Today, let's take a look at the very popular sneaker project GMT from 2022.
Today, STEPN's token GMT is very strong, rising over 50% in just one day. Currently, it has pulled back to $0.202, and the market cap of GMT has reached $539 million, ranking 153rd in market cap. Let's see what GMT is all about!
Introduction
STEPN is a Move-to-Earn health and fitness application. Users equipped with Sneaker NFTs can move outdoors to earn token and NFT rewards. STEPN has built-in wallets, exchanges, markets, and an RNPL (Rent Now, Pay Later) system, making STEPN a bridge between crypto and non-crypto users.
STEPN has a dual-token system, one game token - Green Satoshi Token (GST) and one governance token - Green Metaverse Token (GMT). GMT is STEPN's native governance token.
Web3 Lifestyle Revolution: At its core, STEPN is a Web3 lifestyle application that blends gaming and social elements, making daily exercise beneficial for health and rewarding in the digital space. As a pioneer of Web3 lifestyle products, STEPN ranked 4th out of over 500 competitors in the 2021 Solana Ignition Hackathon, marking an important milestone in turning concepts into reality.
Earn money by moving: By equipping NFT sneakers, users are encouraged to walk, jog, or run outdoors and earn game tokens and NFTs in the process. This innovative approach not only motivates physical activity but also provides users with the flexibility to use their tokens and NFTs in the game or convert them into other forms of tokens.
The mission beyond gaming: At its gamified core, STEPN aspires to inspire millions to embrace a healthier lifestyle, contribute to climate change efforts, and facilitate seamless integration with Web 3.0.
Project Practical Applications
Governance: Staking participates in governance; the longer the lock-up period, the higher the voting power.
Profit Distribution: GMT holders own the treasury and can vote to decide the distribution of net profits.
Accumulation of protocol revenue: Destroy GMT to access in-app features, such as sneaker upgrades and minting new sneakers.
Key Features and Highlights of STEPN:
Mobile Application: STEPN has launched on the iOS AppStore and Google Play Store (limited to certain countries/regions).
Sneaker NFTs: Each pair of sneakers has different types, qualities, attributes, and gem slots. Users can burn tokens to upgrade and customize their sneakers.
Move and earn: Users equipped with sneaker NFTs can move outdoors and earn tokens. There are multiple layers of anti-cheat mechanisms to prevent exploitation.
RNPL (Rent Now, Pay Later) System: Users can rent sneakers for free, move, and earn income, then share the income with the sneaker owners.
In-app NFT marketplace: Users can trade their NFTs in the marketplace.
In-app exchange: Users can exchange their token earnings for other forms of cryptocurrency.
In-app decentralized wallet: Users can deposit and send cryptocurrencies to the wallet to fund their spending accounts.
Project Background
The funding raised was very little, not much to say.
GMT Token Economic Model
Maximum Supply: 5.253 billion
Token Distribution:
Token Unlocking:
Currently, 0.04% is unlocked daily, 1.2% monthly, leading to a continuous decline in the token, and the popularity of sneakers is not as high as before, resulting in a persistent downturn.
Why the surge
First, in November 2024, the project team repurchased up to 600 million of all unlocked investor tokens.
Immediately announced the official establishment of GMT DAO, while opening the website, allowing players to stake their GMT on the site for a maximum period of 60 days, while sharing airdrop prize pool of up to 100 million GMT.
We know that in today's market, people are wary of VC coins, and almost no retail investors are willing to engage with VC coins anymore, as they peak as soon as they are listed, with continuous sell-off pressure from monthly unlocks, causing token prices to decline and severe loss of confidence among holders and traders.
If the community locks 900 million $GMT before January 20, 2025, all 600 million repurchased tokens will be permanently destroyed. Once completed, this will permanently reduce the maximum supply of tokens by 10% and eliminate the largest single source of sell pressure.
For the project, this is not only a milestone but also a transformation—from a VC coin with massive sell pressure to a fully circulating MEME coin, transitioning from a 'X to earn' chain game token to a platform token, with a strong community foundation and self-sustaining capabilities, imagining vast potential.
Summary
It was really popular from 2021 to 2022, as it was a VC project, so it kept unlocking and dropping, creating a parabolic pattern on the K-line. Everyone knows about this sneaker project, the concept of earning money by running, capitalizing on the idea of health and fitness.
However, if this autonomy succeeds this time, it will directly reduce the total amount of GMT by 10%, which will indirectly lead to no sell pressure!
Looking at this chart, you'll understand. Perhaps this coin can be revitalized directly, after all, this coin still has some ecology, has also launched on major exchanges, providing operational space, and it hasn't gone up much. I think if you're interested in this project, you can invest a portion without fully committing, as it can be averaged down if it falls. In the long run, it should be a positive development!
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