Tag: STEPN

Walking is such a hassle. But what if it could be used to make you earn money? What if each step was worth something you could use to buy an item. STEPN takes the idea from games such as Pokemon Go to design a kind of lifestyle app that can be used to buy NFTs. The app itself is made to become part of Web 3.0 and have the general public access to it.

The app itself has two systems that work. The Game-Fi systems and the Social Fi-System. The Game-Fi system has the typical gaming mechanisms such as an algorithm to determine how certain steps are going to count towards the overall value of the coin, a quest system to keep the users engaged and subsequently achievements for completing those quests, and finally a system that prevents any fraud on the game. The Social-Fi systems still have to be revealed.

The coin and the voting mechanism around the token is also changeable. The game itself takes certain taxes from the users for in-game transactions. They are then put into a treasury pool. In that treasury pool, those who stake most of their GMT will have the option to decide how to distribute their wealth. Based on the distribution, the user will have a voting option.

The voting options are generous giver, kind giver, matcher, greedy taker, and selfish taker.  All these depend on the amount of profit given for combatting climate change. The generous giver deprives himself of the most profit but he has more say in the governance of the STEPN ecosystem. While the selfish taker has his voting rights diminished when he makes the most profit. Voting power can also be increased if the GMT tokens are locked.

At the time of writing, the current price of GMT is $1.04 with a trading volume of $1,737,093,498. The token itself has had a terrible weakness in the market, as it started out strong at $1.33 but fell to $0.83 but it has recovered to its current position. The main reason for the dive in the price seems to be related to the news that the game will not be allowed to be run in China. This news caused it to plummet from $4.03 at the start of the month.

STEPN promotes itself as a Web3 way of life application with inbuilt Game-Fi and Social-Fi components. The application allows clients to procure tokens by strolling, running, or running outside and desires to bump players toward a better way of life.

STEPN, a “Web3 way of lifestyle” that allows clients to procure tokens by strolling, running, or running outside, has seen its GMT administration token take off in esteem throughout the most recent week, climbing 138%. Despite the fact that STEPN is still in open beta, it has previously amassed north of 100,000 downloads on the Google Play store and more than 139,000 adherents on Twitter. The game presently runs on Solana yet says it intends to grow its decentralized wallet to offer multi-chain resource stores and withdrawals later on.

To begin acquiring tokens, players need to purchase or lease a couple of tennis shoes from the in-application commercial center utilizing Solana’s local resource, SOL. While beginning, players can procure the limitless stock GST token. Notwithstanding, as players step up their tennis shoes by moving, they can begin to procure the restricted stock GMT administration token, given that they own their tennis shoes and are not leasing them.

STEPN’s tokenomics model is like that of the play-to-procure game Axie Infinity. In STEPN, GMT assumes a comparative part to AXS; it has a limited inventory and is expected to step up and mint new sets of shoes. GST is more similar to Axie’s SLP; it has a limitless inventory, it tends to be utilized to fix tennis shoes after use, and it likewise gets consumed when tennis shoes are stepped up or stamped.

In any case, STEPN goes astray from Axie’s model by giving more use cases to the earnable GST token. In Axie Infinity, the SLP token was at first just consumed by rearing new Axies. As more individuals began playing the game to benefit from the SLP rewards, supply overwhelmed requests, and the symbolic’s cost crashed. STEPN attempts to resolve this issue by making its shoes degradable. That is the reason players need GST to fix them and play.

Why Has STEPN’s Token Soared?

While STEPN has consistently built up some decent forward movement since its beta launch, a few extra factors are logical filling the new flood. In a new meeting with Solar Eco Fund, a STEPN representative alluded to a potential organization with a significant games brand. When inquired as to whether STEPN saw organizations like Nike and Adidas as future contenders, the representative dropped an unsubtle clue about the task’s arrangements. “You will see we have a declaration about this very soon,” they said.

Hypothesis about STEPN’s impending association has been far and wide across virtual entertainment, with numerous clients searching for hints in late Twitter posts. In a Mar. 29 tweet remarking on the new Ronin Network hack, STEPN shared a piece of fine art containing a few secret brand logos.