Do you enjoy an active lifestyle? Keeping fit and eating right is part of life; some of us take it seriously, while others prefer sitting on the couch. If you like to get outdoors and move around or tear up the treadmill at the gym, you need to hear about STEPN.
With STEPN, you can get paid for staying fit and exercising. Now you can have someone paying you to hit that 45-minute cardio session. Does that sound good? STEPN is a part of the new web 3.0 ‘Move-2-Earn’ (M2E) model that rewards users for staying fit and expending energy.
STEPN is a must-have for any fitness enthusiast, allowing you to benefit from the latest innovation in crypto. So, is it worth participating in the M2E economy?
Is STEPN a project worth considering? Let’s unpack everything you need to know about this M2E dApp and how to buy the GMT token.
Where to Buy Stepn GMT
- 1 Where to Buy Stepn GMT
- 2 What is STEPN?
- 3 Starting with STEPN
- 4 Understanding Sneaker Attributes
- 5 Gaming Modes
- 6 The STEPN Wallet
- 7 STEPN Tokenomics
- 8 In Closing
This section is our top picks of where and how to buy the Stepn GMT Crypto token. We chose these based on our experience of using them and considered fees, security, payment options and reputation.
- Binance: Largest Crypto Exchange with Low Fees
- Coinbase: Highly Regarded and Easy to Use for Beginners
- FTX: Great Exchange for Newbies & Advanced Users
Visit The Top Pick
Binance: Largest Crypto Exchange
Binance is the biggest cryptocurrency exchange in terms of daily trade volumes. Cryptocurrency investors can enjoy full access to trade over 600 crypto assets, including big movers like Bitcoin, Ethereum, and most of the top cryptos. With a minimum deposit of $10, investors can instantly start investing their crypto of choice.
Besides its large inventory of crypto assets, Binance also offers the lowest trade fees in the market. Binance charges 0.1% on all trades, and there’s an option for this figure to be further discounted by 25% for investors who hold Binance Coin – the exchange’s native token.
Funding your Binance account is seamless and straightforward. The exchange supports several deposit channels, including bank wire transfers, peer-to-peer (P2P) payments, credit/debit cards, and payment processors.
However, unlike eToro – deposits are not always free. For instance, Binance charges customers a standard fee of up to 4.50% on all crypto purchases made with debit/credit cards. Crypto deposits, on the other hand, are free.
This popular crypto exchange features a detailed learning curve and advanced trading tools, making it more suited for well-experienced traders and not beginners.
In terms of security, Binance offers the best security integrations. This broker features two-factor authentication (2FA), whitelisting, and advanced data encryption to protect customer funds and data. Also, Binance utilizes cold storage to store a vast majority of its funds, and the exchange also operates an insurance fund that protects customers in the event of an attack.
- Lowest trading fees in the market
- High liquidity on most cryptos
- Advanced trading tools
- Large crypto inventory
- Wide range of deposit channels
- Not beginner-friendly
Coinbase: Simple & Easy for Beginners
Coinbase is another great alternative best suited for newbie investors keen to learn how to buy this crypto. This platform is known for its reputation and simplified trading features.
The US-based platform allows investors to purchase, trade, and stake over 10,000 supported blockchain-based assets. To begin investing, investors must first register an account, which takes around 10 minutes. Coinbase allows users to invest a minimum investment of $2, which is one of the lowest prices in the crypto industry.
This exchange also integrates seamless deposit channels, like wire transfer, crypto deposits, debit/credit card, and e-wallet solutions, as well as fiat currencies like USD, GBP, and EUR available for cash out. Coinbase charges a standard fee of up to 3.99% for all debit card crypto purchases. However, investors enjoy 4% cash back bonuses whenever a Coinbase debit card is used to purchase crypto assets.
In terms of trading fees, users are charged between 0.5% and 4.5%, depending on the selected payment method, type of cryptocurrency, and total transaction amount.
One of the standout features that distinguishes Coinbase from other brokers is its versatility in terms of services and products offered to retail and institutional investors, ranging from exchange-based wallet and cashback visa cards, staking passive income, and asset hubs.
For security, the US-based exchange integrates 2FA verification as an added security layer to investors’ usernames and passwords, crime insurance that secures digital assets from theft and fraud, and many more. Coinbase is also licensed and regulated by top financial agencies like the Securities and Exchange Commission (SEC), Financial Conduct Authority (FCA), New York State Department of Financial Services (NYSDFS), and Financial Crimes and Enforcement Network (FinCEN),
- Simplifies trading tools, perfect for beginners
- Wide selection of crypto assets
- Lowest minimum deposit in the industry
- Offers Coinbase debit card with 4% cashback bonuses
- High fees (and usually, a complex and unclear fee structure)
FTX: Great For Newbies & Advanced Traders
FTX features highly-efficient trading platforms in desktop and mobile formats. Whether an investor is a newbie or an experienced investor, this platform provides all they need.
FTX integrates a user-friendly interface and basic/advanced trading tools to over 300 cryptocurrencies available for spot trading and the strongest bases of coins to give investors the perfect trading experience.
