Move-to-earn lifestyle app StepN, built on the Solana blockchain, sent 100 million FSL points, worth about $30 million, to its users.
According to the April 10 announcement, FSL points can be exchanged at a 1:1 ratio for StepN's GMT tokens (GMT) and can also be used in the upcoming minting of StepN's nonfungible tokens (NFT) along with earning exclusive prizes. “We decided to launch this massive airdrop campaign as a sign of gratitude to our most loyal community members,” said Shiti Manghani, CEO of StepN.
“This week's first airdrop, for our Badge Holders, is dedicated to our core players,” wrote StepN, continuing: “Those who really play the hard way. For them, we send an allocation of FSL Points based on the complexity of achievements in their application.”
To claim points, users must register for an FSL ID, which was created by the developer of the same name who also manages the StepN ecosystem. From there, users can also spend FSL points on Mooar's NFT marketplace ecosystem and strategy game Gas Hero. This $30 million airdrop will last until the end of April.
Created by FSL in 2021, StepN allows users to earn rewards by walking, jogging, or running. Rewards are available once users purchase a virtual Sneaker NFT and link their smartphone. Rewards are issued in the form of GMT tokens, which have an inflation mechanism, a supply cap of 6 billion, and a current diluted market capitalization of $1.57 billion.
The GMT tokens that players earn can then be used to craft new sneakers or level up in the game. In the in-app marketplace, players can rent or sell their NFT sneakers, and their GMT earnings are stored in the in-app wallet, which comes with a built-in exchange function. The lifestyle app currently has more than 5 million users.
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