What is STEPN (GMT)? A to Z details about GMT virtual currency
Surely you in the market are familiar with the concept of Play-to-earn already, but today, Beat Investment will introduce to you the world's first Move-to-earn NFT mobile game - STEPN ( GMT) . This is Launchpad project number 28 on Binance. So what is STEPN ? What is special about GMT virtual currency ? All will be answered in the following article!
What is STEPN?
STEPN is the world's first Move-to-earn NFT mobile game powered by Solana . Simply put, this is a Web3 application that combines GameFi and SocialFi elements that allows users to Move & Earn.
Users need to equip themselves with NFT Sneakers and with walking, jogging or running outdoors, users will earn Tokens in the Game. NFT Sneakers can be upgraded and come in different types and qualities.
From a GameFi perspective, the STEPN project aims to promote millions of people towards a healthier lifestyle, help fight climate change, and connect users to Web3. As for SocialFi, building a long-term platform promoting Web3 created by users.
Similar to the Play-to-earn mechanism, the Move-to-earn concept was conceived by the STEPN project in August 2021. Within 4 months, the team fixed many errors such as GPS accuracy, management Mobile asset management and anti-fraud mechanism.
STEPN operates on a 2-token mechanism:
- GST: App token, unlimited supply
- GMT: Governance token, limited supply
Highlights of the STEPN project
- Mobile App: STEPN is now available on IOS App Store and Google Play store (limited in some countries).
- Sneaker NFT: Each Sneaker has different quality, attributes and Gem Socket. Users fully have the right to burn Tokens to upgrade and customize their sneakers.
- Move & Earn: Users equipped with NFT Sneakers can move outdoors to receive Tokens in the Game. STEPN also has layered anti-fraud mechanisms in place to prevent abuse.
- Rental system: Users can completely rent a Sports Sneaker for free, move and earn money. The money received will then be shared with the shoe owner.
- In-App NFT Trading Market: Users have the right to trade their NFTs on the exchange market.
- In-App Swap: Users can swap game sane bonus tokens for other cryptocurrencies.
- In-App Decentralized Wallet: Users can deposit and deposit crypto in the wallet to fund their spending accounts.
Game modes in the STEPN project
Only Mode
In Solo Mode, participants can fully earn Game Tokens with the move. The condition to participate in Solo Mode is to have at least one NFT Sneaker.
In addition, Energy is also an important factor in the Game. Each 1 Energy is equivalent to 5 minutes of Move & Earn (Move and get Tokens in the Game). Energy starts replenishing only when the participant acquires the NFT Sneaker.
Of course, the amount of GST/GMT Token earned when participating in Solo Mode will depend on many different factors. Here are the four main factors:
- Sneaker Type – GST obtained on each Sneaker is different.
- Efficiency Attribute per Sneaker: The higher the efficiency, the more GST earned per minute. Participants can only earn GST from level 0 to level 29. At level 30, STEPN will allow us to choose whether to continue earning GST or switch to GMT. You can completely switch these two earning modes freely.
- Sneaker comfort attribute: The higher the comfort, the more GMTs are earned per minute.
- Movement Speed: To optimize earnings, brothers should stay within the optimal speed range of their respective Sneakers. Whenever a user drops below or above this range, earnings will be reduced by up to 90% depending on the difference from the optimal range.
Mystery Box
This is a loot box that is randomly dropped while the user is moving in Solo Mode. The Mystery Box can contain GST, Gems (Levels 1-3) or nothing at all. If you have reached the daily GST limit, the GST will not be received from the Mystery Box anymore. Each user can carry 4 Mystery Boxes.
Mystery Box has 5 different types. Upon receiving the Mystery Box, opening the box requires a wait and the countdown begins automatically. After the countdown ends, the user will be able to open it. Mystery Box countdown duration will increase proportionally to its quality.
Marathon Mode (Under Development)
In Marathon Mode, you need to register under Tab MaraThon at least 24 hours before starting. At that time, there will be 2 modes Weekly Marathon and Monthly Marathon.
- Weekly Marathon: These Marathons are held weekly and last all week. Users can choose to participate in the 2.5 km – 5 km – 7.5 km Marathon. However, you can only participate in one Marathon at a time.
- Monthly Marathon: These Marathons are held monthly and last for a whole month. You can choose to participate in Marathon 5 km - 10 km - 15 km. And same as above, you can only participate in one Marathon at a time.
Only users who have successfully registered will receive notifications in their Quest Log. Users can use the goal setting function to track their progress. After completing the specified distance, the user will be notified via the Quest Log that the Marathon is complete. Users will not be able to repair their sneakers until the Marathon is over.
Background Mode (Under Development)
Background Mode will count steps directly from the Health Data app on their mobile device, capped at 3,000 steps per day. These earnings are fixed (unaffected by Performance or other rewards) and will not add to the Daily GST Limit.
Other STEPN products that need attention
- Sneakers & Gems NFT: Sneakers NFT can be leveled up by burning tokens. Users can add attribute points and NFT Gems to the shoe to increase its performance.
