Collaborates with Guinness:
They partnered with Guinness World Records to launch a special raffle offering 300 co-branded OG Sneakers.
This event coincides with an attempt to break the record for the most users to complete a mile in the distance on November 23.
STEPN is a blockchain-based project that aims to promote healthy living by rewarding users for their physical activity. The project uses blockchain technology to create a connection between the real world and the virtual world, encouraging people to participate in more physical activity through gamification.
At the heart of the STEPN ecosystem is the STEPN app, which tracks users’ daily steps and rewards them with the native GMT token. The number of tokens rewarded is determined by an algorithm that takes into account a variety of factors, including the number of steps taken, the intensity of the steps, and the user’s contribution to the STEPN community.
The STEPN platform offers a marketplace where users can spend their earned GMT tokens on a variety of virtual and physical goods. Furthermore, the platform also offers leaderboards and challenges to foster competitive spirit and create a sense of community among users.
GMT DAO’s Innovative Move with GMT Burn Initiative
GMT Burn Initiative. This initiative offers GMT holders the opportunity to take an active role in the process of deciding whether a total of 600 million GMTs (worth approximately $100 million) will be burned. The program aims to set a new standard in the web3 ecosystem by emphasizing transparency, collaboration, and community engagement.
What is Token Burn?
Token burn means that a certain amount of tokens are permanently removed from circulation in order to reduce the total supply of tokens in the market.
This is usually done by sending tokens to a “burn wallet”, which is designed so that the tokens cannot be used again.
Burning generally aims to increase the value of a token by reducing its supply. Through supply-demand dynamics, it can positively impact the market value of a token.
The GMT Burn Initiative sets a new standard for community engagement in the web3 ecosystem. By allowing holders to vote on the potential burn of 600 million GMT tokens, the DAO emphasizes its commitment to decentralization and transparency.
The “GMT Burn Initiative” is an initiative that proposes burning 600 million of the total supply of GMT tokens.
This initiative allows the community (token holders) to vote on this burn.
The role of the DAO: Here, the DAO (Decentralized Autonomous Organization), that is, a decentralized organization, is a structure that ensures the implementation of community decisions. In this process, the DAO:
Gives the community a say (a democratic decision-making mechanism).
It performs transactions without the need for a central authority.
It offers a transparent and participatory system.
The Importance of Token Burning
Community Engagement: Voting on the burn allows the community to play an active role in the project. Token holders have influence over the supply.
Value Management: Burning can reduce the token supply, making the remaining tokens more valuable (assuming demand remains constant).
Decentralization and Transparency: The fact that the DAO manages this process shows that the project is true to the principles of decentralization and that everything is done openly.
This initiative aims to democratize the token burn process to increase community participation and make the project more transparent. Token burns can potentially increase the value of the token by reducing the supply, while also building trust in the community.
What is STEPN (GMT) Coin?
We take a deep dive into STEPN (GMT), a web3 lifestyle app that implements the win-win concept and rewards its users for staying physically fit.
What is STEPN (GMT)? How Does STEPN (GMT) Work?
What are the Features of Stepn?
What are the Game Modes? GMT Token Price Prediction and Future Outlook and Where Can You Buy STEPN's Token GMT? Now let's examine the answers to all the questions together!
What is STEPN (GMT)? STEPN is the first move2earn mobile NFT game powered by Solana, where players can walk or run outdoors with an NFT Sneaker to earn tokens. STEPN aims to inspire millions of people to participate in healthier lifestyles by bringing them into the Web 3.0 world and positively contributing to carbon neutrality.
To get started with the earn-to-win app, users must deposit Solana’s native SOL token into STEPN’s in-app wallet, purchase a sneaker NFT from the in-app marketplace, and wait 24 hours for an “energy” replenishment.
STEPN was created by an Australian-based fintech studio known as Find Satoshilab. The company is known for its past contributions, including dominating the 2021 Solana Ignition Hackathon Gaming Circuit as the top team.
Recently, the price of the GMT token has increased by more than 2000%, making it one of the best-performing web3 crypto tokens of 2022.
How Does STEPN (GMT) Work?
After successfully downloading the app, the user needs to connect their wallet and transfer Solana (SOL) cryptocurrency to buy NFT sneakers and start their journey with STEPN. SOL is the main currency that the STEPN app works with. Therefore, it is mandatory for the user to have it in their wallet.
NFT sneakers (available via SOL) are the essential item to start your journey with STEPN. Users can connect their app to the sneakers and walk around or run outdoors, anywhere in the world, and earn points with them. These points are classified as in-game currency and are then used for various rewards, such as upgrading sneakers or NFTs, leveling up, or cashing in real-world money.
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