STEPN – GMT

Do you like walking or running? Do you like to make money?

If your answer was both yes… Keep reading! If your answer was no… Well, no more boring walks for you then. In this report we will cover how STEPN, a mobile app, rewards you for making steps.

What is STEPN – GMT?

STEPN is a mobile application with social and gaming elements

It transforms your long walks into a Play-to-Earn game, or should we say Move-to-Earn where you get rewarded as you progress.

Users can earn with the STEPN app by walking, jogging or running outdoors that tracks the user’s movement with GPS.

The STEPN app is free to download on the Google Play Store and the Apple App Store.

 

What is GMT?

GMT stands for Green Metaverse Token wich is STEPN’s native and governance token, meaning GMT holders can vote on future decisions and development of the project.

Users can earn GMT tokens as they level up, ,wich is only obtainable at Sneaker Level 30. GMT was launched on 9 March 2022 in an initial decentralized exchange offering – IDO on the Binance Exchange.

What is GST?

GST stands for Green Satoshi Token, wich is STEPN’s game token. GST can be used to make in-game purchases. Also, earnings will be paid out in GST. With its limited supply, earned GST tokens can be converted to Solana – SOL in the STEPN app.

 

STEPN is also the first Solana NFT Mobile Game that has an in-app ecosystem, including the following features:

Wallet – Coin Swap – NFT Marketplace – User friendly interface

Its dedicated NFT marketplace allows you to trade their NFT shoe pair, badges and gems. You can even resell them and potentially make some profits.

 

This review of STEPN – GMT was created for informational purposes. This article is not intended for promotion.

General info about STEPN – GMT

STEPN aims to connect crypto enthousiast and non-crypto users to Web3, referring to the third-generation internet that would run on the blockchain, supporting among other things the payments of cryptocurrencies.

According to this CoinMarketCap post, the GMT token soared more than 2000%, making it one of the top-performing web3 crypto tokens of 2022.

 STEPN has been featured in leading news website:

How to earn with STEPN?

To be eligible for earning tokens, you’ll have to equip an NFT in the app, in the form of sneakers. Each pair of sneakers have their own stats and rarity. We cover this topic further down this report.

First-time users can try out the app and all its features for free. As soon as you own some STEPN sneakers, earning will start as you run.

What shoe should you buy on STEPN?

There are different shoes for different speed levels and subsequently earning levels. You see that you can earn more by with a running shoe instead of a walker shoe. If you want to both walk/jog/run, then the “Trainer” is probably the best choice.

Note that when you want to earn more, you have to follow the rules, meaning you won’t earn if your running speed is lower than 4km/hr for a jogger shoe, 8km/hr for a runner shoe and so on. 

But maybe you want to jog one day and run the next. This can be done, simply by buying several shoes. Which will bring the opportunity to earn more. 

Something to consider is the shoe quality. This will be determined by the shoe attributes. Lets take a look;

  • Efficiency (earning more GST)
  • Resilience (fewer repairs needed)
  • Luck (more mystery boxes)
  • Comfort (earning more GMT)

The floor price of sneakers is currently around 11.48 SOL – 1,2k dollar. Wich is a hight treshold to participate.

How much can you earn per day or week with STEPN?

Unfortunately there are daily time limits where you can earn on STEPN. Meaning you are able to earn in a timeframe dependable on your ‘Energy’.

How more energy, how bigger the timeframe where you can earn. With one pair, you could only earn up to 10 minutes per day. With holding 3 pairs, you can earn for 20 minutes daily. And so on…

The number of sneakers you own will define the energy you will get. Check out the table below to follow the calculation.

How to calculate how much you can earn on STEPN?

Since STEPN sneaker NFT’s have their own stats, it’s hard to estimate the amount of tokens that you can earn on a daily basis.

This will depend at what price you bought your pair of virtual shoes and how much time you can earn in a day (depending on the number of shoe pairs you own).

You can always calculate it yourself using this STEPN Guide calculater. 

How much are the transaction fees on STEPN?

Of all earned GST atleast 5% is allocated back to the ecosystem. Where 2% of trading fees will go to the STEPN development team reserves to support its operations.

STEPN runs on the Solana Blockchain which means that transactions are processed very fast with low transaction fees. On average, fees on Solana are around $0.00025 per transaction.

How to start earning on STEPN?

