Eric DunneSTEPN is a Web 3.0 fitness app that adopts the ‘move to earn’ concept to reward its users with Green Satoshi Token (GST) and STEPN (GMT), also known as Green Metaverse Token – its governance coin. The app allows users to earn free crypto while walking, jogging and running.
That fun concept saw GMT quickly rise from a $0.01 to $4.17 within its first two months of trading on crypto exchanges – an explosive bull run similar to Axie Infinity’s bull cycle. The GMT price then retraced 80% to $0.81 before bouncing to around $1.40 – in this guide we review where to buy STEPN, where the GMT price could head next and whether it’s a good investment.
How to Buy GMT Token – Quick Guide
Here’s a quick guide to buying GMT within a span of a few minutes:
- ✅ Create a Coinbase Account: Visit Coinbase exchange and create a free account. Verify your identity with KYC documents.
- 💳 Deposit: You can buy GMT with fiat currency or USDT – Deposit fiat currency with a bank card, transfer, or transfer Tether to your Coinbase wallet.
- 🛒 Buy GMT: Search for GMT on Coinbase – or Coinbase Pro for lower fees, once you’ve set up an account you can log in there with the same Coinbase credentials – and place a buy order.
Where to Buy GMT Token – Best Platforms
STEPN has many venture capital investors, and was listed on most of the major crypto exchanges very quickly, similar to how ApeCoin was. Some of the best places to buy GMT include:
1. Coinbase: Overall Best Platform to Invest in GMT
As the United States’ leading cryptocurrency exchange, Coinbase has 98 million verified users and over 150 crypto assets. Coinbase listed GMT coin on 28th April 2022, which led to the price of GMT rallying to almost $4.90 only on Coinbase.
Buying crypto with a debit or credit card on Coinbase comes with a 3.99% fee – that’s lowered to 1.49% by using ACH transfers, or use Coinbase Pro for free deposits by bank transfer.
Coinbase lists almost all the cryptocurrency assets on the market, including Ethereum, Bitcoin, Solana, Uniswap, Cardano and more. It also supports meme coins such as Dogecoin and Shiba Inu.
The user interface of this cryptocurrency exchange is easy to understand. Coinbase also provides newcomers with the opportunity to earn crypto with its Coinbase Earn program. You can go through the video tutorials and answer quizzes to earn cryptocurrencies. However, you must attain a 100% score to be eligible for rewards.
For advanced users, Coinbase provides advanced tools such as Coinbase pro. It allows the users to analyze the current crypto market and reduce the transaction fees. Coinbase charges a maker-taker fee starting at 0.4%/0.6%. Institutional users that require an integrated solution that offers an advanced trading platform and secure custody can opt for Coinbase Prime.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
2. Crypto.com: Margin Trade GMT
Currently only GMT-USD perpetual futures are available on Crypto.com. By offering leverage and a range of other features, Crypto.com has gained over 10 million users and now lists more than 250 cryptocurrencies.
Currently active in over 90 countries with $2.6 billion in daily trading volume, Crypto.com is suitable for beginners and advanced trader. Beginners can use the simple spot trading feature to invest in crypto, and for experienced day traders there’s also futures trading.
The exchange follows a maker/taker fee model, charging 0.4% per trade. Crypto.com provides a one-month trial for new crypto investors during many of the fees are lowered.
Other than the listed crypto assets, Crypto.com also offers its native token called Cronos (CRO). Holding CRO gives users access to extra features available in Crypto.com’s DeFi wallet app.
CRO holders can stake their CRO to earn higher yield on cryptocurrencies. Staking CRO increases the annual percentage yield (APY) up to to 14.5% depending upon the crypto (and up to 10% on stablecoins).
There’s also a prepaid metal VISA card users can apply for to pay with crypto at retail stores, an NFT marketplace, and a yield farming platform. See our full Coinbase vs Crypto.com review.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
3. Binance: Trade GMT at 0.10% Fees
Binance listed GMT on 9th March 2022, which led to the GMT price rising by thousands of percent – the often seen ‘Binance listing pump’. This cryptocurrency exchange has nearly 100 million users, and supports 600+ cryptocurrencies, and can achieve daily trading volume of over $75 billion.
Binance has two platforms, one caters to international users, and the other is exclusively for United States traders, known as Binance US. That platform only provides access to around 60 cryptocurrencies, and it is not available in New York, Vermont, Hawaii, Idaho and Texas.
Investors can choose between fiat and crypto options to invest in GMT. However, Binance recommends that users consider buying Stablecoins like USDT and BUSD and use them to buy the GMT token for better coin compatibility. If you choose to swap your USDT for GMT, the trading fee is only 0.1%.
Binance has implemented standard tools such as two-factor authentication for security. Users can also opt for advanced access controls such as IP and Wallet address whitelisting, device management and API access control.
