The past week or so has been a delight for crypto enthusiasts with market trends seeing reversals. Some protocols are starting to resurface after being wiped out by the crypto winter.
STEPN is such a project. Interestingly, the STEPNNFT collection has increased by 800% in sales volume in the past week.
The NFT markets are starting to get some respite after being besieged in the bear market for months.
However, recent rallies in major digital currencies have paved the way for buried projects to shine again. STEPNNFT is one that seizes the opportunity and has managed to generate $4.8 million in weekly sales.
This rise has been building since July 11 and has not looked down since.
Don’t get out yet
STEPN recently released an important announcement for its users. The walk-to-earn gaming platform launched “Health Points” which introduces a lifespan for STEPN sneakers.
According to the press release, “Without HP, the sneakers have an infinite supply and would never wear out, which is a recipe for inflation and eventual price drop.”
One of STEPN’s biggest concerns is that these health points (HP) are draining user revenue. The company has eased tensions by claiming that recovering HP is free for GST mining.
Also, lower tier users shouldn’t have to spend anything on HP. There are also concerns about the sneakers’ usefulness if HP is not restored. STEPN claims that “HP mechanic is a long-term gradual decline of the sneaker.”
Forget GMT. not
The native GMT token was receptive to the ongoing market recovery. As of going to press, the token was trading at $0.98 with an increase of 7.16% over the past day.
In addition, the token has recorded a gain of 4.64% in the past seven days. But the strong increase in the sales volume of the STEPNNFT collection has not affected the price of GMT.
Another interesting pattern can be seen on STEPN’s volume chart. A rare peak can be seen late July 18, but activity has stalled this month. At the time of writing, the network volume stood at 328 million.
Well, unless the broader market fully recovers, GMT’s strong price growth cannot be guaranteed.
This post STEPNNFT Rises 800% in Sales Volume – What Could It Mean for GMT?
was published first on https://ambcrypto.com/stepnnft-surges-800-in-sales-vol-what-could-it-mean-for-gmt/