The crypto market has proven time and time again that anyone who invests at the right time could become a millionaire with relatively little capital.

Aside from Bitcoin, which has gained more than 5 billion percent in value since it began trading in July 2010, many other cryptocurrencies have made average traders millionaires in just a few months.

One factor reflecting the bullish momentum of digital assets is increased hype around a trend, and there are plenty of those in the crypto space. Over the years, the industry has gone from one trend to another, including ICOs, decentralized finance (DeFi), memecoins, non-fungible tokens (NFTs), and play to win (P2E).

Interestingly, each new concept usually gives rise to a new set of crypto millionaires, with the most recent ones coming from move-to-win tokens like STEPN’s Green Metaverse Token (GMT).

STEPN (GMT) has made a whopping 31,000% in profit since the token sale took place on Binance Launchpad on March 2. This means that anyone who received at least $1,000 in GMT tokens during the public sale and did not sell their bag would have earned $300,000 as of April 1, when GMT traded at an all-time high price of $3.11.

What is the STEPN (GMT)?

STEPN is a social-fi cryptocurrency earning app built on the Solana network. The platform describes itself as a “web3 lifestyle app” that rewards users for maintaining a healthy lifestyle by walking, jogging or running.

Move-to-earn is still a relatively new concept, but it is similar to the play-to-earn model in that it adopts elements of Game-Fi, Social-Fi, and NFT. However, move-to-win projects reward users for maintaining healthier lifestyles rather than just playing games.

Since its public beta launch in December 2021, STEPN has seen tremendous growth, with the number of daily active users on the platform jumping from a measly 1,500 in January to over 100,000 in March. Many users are joining the STEPN app because they hope it will become the Axie Infinity model of the movement to win.

In January, the project raised $5 million in a seed round by selling around 16% of GMT’s supply to some of the biggest names in the industry, including Alameda Research, Solana Ventures and Folius Ventures.

STEPN NFT sneakers

To earn rewards, users need to mint, buy, or rent NFT shoes in the app market and start walking, jogging, or running outdoors. Players can also increase their earning potential by leveling up or repairing their shoes or upgrading their attributes with gems.

The slippers, which are degradable, have four attributes (Efficiency, Luck, Comfort, and Toughness) and five qualities (Common, Uncommon, Rare, Epic, and Legendary). The collection also has four different types of sneakers: walker, jogger, runner and trainers. The price of each shoe varies according to its type, rarity or level.

STEPN GMT and GST Tokens

STEPN uses a dual token model like many P2E gaming platforms, such as the popular Axie Infinity. This means that the STEPN ecosystem has two tokens named Green Satoshi Token (GST) and Green Metaverse Token (GMT).

GST is STEPN’s unlimited supply utility token, while GMT works as a government token with a limited supply of 6 billion units. Although GST has an infinite supply, STEPN uses a burn mechanism to control the circulating supply. In other words, players have to burn GST to mint, repair, or level up their sneakers. The project also has a quarterly burn and buyback mechanism for GMT.

The STEPN app rewards users with GST and GMT, but this depends on the level of the users and the ownership status of the sneakers. For example, new users or users who rent sneakers can only earn GST, while sneaker owners who have upgraded can earn GMT.

Why GMT Pumping?

There are a couple of reasons why GMT has gained over 30,000% in one month and over 300% in the last seven days.

Source: CoinGecko

First, like many other crypto manias in the past, the move-to-win model is fast becoming fashionable and could even outperform playing to win. This has led to a significant increase in the number of users on the STEPN and a greater demand for GMT.

Also, earlier this week, a STEPN spokesperson dropped subtle hints about a potential partnership deal with a major sports brand. The project went a step further by sharing a piece of art that contained hidden logos from popular brands Adidas, Nike, Asics, Head, and even Binance. The news spread like wildfire and euphoria filled the air, again leading to increased demand for GMT.

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This post Here’s Why Move-to-Earn STEPN Token (GMT) Increased 31,000% in 30 Days

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