Binance implements SAFU – Secure Asset Fund for Users – which reserves a portion of the transaction fee in an insurance fund to reimburse the users in the event of any loss due to crypto hacking or hardware malfunction.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
4. eToro: Likely to List GMT in 2023
eToro is yet to list GMT, but it could do so in 2023. It has listed NFT and P2E related coins such as GALA, APE and AXS, which makes it likely to list GMT.
eToro is a crypto trading platform with social trading elements that allow investors to interact with each other. Launched in 2007, eToro first started as an Openbook social investment platform, allowing investors to copy the network’s top traders automatically.
That CopyTrading feature soon became the highlight of eToro and has been the USP of the trading platform ever since it started listing cryptocurrencies. eToro has listed 60+ crypto assets and has over 28 million users.
CopyTrading allows newcomers to copy the investment strategies of the top traders on eToro. In return, the trading platform rewards the investors whose strategies have been copied.
Another feature is eToro’s Smart Portfolios – these bundle together several of the best crypto assets – including one for NFT and metaverse related coins, and one for DeFi coins.
eToro is one of the more secure platforms on this list. Not only does it implement standard security measures like two-factor authentication, secures the client’s funds in tier 1 banks, and gates the personal information behind SSL encryptions, but it also operates per the regulations of CySEC, FCA and ASIC.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
What is STEPN?
STEPN is a Web 3.0 fitness app that adopts the ‘move2earn’ concept and rewards crypto to those who exercise. Users of the app get rewards in terms of GMT –the project’s governance token and GST (Green Satoshi Token).
Users must first buy STEPN NFT sneakers to use the app. After they have purchased their sneakers, they can walk, jog or run to earn GST and GMT.
STEPN was founded in August 2021 by Yawn Rong, an Australian blockchain entrepreneur, along with Jerry Huang.
Yawn Rong is a well-known personality in the crypto space, having served as an investor for Algorand. He is the founder of Crypto SA, an Australian Crypto Fund and pro-regulation auditor, and an industry representative of the South Australian blockchain association.
Jerry Huang is a game developer who previously co-founded Falafel games In Hong Kong. STEPN raised $5 million in a seed round whose participants included the biggest names in the Crypto VC ecosystem, such as Binance Labs, Alameda Research, Folius Ventures and Sequoia Capital.
The bullish interest in GMT is due to STEPN’s straightforward token reward mechanism. The more you move, the more you earn. Those interested have to first buy NFT sneakers to participate. Each sneaker has a different attribute and comes with a different requirement. For example, standard joggers can help you earn tokens for lightly jogging. On the other hand, runner shoes can only get tokens for fast sprints.
Along with the GameFi elements, the STEPN app also features an in-app marketplace to buy or sell NFT sneakers and an in-app wallet with built-in swap functions. Other than health and fitness, STEPN also focuses on the environment. It uses a portion of profits to buy carbon removal credit on the blockchain to fight climate change.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
How Can I Make Money with the STEPN App?
STEPN offers you three features to earn money – Solo, Marathon, and Background. NFT sneakers are required to use these features. However, the NFTs are not necessary to start exercising. As a new user, you’ll get access to STEPN’s free trial version. When you’re ready to commit, you can purchase the NFTs and start moving to earn.
Solo Mode
Solo Mode will allow you to move around in NFT sneakers to earn GST. That being said, you need energy to earn them. Moving for five minutes will cost you one unit of energy. You must either wait for the power to recharge or buy another sneaker NFT so that you can extend your earning period right away.
STEPN enforces a recharge rate of 25% after every six hours. It is the minimum amount of energy you need to start moving to earn.
Another thing that you need to make sure of is to watch the GPS signal. If it’s too weak, the app won’t capture your movements, and you’ll not earn any tokens. Thankfully, the STEPN app provides signal indicators that you can check before going on a run.
Marathon Mode
The app contains a marathon tab. You can register under that to participate in weekly and monthly marathons. Choose between 1.3, 3.1 or 4.7 miles and get started. Keep in mind that you can only participate in one race at any given time.
Background Mode
Background mode allows you to earn tokens when you’re offline. While you’d still need NFT sneakers to participate, this mode will collect data from the step count app on your mobile device and feed it into the STEPN app once it’s turned on.
STEPN Company Goals
We have looked at the concise STEPN lite paper that provides the information about the app’s current state and hints at future upgrades. They have highlighted three governing principles of the app.
Usable
The app has gamified fitness by making move-2-earn motivate millions to embrace a healthier lifestyle.
Learn after Earn
It puts a unique spin on learning and earning mechanics to invite non-crypto fitness enthusiasts. Users can start earning before learning the underlying mechanics of decentralized wallets.