- Minting & Shoebox: By putting two NFT sneakers together and burning some tokens, users can mint a Shoebox. In rare cases, 2/3 Shoebox for a cost of 1. Opening the Shoebox will give the user a random NFT sneaker.
- NFT Marketplace : Where users trade their NFT sneakers, Shoebox, Gems on Marketplace. Users can also rent sneakers here for free.
- Wallet & Swap: Users can buy crypto through the Binance portal; swap tokens to other cryptocurrencies and send, deposit tokens/NFTs.
What is the token in the STEPN project?
As mentioned above, STEPN operates on a 2-token mechanism:
- GST: App token, unlimited supply
- GMT: Governance token, limited supply
Today we will dive into Governance Token – GMT.
Basic Information about GMT Token
- Token Name: Stepn
- Ticker: GMT
- Blockchain : Solana
- Token Standard: SPL-20
- Contract: 7i5KKsX2weiTkry7jA4ZwSuXGhs5eJBEjY8vVxR4pfRx
- Token Type: Utility, Governance
- Total Supply: 6.000.000.000 GMT
- Circulating Supply: 600.000.000 GMT
Allocation GMT Token
- Private Sale: 16.3%
- Binance Launchpad Sale: 7%
- Team: 14.2%
- Advisor: 2.5%
- Ecosystem / Treasury: 30%
- Move and Earn: 30%
GMT Token Release Schedule
GMT Token Sale
- Private Sale Allocation: 978,000,000 GMT
- Private Sale Token Price: ~ 0.005 USD/GMT
- Private Sale Amount Raised: ~ 5,000,000 USD
- Binance Launchpad Sale Allocation: 420,000,000 GMT
- Binance Launchpad Sale Price: 0.010 USD / GMT
- Binance Launchpad Amount to be Raised: 4,200,000 USD
Token Use Case
With the Governance Token – GMT:
- Governance : Stake tokens to participate in governance, the longer the lock period, the higher the voting power.
- Staking reward : GMT stakers can vote to decide the distribution of staking rewards.
- Protocol Revenue Accumulation : GMT is burned to use in-app features, such as sneaker upgrades and new sneaker casting.
With Application Token – GST:
- Sneaker casting
- Sneaker Repair
- Upgrade Sneaker
- Gem upgrade
- Unlock socket
- Reset Sneaker properties
Roadmap – Development roadmap of the STEPN 2022 project
Q1 2022
Rental system
- The credit system uses the test to train tenants to understand how STEPN works.
- In-Market matching system to match renters and owners of sneakers based on the lender's credit rating.
- The rental system uses smart contracts to settle the rental agreement.
Multi-chain wallet
- Users can deposit and deposit both Solana and EVM blockchain assets.
Q2 2022
Leaderboard
- PvP Leaderboard is linked with Marathon Mode, player ranking, player group on Leaderboard.
- Marathon fashion
- Weekly or monthly marathon, users need to pay a subscription fee to participate.
- The highest ranked players or groups of players will receive PvP rewards.
Administration
- Users can stake GMT in the app to participate in governance.
Q3 2022
Achievement system
- Based on the user's activity, the app will issue an achievement badge to the user. Some achievement badges have in-app perks.
- Achievement Badges can be traded on the Market.
- Quest System
- The daily, weekly quest system allows users to earn extra rewards through completing certain tasks.
Background Mode
Background mode allows users to earn tokens without actively playing Solo Mode
Q4 2022
- Connect non-crypto users to the STEPN app.
- STEPN will implement social interaction functions in the application through Location-Based Services (LBS).
The development team, investors and partners of the STEPN project
Development team
- Jerry Huang (Co-founder): Decades of experience in game development, operation and marketing. Developed some of the highest ranking games on the iOS app store.
- Yawn Rong (Co-founder): Entrepreneur, crypto angel investor and start-up incubator. Experienced in business scaling and start-ups.
- Jessica Duan (CSO): A holistic executive with a background in design. Experienced in operational strategy and management, senior customer consulting, marketing and business development.
Investors
STEPN Raised $5 million in seed round from Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund and WelindersShi Capital.
Partner
Notable angel investors also participating in this round are Republic Zhen Cao's Asia Partner, Santiago R Santos.
How to earn and own GMT Token
Buy directly on the exchange.
Exchange GMT Token
Currently GMT is traded at many different exchanges. The exchanges that list this token include: Binance , BTCEX, Bitrue, Bitget, MEXC Global, XT.com, CoinEx , Gate.io , ...
GMT Token Storage Wallet
Since GMT is a SPL token, you can store this token on the following wallets: Coin98 Wallet, Trust Wallet , Phantom Wallet, Solfare Wallet, Sollet Wallet, Solflare, Ledger Nano X.
Community and social network of the STEPN . project
- Discord
- Telegram
Through this article, you must have had your own opinions about the STEPN project . The above article should not be viewed as investment advice. Hay Mod Game is not responsible for any of your investment decisions, but will support you all the way to understand the basics and succeed in this extremely potential market!