Observation from the crypto market has seen the newly launched Green Metaverse Token (GMT) gain by over 1,200% as BTC, ETH slips down. During the mid of Feb. 2022, crypto market experienced a significant drop in share price after investors began dumping mining equipment prior to the fresh regulation by the Chinese government. Towards the ending of Feb. and starting of March, there was a slight bounce back in price but this seems not to have lasted long as yesterday candle stick shows a dip on BTC and ETH price while GMT hit a 1300% soar.
Binance as at 10am today
What is Green Metaverse Token (GMT)?
GMT is a move to earn health and fitness application. It allows its users equipped with sneaker NFTs to move outdoor to earn tokens and NFTs rewards. GMT is the governance token of STEPN with a limited supply of 6 billion tokens which is not bad for the business. It also has a circulation supply of 600,000,000. GMT was listed on the Binance innovation zone yesterday. It started trading at $0.13298 at a press time, up to 1250% in less than 24hours. While this was taking place, BTC slipped by approximately 7% while ETH experienced a 6% drop. GMT has however, taken a slight drop of 9.37% in the past few hours
Currently, GMT can be purchased on the Binance, Mandala exchange, BT CEX, BitMart and Jubi markets.
What is STEPN and who is behind it?
STEPN is a dual token app, a game token - Green Satoshi Token (GST), and a governance token – Green Metaverse Token (GMT). Also, STEPN is a web3 culture application with a gamified design and engaging social components. Persons with NFT sneakers can earn Green Satoshi Token (GST) by walking, jogging or running outside that could be used to level and mint sneakers. On the in-app marketplace, participants can lease or sell their NFT sneakers and their GMT revenue are stored in the in-app wallet, which features an inbuilt swap function. source
GMT as the native governance token of STEPN can be used to;
- Governance: you stake to participate in governance. The longer the lock period, the higher the voting power.
- Profit Distribution: Holders of GMT owns the treasury and can vote to decide the distribution of net profit. source
- Accrual of protocol revenue: GMT is burned to access in-app features such as sneaker upgrade and mining of new sneaker.
Find Satoshi Lab, an Australian fintech firm, developed STEPN. The Sotashi team is a member of the DeFi Alliance Gaming Cohort & won the Solana Ignition Hackathon Gaming Track in 2021.
Finally, given the STEPN Token's excellent company brand, the token may be useful in my perspective. The newly launched cryptocurrency has demonstrated good growth potential thus far, but it is still too early to judge its future stage of development.
It wouldn't hurt to keep a watch on the STEPN tokens in order to take advantage of future changes.
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