Zero Entry barrier
STEPN will introduce NFT leasing mechanics in future – removing the need to buy sneakers to take advantage of the STEPN ecosystem. With the rental mechanic, newcomers will be able to rent NFT sneakers from holders, run to earn GST and split the winnings with them (30-70 split).
STEPN Dual-Token System
The STEPN ecosystem has two cryptocurrencies: GMT and GST.
GST
GST is the Green Satoshi Token. It has an infinite supply and is used to repair the sneakers, unlock the sockets, add certain upgrades to the sneakers, level up, and boost the mystery box.
GMT
GMT is the Green Metaverse Token. It is the governance token of STEPN, with a total supply of six billion. Holders use it as a customization fee for NFT sneakers, and it can be spent alongside GST for leveling up the sneakers. It can also be used for Shoe mining and upgrading gems and sockets.
Players can only earn GMT once their sneakers have reached Level 30.
STEPN Burn Mechanism
STEPN has implemented a burning mechanism for GST and GMT to encourage more people to embrace a healthier lifestyle. The burning process reduces the circulation of GST and GMT through various activities within the STEPN App.
GST is burned by minting sneakers, repairing and leveling them up, upgrading the gems, and unlocking sockets. The app will burn more GST for higher-quality sneakers. Repairing is done to maintain the sneaker’s resilience (one of the attributes of sneaker NFTs), and Gems and Sockets are STEPN’s GameFi elements.
The GMT burn mechanism is more complex. It has three groups:
- NFT: Burning the GMT to mint rare, epic, and legendary sneakers
- Enhanced In-app mechanics: Burning GMT to increase daily GST earning cap.
- Schadenfreude Pools: Burning GMT to earn GST from other players’ unfortunate moments.
GMT Token Distribution
The developers gave away 16.3% of the tokens in a private sale. They reserved 14.2% for the team members.
7% went into the Binance launchpad sale. 30% was dedicated to the ecosystem/treasury. The remaining 24.6% is allocated to reward the app users.
Is STEPN a Good Investment?
STEPN aims to be a revolutionary web 3.0 app that combines NFT technology with fitness. These are some other factors to bear in mind:
GMT is a Governance Token
GMT is the governance token for the STEPN app. Holders of GMT coin become part of the STEPN community, can upgrade their NFT sneakers using GMT and can vote on future changes to the STEPN ecosystem.
Getting Into the Ecosystem is Not Easy
You need to have at least $1000 to buy the NFT sneakers to access the app’s move-to-earn feature. While it is affordable to many crypto enthusiasts, the price may be too high to gain the attention of the non-crypto crowd.
It is Easy to Cheat the System
While you can’t take a motorbike and move around to fool the app, other ways exist to exploit the STEPN ecosystem.
A popular YouTuber named Biaheza recently made a video on the app. The entire premise of the video was him trying to finesse the underlying system and extract as many tokens as possible. He purchased multiple shoes on multiple phones and then ran after turning on the app on all the devices simultaneously. As a result, he made thousands of dollars within three days.
Such an “easy” way to make money speaks volumes about the sustainability of the ecosystem. “It is not sustainable in the current form”, – states Crypto King, another Youtuber who has pointed out that this shortcoming will allow users to extract more value from the STEPN ecosystem than it currently possesses – causing the GMT value to crash.
The STEPN App Economy
The app doesn’t earn money via subscription services or running ads but instead relies on new users signing up and investing in NFT sneakers. Biaheza says that for now, STEPN is banking on the hype of move to earn and play to earn for a large part of their revenue. Once it’s over, fewer users will be interested, leading to a decrease in the GMT price.
STEPN Price
The STEPN price today is trading at around $1.30 – $1.50, with a market cap of $830 million – ranked #62 on CoinMarketCap.
10% of the max supply – 6 billion GMT tokens – is unlocked, so the current circulating supply is 600 million.
STEPN price chart on CoinMarketCap
Like Terra (LUNA), GMT too became the target of Algod’s scrutiny – a well-known crypto trader on Twitter (@AlgodTrading). On 17th May, he tweeted: “People making hundreds of dollars by walking at the expense of clueless buyers, it’s absurd.”
With those words, Algod took a short position on STEPN and has warned investors against investing in GMT for the mid to long term, suggesting it looks more like a pyramid scheme than a sustainable crypto asset and company.
He compared it to Axie infinity (AXS), referencing the AXS tokens’ bear market in 2022. The price of Smooth Love Potion, the in-game token reward of Axie-Infinity, also went from topping at $0.34 down to $0.005 due to sustainability issues.
STEPN Price Prediction
GMT was one of the best performing cryptos of early 2022 – partly due to the novelty of the move2earn concept and GMT’s listing on popular crypto exchanges such as Coinbase and Binance.
