What is GMT currency?
GMT is the native digital token of the STEPN platform, an innovative project that combines active lifestyle and blockchain technology. STEPN aims to encourage users to exercise, such as walking and running, in exchange for digital monetary rewards. GMT was launched in 2022 and quickly became one of the most controversial cryptocurrencies, thanks to its unique idea.
Currency Project
The GMT-backed STEPN project is based on the Move-to-Earn concept, a system that encourages physical activity. Users can download the STEPN app, purchase digital sneakers as NFTs, and start earning rewards simply by walking or running.
GMT is used as a currency within the system to incentivize and drive users to purchase premium items or improve their in-app experience.
Strengths
Innovative idea: combines physical activity and technology, making it attractive to the younger generation.
Active community: The currency benefits from a large user base and strong marketing campaigns.
Healthy Motivation: Encourages exercise and improves overall health.
Weaknesses
Depends on the reward system: If the rewards decrease or the GMT price decreases, users may lose interest in the project.
Strong competition: The project faces challenges from similar platforms in the Move-to-Earn space.
Volatility: Like other cryptocurrencies, GMT is subject to sharp price fluctuations.
Is GMT trading halal or haram?
The ruling on trading GMT depends on the nature of the project and its use.
Halal: If the rewards are based solely on physical activity and actual work, and there is no suspicion of gambling or usurious dealing.
Haram: If the use of GMT or the rewards system involves gambling, or the project is linked to illegal activities.
It is advisable to consult a Sharia expert to obtain an accurate fatwa.
Recommendation
If you are looking to invest in a cryptocurrency with a fresh idea and an active community, GMT could be an interesting option. However, given the high volatility of the cryptocurrency market, it is best to allocate a small portion of your portfolio to this type of investment, and stay up to date on the project’s developments.