There is no minimum deposit amount to get started with FTX. Although all deposits are completely fee-free, investors will be charged a fee of $75 for every withdrawal less than the $10,000 value mark. More so, all deposits made by bank transfer may take 3 to 5 business days to reflect.
In terms of fees, FTX has standard maker/taker fees. The maker fee ranges from 0.00% to 0.02%, while taker fees range from 0.04% to 0.07%. Bank wire, fast bank deposits, debit/credit cards, silver exchange network (SEN), and signature SIGNET are all options for deposits.
For security, FTX features a two-factor authentication (2FA) protocol, withdrawal address and IP whitelisting, chain analysis to monitor any suspicious activity, sub-accounts with configurable permissions for added protection, and a self-maintained insurance fund. FTX functions in several countries, and its spin-off - FTX.US - tenders to all US-based traders' needs. FTX is also regulated in the United States of America.
- Multi-asset trading
- Dual platforms - Desktop and Mobile
- Liquidity for all assets
- Great trading platforms
- User-interface may be intimidating for newbie traders
What is STEPN?
The STEPN app is a step counter with interesting added features for an enhanced user experience. The dev team designed STEPN as a mobile app, offering users the incentive to earn crypto tokens as rewards.
The only way for users to earn tokens is to hold an NFT’ sneaker’ from STEPN, which users purchase from the STEPN marketplace. STEPN was the winner of the gaming section of the awards ceremony at the ‘Solana Ignition Hackathon’ and the only mobile game receiving an award in that category.
As a result of its win, the STEPN team attracted the investment they needed to launch the project.
Starting with STEPN
STEPN seems like a great concept, but putting it into practice seems a little more complicated than expected. After downloading the STEPN app from your app store, you’ll have to complete basic registration with your name, phone number, and email address.
That’s all pretty standard, but it’s the next step where things start to lose the plot. When completing your registration, the app asks you for an activation code. However, you can only receive the activation code through Discord or an existing user referral.
However, most new users won’t have a referral, and requesting the activation code through the Discord is a pain.
The Downside – The STEPN Activation Code
The Discord only releases ten activation codes every 15-minutes each day on a first-come-first-serve basis. So, it might take you a few days of waiting before you manage to find a code that isn’t taken by another user. There are reports of users waiting weeks to cop an activation code through the Discord method.
However, the STEPN team seems to realize this problem, and they’re creating a second Discord catering to distributing activation codes to new users.
Getting Your Sneaker
To benefit from token rewards using the STEPN app, you’ll need to own an NFT sneaker. You can use the app without participating in the rewards program, but nothing about it is superior to other fitness apps like Fitbit, Apple Watch, or GoogleFit.
Users purchase their NFT sneakers using the Solana currency (SOL), with floor prices for sneakers reaching a high of 12 to 14 SOL since launch. Users have the option of choosing from a variety of sneakers, each with different attributes.
Sneakers come in different categories, including Runner, Jogger, Walker, and Trainer. Each type of sneaker offers the user a different earning rate, with the sneaker’s price based on its attributes rather than earning capability.
Sneakers also feature different attributes. These attributes determine the sneakers earning capacity and their value in the secondary market. The four key sneaker attributes are Efficiency, Comfort, Luck, and Resilience. Each attribute offers the sneaker and the user-related enhancements.
Understanding Sneaker Attributes
Sneakers are digital NFT assets. However, users can also purchase ‘Shoe Boxes,’ which are digital NFT assets. These ‘mystery boxes’ contain sneakers with unknown attributes. Users buy them hoping to receive a rare sneaker with unique attributes.
Typically, ‘sneaker boxes’ will sell for more than a standard sneaker. The uncertainty and risk involved with gambling on the unknown sneaker make the ‘mystery box’ so popular on the platform. However, users take a risk. They could open the mystery box to find a rare collectible sneaker or a standard one.
The floor price on a shoebox is around 30% more than the high-end sneaker NFTs. However, some rarer sneaker NFTs can sell for up to 2,000 SOL. After securing your sneaker, it’s time to participate in the STEPN rewards program and begin earning tokens.
Every sneaker NFT you own gives you two ‘ENERGY,’ which is around ten minutes of real-world exercise time. After your ENERGY expiries, you stop earning tokens. So, the more sneakers you own, the more energy you have, and the greater your earnings potential.
The STEPN mobile app offers users a ‘Solo Mode,’ with plans to introduce multi-user functionality in the future. In the Solo Mode of the app, users can choose to run, walk, or jog to earn ‘GST’ tokens.
As a quick tip, make sure you’re exercising in areas where you get a good GPS signal if you want to app to count your activity. If you exercise out of range of GPS, the app won’t count your activity or reward you with tokens.
If the app detects if you’re exercising out of range of the GPS, it places you in ‘Moonwalking Mode.’ This mode acts as an anti-cheat mechanism in the STEPN app, ensuring that users don’t earn tokens by riding their scooter or attaching the device to their dog to let them do the work to earn the rewards.
The app encourages the user to move within the range stipulated for your sneaker. For instance, in the runner mode, you’ll need to travel within 8 to 20km/h to earn GST tokens. If you stay outside of this pace, you’ll stop earning GST.
