Sneaker NFTs and the Move to Earn Craze
Michael Abetz Last updated: 
Everyone’s getting healthy and making money – forget play to earn, now you can move to earn Green Satoshi Tokens (GST) with a sneaker NFT.
The latest craze started with the launch of the STEPN app and website. It’s become one of the most downloaded apps on the App Store, and the governance token GMT (Green Metaverse Token) is currently the top trending crypto on Coinmarketcap, up over 10% today and 2000% since early March.
But what is STEPN, what are GMT and GST and how can you make money by running?
STEPN (GMT) is the top trending crypto
What is STEPN?
STEPN is the brainchild of Australia based Fintech firm Find Satoshi Lab.
According to the official website Stepn.com, STEPN (also called StepN) is a ‘Web 3.0 lifestyle app with SocialFi and GameFi elements’ – its players can make money by running, jogging or just walking outdoors as long as they have a GPS connection on their mobile phone, and own a sneaker NFT.
The move to earn concept was born in August 2021 and STEPN began to get attention in media like Yahoo Finance by December, which called it ‘the first Move2Earn mobile NFT gaming platform’.
Founder and CEO Yawn Rong commented:
‘We are proud to reveal the potential of what individuals can achieve with their fitness goals using crypto as an incentive. With STEPN, we’re one step closer to achieving our mission of empowering players to take control of their health by making move2earn more simple and accessible.’
NFT games, crypto games and P2E gaming have been exploding in 2022 – the way this latest addition works is people keen to get fit buy a sneaker NFT, start moving outdoors with their phone, and get rewarded with crypto.
What is a Sneaker NFT?
Just like the Axie Infinity game had a bit of an expensive barrier to entry, so does STEPN.
To play, runners need to first buy a pair of training shoes represented by an NFT – a non-fungible token sneaker. As STEPN is powered by Solana, sneaker NFTs can be bought with SOL on a Solana NFT marketplace called Magic Eden.
A sneaker NFT will cost you at least 12 SOL (about $ 1280)
The catch is the floor price of a STEPN sneaker NFT has already shot past 10 SOL – currently it’s 12 SOL, and the price of Solana is $ 107 per coin. So right off the bat you have to spend over $ 1200 just to play STEPN.
Of course one day you may be able to retire and flip your sneaker NFT for a profit – some users are even minting several sneaker NFTs in the hopes they’ll be a good investment as the STEPN app increases in popularity.
Some sneaker NFTs are on sale for much more than the floor price. Some entrepeneurial investors are even hiring teams of runners to do the running – and earning of GST and GMT tokens – for them.
The sneaker NFTs come in four different types depending on the user’s fitness level – the walker, the jogger, the runner and the trainer, and all have different stats and attributes (efficiency, comfort, resilience and more) as you’d expect from NFTs.
What are GST and GMT coin?
The STEPN game token is GST – currently one Green Satoshi Tokens is worth around $ 4.45.
GST tokens are used for certain in-game activities like levelling up and repairing your sneaker NFT, and minting new sneakers.
GMT, or Green Metaverse Token, is the governance token and can only be earned by users of a certain level. One GMT token is worth around $ 3.70.
Play around with a STEPN earnings calculator here.
Will Coinbase list GMT? It’s likely
The GMT token – which you can buy spot or open a margin long on via Bybit exchange as it has a GMT / USDT perpetual futures pair – is up over 2000% in a little over a month, making the new project now one of the best altcoins of 2022.
GMT is also listed on Binance, and Binance Labs, the ‘venture capital and innovation arm of Binance’ have announced they are investing in STEPN. Alameda Research is also an investor.
Bill Qian, the head of Binance Labs, commented:
‘As ‘Move to Earn’ is taking part in the Web 3 trend, STEPN is contributing with fast growth of its users. We believe that gamification of exercise can bring more people into the industry, accelerating the mass adoption of crypto and blockchain technology.’
GMT tokens have an in-built burn mechanism to reduce the supply in circulation over time. The total supply of GMT is six billion tokens, and currently 10% are in the circulating supply. GST has an unlimited supply.
Judging by what AXS did when it first became popular, the GMT price could easily continue to pump beyond $ 5. It’s not yet listed on Coinbase, another reason for it to continue moving up in valuation in anticipation of that.
Since GMT is one of the hottest cryptos to buy now, we’d expect Coinbase to list it as it did ApeCoin.
GMT coin currently has a market cap of only $ 2 billion, and is the #53 ranked coin on Coinmarketcap. That’s still a lot of room to grow – if it’s the next Shiba Inu, which has much less of a use case, it could reach a market capitalization 10-15x higher.
Cryptoassets are a highly volatile unregulated investment product.
The post Sneaker NFTs and the Move to Earn Craze appeared first on Business 2 Community.
(40)