  1. Download the STEPN app on the Google Play Store or Apple App Store.
  2. Sign-up for STEPN. After getting access to the app, you will be able to sign up for STEPN with your email address. You will receive a verification code that you need to type in to enter the app.
  3. Create a new wallet. Click on the wallet icon on the top right corner of the screen. The app will generate a 12-word secret phrase which will be used to recover your STEPN wallet if you uninstall the app or forget your password. It is important to write this phrase down and save it somewhere safe.
  4. Buy Solana – SOL through an exchange (i.e. Binance or Huobi). If you already own SOL tokens, you can connect this wallet to the STEPN app.
  5. Transfer SOL to the STEPN wallet.
  6. Purchase your NFT Sneakers using your SOL tokens through the in-app NFT Marketplace. Use the Filter tool to find a sneaker type of your preference. 

 

The STEPN app is not working, what do I do?

The app doesn’t properly start

  • Close the app and start again.
  • Restart your mobile device and open the app again.
  • Uninstall the app, and re-install it.

 

The app freezes

  • STEPN server might be down, try again later.
  • Make sure that your mobile device is connected to Wi-Fi or mobile data.
  • Too many users are using the app at the same time, try again later.

 

Login/account related problems

  • STEPN server might be down, try again later.
  • Make sure you use the correct login credentials.
  • When using a social network to login like Google and Facebook, make sure if that service is properly working.
  • Your account might be banned or deactivated. If this is the case, you’ll notice an error message.

 

Deposited money into STEPN doesn’t show in my balance:

  • Wait for 24 – 48 hours, sometimes it can take a while.
  • Contact hello@stepn.com 

 

Co-Founders

STEPN was created in August 2021 by Find Satoshi Lab, a company based in Australia. It was co-founded by Jerry Huang and Yawn Rong. 

Jerry Huang has been a Game Developer for over a decade. He received his Bachelor’s degree in Computer Science at Zhejiang University.

Huang has a history of working in the information technology and gaming industry. Previously he co-founded Falafel Games, a game company that focuses on Arabic speaking people.

 

Yawn Rong is an entrepreneur and start-up incubator. He received his Master’s degree in advertising, public relations and e-marketing at Unisa University.

Currently he is also a Business Ambassador at Algorand. Previously he co-founded Crypto SA, a business providing consulting services.

 

Whitepaper & Litepaper

For more information about how the STEPN protocol works, please refer to the official Whitepaper. STEPN is currently under Public Beta Phase, so contents in the Whitepaper could be changed in the future.

If you wish to read a shorter version of the whitepaper, we refer to the official Litepaper.

Tokenomics

  • Circulating Supply: 600.000.000
  • Total Supply: 6.000.000.000
  • Max Supply: 6.000.000.000

 

Of 6 billion tokens in total, 30% will be distributed to users as rewards for completing tasks and participating in governance.

According to the STEPN Whitepaper, the total release of GMT tokens will halve every three years to ensure the longevity of the project. Each day, an amount of GMT tokens will be unlocked to earn. Another 30% will be allocated to the Treasury, which is a community controlled and decentralized collaborative decision-making mechanism.

STEPN raised $5.0M in seed round funding from leading Web3 investors.

Use case of STEPN – GMT

What is GMT used for in STEPN?

GMT is STEPN’s native token and can be used for:

  • Governance: GMT tokens can be used to vote on the future development of the STEPN project, like general decisions, partnerships and more.
  • Leveling up: GMT tokens can be earned through partaking in game activities and by running. When reaching a certain level, players are able to change the name of their NFT sneakers if they wish to do so.
  • Distribution: GMT tokens are used to distribute game profits and for unlocking activities that are only accessible to highly leveled players.
  • Swapping: GMT can be swapped with USDC stablecoin when your digital sneakers reach level 30 or higher.

 

Where to buy and sell STEPN – GMT?

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What do we think about STEPN – GMT?

We think the STEPN app is a nice improvement to the regular pedometer (measuring instrument for recording the number of steps taken), due its nice looking interface and its earning feature. STEPN might be a good way to onboard non-crypto users.

However, we are not fond of the daily limit of time where you are eligible to earn. Wich is not recommended to limit playtime if you want to keep players active. It is obviously better to encourage them to play more so we hope this will be adjusted in the future. 

Scott Dunlap, General Manager/CEO at Adidas Runtastic was added to the team as Strategic Advisor at STEPN. This might indicate a future partnership with Adidas. We shall see…

STEPN – GMT conclusion

STEPN is the first Web3 running application with fun social and game elements. Where you can buy a sneaker NFT, start running and earn a passive income. The app runs on the Solana blockchain and has a built-in token swap service and a NFT Marketplace where digital sneakers, badges and more can be bought or sold for profit.

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