A governance token of STEPN, a move-to-earn fitness and wellness app.
March 22nd 2022
Green Metaverse Token (GMT)
STEPN is a move-to-earn health and fitness application and the project behind Green Metaverse Token (GMT).
STEPN is a web3 lifestyle app with GamFi and Social elements. Users can equip NFTs in the form of digital sneakers and earn rewards by walking, jogging or running. STEPN has a built in wallet, swap, NFT marketplace, and rental system.
STEPN has two tokens in its ecosystem, a game token, Green Satoshi Token (GST) and a governance token, Green Metaverse Token (GMT).
Green Satoshi Token (GST) can be used for minting new sneakers, or to level up. Users earn GST by walking, jogging, or running.
Green Metaverse Token (GMT) is the native governance token and has the following use cases:
Governance: You can stake your GMT tokens to take part in the decision making process. The longer the locking period the greater influence your vote has.
Staking reward: GMT stakers can also vote to decide the distribution of staking rewards.
Burning Mechanism: There is a burning mechanism built into GMT. GMT is burned to access in-app features, such as sneaker upgrades and minting new sneakers.
STEPN current features:
Mobile App: STEPN has a mobile app live on the IOS App Store and Google Play App Store.
Sneaker NFT: Sneaker NFTs can be used to earn rewards. Users can burned tokens to level up and customize their sneakers. It is important to note that every sneaker has a different types, attributes, qualities and gem sockets.
Rental System: STEPN has provided a way for users to lease out their sneakers to renters and split the reward. In other words, you can rent out a sneaker for free and split the rewards with original owner.
Move and Earn: Users who own STEPN sneaker NFTs can move outdoors to earn tokens. STEPN uses advanced mechanics such as a gps to prevent cheating and exploitation.
NFT Marketplace: Users can trade their NFTs on the in-app NFT marketplace.
SWAP: Users can swap their token rewards for other cryptocurrencies in the in-app swap.
Decetralized Wallet: Userse can accss an in-app wallet to send and deposit cryptocurrencies to fund their spending.
STEPN has raised ~5MM USD from investors, where 16.30% of the GMT total token supply has been allocated to them.
As of May 4th 2022, the total supply of GMT is at 6,000,000,000. The circulating supply is at 600 million.
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