The sustainability issues that popular crypto traders have pointed out have started to impact the GMT price negatively. Some believe that we have also entered a crypto bear market – the recent Bitcoin drop to $30,000 and lower took a toll on altcoins, including GMT.
Despite the concerns about the project’s sustainability, some leading crypto investors have made GMT price predictions that it will reach higher levels in the future. They have cited future developments and the planned NFT rental sneakers as reasons behind their optimistic outlook.
The plan to rent out STEPN sneakers could allow non-crypto users to engage with the STEPN app more, increasing the adoption rate and potentially pumping the GMT price.
GMT Fibonacci retracement levels
The STEPN project CEO is also undeterred by the critics’ scepticism, going as far as to tweet, “Who is shorting?“.
If the GMT price can start closing weekly candles back above the 0.786 Fib level (around $1.60), then it could then have found a bottom and move up to retest the $2 level which will likely act as resistance the first time it’s tested.
Best Ways to Buy GMT
Below are the best ways to buy STEPN (GMT):
Buy GMT With Crypto
The leading crypto exchanges to have listed GMT are Coinbase and Binance. You can transfer USDT to yourself to buy GMT with on one of those.
Buy GMT With Debit/Credit Card
You can also make a fiat currency deposit onto one of those exchanges via bank card to buy GMT.
Buy STEPN Without KYC
STEPN is also listed at Bybit which requires less KYC documents, although there’s a lower minimum daily withdrawal limit for those that don’t verify their identity.
Best GMT Wallet
You’ll need a crypto wallet to store GMT. Coinbase wallet supports GMT, so you can store your GMT tokens there once you’ve bought them.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Is GMT the Best Crypto to Buy in 2023?
GMT still has a low market cap – under $1 billion – so has room to grow in the coming months and years.
A similar play to earn crypto token with an even lower market cap – $90 million – is Lucky Block (LBLOCK). Also launched in 2022, it had a 65x bull run from $0.00015 at presale, to an all time high of $0.0097 around the time it was listed on LBank exchange.
Prior to that it had that bull cycle on only one exchange – Pancakeswap – so could achieve a higher valuation if it is listed on more exchanges as GMT has been. LBLOCK can now also be bought directly with fiat currency on the Lucky Block website – which was recently supported.
The LBLOCK price retraced 90% of its first bull run then found a bottom and began to establish a new uptrend in the run-up to its debt prize draw on May 31st, 2022. That jackpot prize pool will be $2 million.
A second NFT jackpot will award one holder of a Lucky Block NFT $1 million, transferred automatically to their wallet – Lucky Block aim to build a fully decentralized crypto gaming platform where ‘everyone’s a winner’ – with more transparent odds.
LBLOCK token holders also receive partial jackpot redistributions, as an incentive to hold – earning a second form of return on investment passively.
Yahoo Finance covered the upcoming May launch of their debut jackpot and their sponsorship of boxer Dillian Whyte – aimed at bringing new investors into cryptocurrency from the sports world.
Below is how to buy LBLOCK on Pancakeswap:
- Set up a Crypto Wallet: Setup a BSC-compatible crypto wallet like Trust Wallet or Metamask
- Buy BNB: Load your wallet with Binance Coin (BNB)
- Connect wallet to PancakeSwap: Go to PancakeSwap’s home page and click on “Connect Wallet”.
- Buy Lucky Block: Use the contact address (0x2cD96e8C3FF6b5E01169F6E3b61D28204E7810Bb) to get the correct asset, LBLOCK, then choose BNB to make the exchange. Select the amount of BNB you want to swap and confirm the order.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Conclusion
STEPN (GMT) is the governance token of the STEPN app (sometimes written StepN) that saw an explosive pump within the first two months of launching, with many stating that it could become the next Shiba Inu.
It has its competitors though, including FITFI (the native token of the similarly named Step App) which also performed well on launch, although FITFI hasn’t been listed on Coinbase yet like GMT.
There’s also a barrier to entry for the STEPN app itself – users need to buy a STEPN sneaker NFT. That may limit the long-term potential for mass adoption of the app, affecting the GMT price. Although a rental option to make it more accessible is planned.
Another upcoming play to earn platform is Lucky Block which we wrote some price predictions for on this site.
Lucky Block - Undervalued Crypto
- Listed on Gate.io, LBank, MEXC, PancakeSwap
- NFT Competitions, Jackpot Draws
- Powers Casino & Sportsbook Platform - luckyblock.com
- 10,000 NFTs Minted
- $2M+ in Prizes Awarded
Read more:
FAQs
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Is GMT on Crypto.com?
Is GMT on eToro?
Is GMT on Binance?
Is GMT a good investment?
This article was written for Business 2 Community by Eric Dunne.
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