The ‘mystery box’ is also available for ‘Solo Mode’ users. This random airdrop costs GST to open and contains ‘Gems’ you’ll use to level up your sneaker NFTs. These Gems are available at different levels.
The dev team behind STEPN is currently working on bringing a ‘Background mode’ and ‘Marathon mode’ to the app. The marathon mode allows users t pit themselves against other users to keep their times competitive on a community leaderboard.
The dev team plans to introduce monthly and weekly marathons, with the monthly marathons allowing users to earn GST tokens even when they aren’t running.
The STEPN Wallet
The STEPN app has a unique wallet for storing your GST and GMT tokens. It’s also compatible with GMT and SOL tokens, giving you a single wallet for accessing all the crypto assets you need in the STEPN app.
The wallet comes with a ‘Wallet’ account and a ‘Spending’ account, offering the user split functionality. You can think of having a savings and checking account at a traditional bank. Users can create a new wallet or import one using their seed phrase.
The STEPN app runs on a two-tier token structure. Let’s unpack the tokenomics of GST and GMT.
Green Satoshi Token (GST)
GST acts as the primary currency for use in the STEPN app. It’s similar to an in-game currency used in blockchain games. New users of the STEPN app can earn GST as rewards for exercising, provided they have the ‘ENERGY’ to do so, provided by their sneaker NFT.
The project started with a supply of 60 million GST, but the dev team says the roadmap plans for an unlimited amount of these tokens. Despite the ‘unlimited’ nature of the GST token issuance, the dev team state it doesn’t suffer from inflationary disadvantages.
This is because the GST token is used for all actions on STEPN, including sneaker purchases and minting, repairs, level-ups, and Gem upgrades.
Like all NFT projects, GST saw a huge pump in Q1 and Q2 this year before crashing in May to below $1 per token. The GST token is also listed on exchanges, allowing people to trade them.
Some experts state the decline in the value of GST in the last quarter means that the dev team didn’t plan for arbitrage in the game, leading to players choosing to avoid the exercise portion of the app just to purchase and level up their sneaker NFTs to make a profit. However, it seems like this activity stopped in the wake of the GST crash in May/June 2022.
Green Metaverse Token (GMT)
The second token used in the STEPN app is the Green Metaverse token (GMT). The dev team minted 6 billion GMTs in March 2022 in an attempt to raise capital to fund the project. GMT was distributed as follows.
30% of the issuance went to the treasury to fund the STEPN ecosystem. 14.5% went to the dev team, 16.3% to private sales, 2.5% to the advisory group, and 30% to fund user Move and Earn rewards. The user earns GMT through their daily grind on the platform, i.e., exercising.
However, you’ll need a sneaker with a minimum ENERGY of 3 and a level above 30 to earn GMT. The dev team plans the halve the number of tokens in the ecosystem every three years to introduce a deflationary mechanism into the project.
GMT also acts as the governance token for the STEPN platform, allowing holders to vote on forward guidance. The dev plan also plans to introduce a staking model to the ecosystem, allowing users to earn rewards for staking their GMT on the STEPN app.
GMT is deflationary, meaning users’ burn’ it when using it for certain functions on the platform. As a result, this mechanism adds to the deflationary side of the STEPN ecosystem. The dev team doesn’t create a new GMT when it burns it.
GMT Future Roadmap
The future roadmap for GMT looks promising. The team plans to introduce the new gaming modes and staking to the platform before the end of 2022. There’s also talk of a new ‘sneaker rental’ mode coming to the platform, lowering the barriers to entry for new users.
However, for the moment, the only way to own a sneaker and participate in the STEPN rewards program is to buy an NFT sneaker yourself. Depending on the sneaker’s attributes, you could spend anywhere from $50 to $5,000 on your new digital asset.
STEPN has the mission of incentivizing people to get them moving. They feel that the STEPN app adds value to society, improving people’s health. Along with the new sneaker rental feature planned for the future, the dev team plans to introduce a ‘badges’ feature.
‘Badges’ will allow users to receive token rewards for completing different tasks in the app. The more challenging the task, the more the rarity of the badge. Rare badges will offer the user extra ENERGY when playing in Solo Mode and lower minting costs for their sneaker NFTS.
STEPN is one of the pioneers of the ‘Move-to-Earn (M2E) space. However, despite it having a first-mover advantage in the market, that’s not what’s drawing users to the platform. The design and functional elements of the app are making waves with users in the market.
The competitive aspects of the app make it fun to challenge yourself to set new personal records with your exercise sessions. The introduction of leaderboards and additional modes introduces a community aspect to the app, increasing its adoption.
We like the dual-earning method available in the STEPN app. Users can grind away to receive their GST tokens. Or, they can choose to flip NFT sneakers without the need to exercise. While the second strategy goes against the core of the app’s mission, it’s a viable way to profit from this M2E app.
STEPN is the first NFT-inspired fitness app for Web 3.0, but we doubt it will be the last. However, it will provide a good roadmap for other companies looking to introduce similar technologies. Still, with the crash of the NFT market, waning NFT demand, and the crypto winter in full effect in 2022, we wait to see what 2023 brings to the M2E space.