Information regarding the Green Metaverse initiative as well as the GMT coin will be covered here. Web-based STEPN features both gaming and social networking functions.
Getting about is at the heart of STEPN since it is something that almost everyone does regularly. We came in 4th place out of more than 500 ideas at the Solana Ignition Hackathon 2021 because we were the first to successfully implement a move&earn concept.
Sneakers, which house NFTs, are worn by users. By exercising in the actual world, individuals could gain virtual currency that can be employed in the game or cashed out for actual money.
STEPN’s Game-Fi initiative relies on its Social-Fi component to create a sustainable platform encouraging user-generated Web 3.0 content, link the public to Web 3.0, and push millions of people toward healthier lifestyles.
Outline of the GREEN Metaverse Token (GMT)
A cryptocurrency coin called STEPN(GMT) was developed on the Solana (SOL) platform. It is the native token for the STEPN project and there will only ever be six billion of them. Introducing GMT is a step toward gaining cryptos via Solana-based social- and game-based apps.
The service promotes a healthy lifestyle by offering incentives for users to engage in physical activities like walking, jogging, and running without the need for an internet connection. Like, Pokemon Go, we guess. However, the shift toward financial independence is still in its infancy. The primary reason why it is so close to the play-to-earn paradigm is that NFT incorporates components of game-fi and social-fi. This initiative encourages players to live healthy lives outside of just playing games.
Green Metaverse Token (GMT): How Does It Operate?
In the Stepn market, you may buy sneakers with NFT. The first step in your Stepn quest is to purchase the shoes NFT.
We’ll go through some more options for doing so below:
- The programme should be downloaded through the app store or Google Play. Join your money and send Solana to the market to get some NFT sneakers. Solana is the only platform compatible with the Stepn app, thus you’ll need their wallet to use it.
- After purchasing a pair of Stepn shoes, you may begin your fitness adventure by pairing them with the Stepn mobile app. To get credit, you may then go for an outdoor jog, walk, or run from any location in the globe. In turn, those points may be redeemed for a wide variety of benefits, including but not limited to level advancement, shoe upgrades, and NFTs. Earned points serve as the game’s currency, and may be cashed out for real money.
- After signing up, the user may see their current location, whether they are walking, running, or doing neither, displayed at the top of the page.
- A notice labelled “moonwalking” could even appear. When someone does this, it signifies they are not relying on their own two feet or physical power to go where they need to go. Since this user isn’t using Stepn to get in shape as intended, he will not be awarded GST or GMT tokens.
There Are Essentially Two Tokens In The STEPN Ecosystem:
- Green Satoshi Token (GST)
- Green Metaverse Token (GMT)
The Green Satoshi Token (GST) is a digital asset that may be used inside the app’s economy. It’s possible to stock up on GST for nothing and in enormous amounts all across the game.
As the primary token powering the Stepn platform, the Green Metaverse Token (GMT) has a strict cap of six billion units. They will be created at the Token Generation Event (TGE), where participants may earn them.
Practical Applications of The GMT
Cases in which GMT is useful are as follows:
The STEPN native token for governance is known as GMT. Having GMT gives the user more say in governance decisions. The only catch is that the locking time has to be increased.
Gaining a Stake
The GMT stakes will cast their votes to determine how the staking prizes will be divided up.
The application utilises Tokenomics GMT to update shoes and mint new pairs. The result is that tokens are being burned, which decreases the total number in circulation.
Using The Green Metaverse Token For The First Time
The STEPN app must first be downloaded.
Install The STEPN App
Enrol in STEPN 2. Once you have downloaded the app on your mobile device, you may sign up for STEPN using your email address. The application requires a security code before you can use it.
Make a brand-new wallet. To open your wallet, choose it from the menu at the upper right. The software will come up with a coded message of 12 words. If you delete the Wallet app or forget the password, here is how you may regain access to it again. Keep this sentence in a safe place; it’s crucial.
Put SOL in your app’s virtual wallet. You may purchase NFT Sneakers in the Marketplace if you transfer SOL to your in-app wallet and you should always retain sufficient SOL as fuel in your Wallet accounts.
Get Yourself a Pair of Sneakers: Pick out a new pair of sneakers from the in-app store. To locate the best shoes for your needs, utilise the Filter. Check your SOL to make sure there’s enough for the acquisition.
Total Distribution Of GMT
Moving and earning will give individuals 30% of the total GMT, while involvement in Governance will earn them another 10%. Freebies and community events, like the Forever Online Marathon Offerings, will use a significant chunk of the 30% Ecosystem budget (FOMO).
When STEPN reaches a certain number of daily active users and the GMT token is launched on the exchange, move&earn GMT will begin (TBD). To guarantee the app’s continued viability, the total number of GMT tokens issued will be halved every three years, with 15% of the total GMT supply earned by move&earn/Governance in the first three years, 7.5% in the second three years, and 3.25% in the third three years.
Where Can I Get A Gmt Token, And How Do I Get One?
GMT can only be purchased using other key cryptocurrencies on various cryptocurrency trading and cannot be purchased directly with fiat currency. In this post, we will show you how to acquire GMT tokens on an exchange by first purchasing Bitcoin, Ethereum, USDT, or Binance Coin from a major exchange and then transferring your funds to the exchange where GMT tokens are being traded.
To take part, you’ll need to acquire any of the greatest prominent cryptos currently available, like Bitcoin, Ethereum, or Binance Coin. The next step is to join a trading platform to acquire GMT.
Recent earnings results from Stepn are widely seen as the primary driver of the significant upward price trend. According to the official statement released by the corporation, STEPN earned $26.81 million in Q1 2022 from NFT Marketplace trading and royalty payments. STEPN rents NFT shoes to those who cannot afford them. Owners keep 70% of rented shoe NFT proceeds, while renters get 30%.