Max E.Wed, Apr 20, 2022 12:07 AM
GMT Leads Altcoin Growth
The price of GMT, the token of the STEPN project, which specializes in the gamification of non-fungible tokens, has increased by 23.43% in the last 24 hours. At the time of writing, the value of the asset is $3.30
STEPN is a Web3 mobile game where you can buy NFT sneakers and earn cryptocurrency by running and walking. To start playing, a user needs to download the application and register. Next, the player has to deposit Solana tokens into the STEPN wallet and purchase a pair of NFT sneakers. All running shoes vary in price and performance. The cheapest pair costs roughly 9 SOL. Sneakers can be "upgraded" to the next level of profitability or sold on the marketplace within the game. They also tend to “tear”, thus sometimes they need to be repaired.
The mechanics of earning is complex, as profits depend on many various factors. Besides, STEPN has a randomizer that makes profit per minute unstable. However, according to Reddit users, some manage to earn $40 within a day. More expensive NFTs allow users to earn $85 per run. The app creators take a small fee from such activities as NFT trading, minting, and shoe rentals.
Axie Infinity is similar to STEPN: there you need to “breed” creatures, which you can then sell and earn money with. At STEPN, the mechanics are almost the same: you first need to buy sneakers. Over time, prices increase. For example, at the very beginning, sneakers were sold for about $600, now the simplest version costs almost $1000. Actively running, you can recoup your investment in 1-2 months.
The developer of STEPN, the Australian company Find Satoshi Lab, invests in advertising, attracts large investments and enters into agreements with different companies. In January, STEPN received a $5 million seed funding round.
In April, Binance Venture Capital announced a strategic investment in STEPN. The Project Governance Token (GMT) reacted with massive growth.