A Beginner’s Guide to the STEPN (GMT) App
The STEPN app is a social network for fitness and health enthusiasts. People passionate about staying fit or exercising regularly now have a platform to connect with like-minded people. The app’s powerful features set it apart from other fitness apps. The app allows users to earn not just one but multiple types of tokens for their efforts and achievements in the fitness industry.
The new and unique philosophy behind the STEPN app is that they believe people motivated by rewards will be more engaged in health activities to earn them. These health activities include walking, jogging, running, or even playing sports. For example, users who walk 2 miles will receive 100 points.
Their goal is to accumulate enough points to trade them in for sneakers on a marketplace that uses the app. This marketplace will allow users to buy limited-edition sneakers with their hard-earned NFT. The limited edition sneakers can also be flipped on the marketplace for ETH if they do not want them anymore.
Users can also donate some of their sneakers earned from the app to charities such as Pencils of Promise, Water for People, and other non-profit organizations that support education, clean water and sanitation, and poverty reduction.
Here’s how STEPN works:
The concept behind NFT sneakers is simple. The idea is that you walk in them, they track your steps while also protecting your feet, and then they reward you with NFT when you’ve walked enough to earn them. The STEPN team has created a way to make this happen with their app, which also tells you how far away you are from earning NFT. They’re even working on making comfortable shoes to wear every day and keeping track of the micro-movements in your gait that make up those steps!
The concept is simple: download STEPN, scan the barcode on your current shoes, and the app will give you an estimate of how much they could be worth if traded in. It is where the idea of non-fungible tokens (NFTs) comes into play—the tokens on the app are tied to a specific pair of shoes and are not interchangeable with any other token.
This system ensures that users can only receive tokens tied to their pair of shoes, which helps prevent fraud and gives them more confidence that their value is accurate. As soon as you’ve scanned your sneakers and received an offer from other users, you can use STEPN’s built-in marketplace to find buyers.
What can you do with the STEPN coin?
By using these sneakers, the users can earn tokens while they walk. These tokens will be used as incentives to keep them motivated and to increase their health quotient.
Once you’ve earned NFT, you can do a few things with them. You can spend them at online retailers like Amazon or eBay and even brick-and-mortar stores.
The GST and GMT tokens are the two tokens in the STEPN ecosystem. The following sections discuss various use cases of the GST and GMT tokens:
Green Satoshi Token (GST)
A Green Satoshi Token (GST) is a utility token where a DApp developer will mint the tokens of a blockchain-based network into the market when they officially release them.
Moreover, users can utilize GST tokens to level up or repair sneakers, upgrade gem items, and mint new sneakers. Users can exchange/swap USD coins (USD) using the GST token. The Green Satoshi Token price has fallen 99.50% over the last year. The highest price for GST was $6.58, and the lowest GST price was $0.023.
Green Metaverse Token (GMT)
The game rewards you with GMT tokens for finishing tasks, leveling up your sneakers, and completing missions. It means you can use GMT tokens to upgrade your sneakers to earn more rewards and enjoy better experiences in the game.
Only sneakers that reach Level 30 are eligible to trade GMT for USDC in cryptocurrency exchange. To earn GMT, you need at least three Energy—the “rule of three requirements”—to begin.
Is STEPN a Good Investment?
Considering the crypto prices today, research the project thoroughly before committing your money if you’re planning to invest.
Although it is too early to assess the success of STEPN, it is clear that this app’s future will depend upon several factors. These include understanding the app, its team, and your financial goals. If you can identify with STEPN’s mission, it may prove to be a profitable investment. However, if not, then you should think twice before investing in it.
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