the end of the year 2025. This feature will enable users with greater athletic prowess to earn tokens by running longer distances. Because of this feature, the price of GMT would likely be increased to somewhere north of $100.

FAQs

FAQs

How to earn GMT tokens?

GMT tokens can be earned by jogging & participating in game activities, or buying on exchanges.

To own GMT and GST tokens, you can:

  • Buy GMT and GST tokens at DEX or CEX exchanges.
  • Jogging and participating in game activities.

Users with level 30 sneakers and higher, as well as those who meet certain additional requirements, can earn rewards in GMT even though they are typically paid out in GST. With time, a number of features, including a schedule for halving emissions, help reduce token emissions.

Should you invest in GMT Token?

Surely after the above sharing, you already understand what GMT coin is and the special things of the STEPN project, right? However, to be able to decide whether to invest in this coin or not, let’s summarize its advantages and disadvantages and potential.

What is the advantage of STEPN – GMT coin?

  • STEPN is a very useful platform for real life.
  • STEPN helps to improve the health of users and protect the environment.
  • STEPN (GMT coin) is the world’s first Move to Earn project.
  • Users can earn money from their running activity.
  • No initial purchase of shoes is required, as shoes can be rented for free.
  • Decentralization should be completely transparent, secure, not controlled by anyone.
  • Benefiting from the NF trend, gamefi is growing more and more nowadays.
  • The STEPN team is passionate about the project, and has a detailed development roadmap.
  • STEPN’s community participation is growing rapidly.
  • The GMT token has many utilities, not simply a governance token.
  • STEPN has a token burning mechanism, so there is no need to worry about future inflation.
  • GMT coin has been listed on Binance, so it can be bought and sold easily.
  • STEPN (GMT) operates on the Solana blockchain, benefiting from the platform’s low transaction speed and costs.

What are the disadvantages of GMT tokens?

  • The price of GMT coin fluctuates strongly, there is a lot of risk.
  • The recent increase in the price of GMT coin is mainly due to FOMO.
  • Many people do not really know how useful STEPN’s project is.
  • GMT coin is a very new coin, so it takes time to evaluate accurately.
  • The initial cost of buying shoes at STEPN is quite expensive, about 10-11 SOL/pair. (although you can rent shoes, you will have to divide the revenue with the lessor, so your performance is not high). And according to some players, investing in a pair of NFT shoes, it will take about 40-50 days of hard running to get the capital back to buy the shoes. (But from another angle, this will push you to exercise harder, right?)

So, Should You Invest In Gmt Coins?

CoveMarkets rate STEPN (GMT) as an excellent game project. Think about it, you are lazy to exercise, but STEPN will be the motivation to help you walk, burn calories daily to earn money.

It is a leading decentralized Move2Earn game, with simple gameplay, available on CHPlay and App Store, with a very detailed whitepaper, so anyone can download and run – make money easily.

If I had to choose STEPN among the current gameFIs, I would choose it.

Cove Markets affirm this is the best game on the market, with a lot of promise and will explode the NFT market with great NFT utility. STEPN has helped change the mind, NFT is not simply a collectible, it can do much more.

From a normal investment point of view, buy GMT coin (STEPN’s governance token), and make a profit from the price increase, then I think the most important thing is that you have to find a nice buy point, avoid FOMO when the price has increased. high.

After all, STEPN (GMT) is also a good project that can be developed in the long term, and GMT will certainly have upside potential in the future.

Is investing in GMT risky?

GMT is a highly volatile stock and is not for the faint of heart. Many investors have lost a great deal of money investing in GMT.

GMT Token is popular because it is a utility token that can be used to purchase goods and services on the GMT Network.

The token is also popular because it is deflationary, meaning that the supply of GMT Tokens decreases over time. This decrease in supply makes the token more valuable, which leads to more people wanting to purchase the token.

Is it the right time to buy GMT?

There is no wrong time to buy GMT. GMT can be bought at any time that is convenient for the buyer. The only thing to consider when buying GMT is the current market price.

What can I buy with GMT?

You can buy a variety of things with GMT including travel, goods, and services. Travel options include airfare, hotels, car rentals, and cruises.

You can also purchase goods such as clothing, electronics, and home goods. Services that can be bought with GMT include event tickets, gift cards, and memberships.

Can I convert GMT Token coins to other currencies?

Yes, you can convert GMT Token coins to other currencies. There are a few different ways to do this, and the best method may vary depending on the currency you want to convert to.

  • One option is to use a cryptocurrency exchange that supports GMT Token.
  • Another option is to use a peer-to-peer trading platform like LocalBitcoins.
  • Finally, you could also convert your GMT Tokens to another cryptocurrency, and then convert that cryptocurrency to the currency you want.

How can I find more information about GMT Token?

STEPN community channels:

Conclusion

We hope that after reading this, you have a better grasp of GMT currency, an appreciation for STEPN, and a sense of the project’s originality and curiosity.

Please keep in mind that the opinions expressed above are merely those of the author and should not be taken as investment advice.

Nonetheless, it is my sincere desire to serve as a resource for you as you attempt to make sound financial choices. I wish you the best of luck.

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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