Green Metaverse Token: The essential guide to GMT and STEPN

Some of the more recent entrants on the crypto scene are making greater moves towards Web 3.0 and the metaverse. This immersive, decentralised arena is opening up new opportunities to gamify and incentivise activities. STEPN and the Green Metaverse Token (GMT) is no exception; an app that tracks a user’s physical activity and offers rewards in the form of crypto and NFTs.

STEPN launched in late 2021 and saw a promising uptake in global users in the first few months of 2022. As a result, its native GMT token rose in value and became an intriguing prospect for crypto traders on the lookout for the latest investment prospect. But what exactly is the STEPN app all about, how do you earn GMT, and will it retain its investment potential in years to come?

A guide to STEPN

STEPN describes itself as a “Web3 lifestyle app with inbuilt Game-Fi and Social-Fi elements”. In summer 2021, co-founders Jerry Huang and Yawn Rong created it as a “move-to-earn” app and secured fourth place (out of 500+ projects) at the Solana Ignition Hackathon 2021.

After its initial success at the hackathon, STEPN emerged in beta phase in December 2021. The idea of rewarding users for physical activity is certainly one of its key aims. But the STEPN team also sees the app as connecting the public to Web 3.0 and helping to fight climate change.

Built on the Solana blockchain, the incentivisation aspect sets it apart from a lot of other apps in the fitness space. By gamifying exercise, it’s a reason for users to become more active – getting rewarded for doing so.

One planned future addition will be Marathon Mode. Here, users will compete against each other in weekly or monthly distance events. STEPN crypto tokens will be awarded based on where a user finishes in the leaderboard. All users will also receive NFT badges.

In addition, users will also have a chance to offset their carbon use by donating their earnings. STEPN has already partnered with Nori to donate a share of its profit towards carbon offsetting.

How does STEPN work?

To get started with the app, a user first needs to buy NFT sneakers from its marketplace. But it isn’t a simple choice. A user must buy a sneaker that’s suited to one of four types of activity. If not, the user will stop earning STEPN tokens when their speed goes outside the range of the chosen activity. If the NFT sneaker is suited to walking, for example, a user won’t earn while jogging.

To buy a sneaker, the user must use the STEPN in-app wallet and transfer Solana.

STEPN doesn’t work with fitness machines either. The rewards can only be earned when outside doing physical activity. To do this, it uses GPS – and it comes with anti-cheating features too.

In addition, the sneakers will have a certain amount of “Energy” – depending on their level. One unit of Energy equates to five minutes in which you can earn STEPN tokens. At first, this reward will come in the form of the game’s utility token – the Green Satoshi token (GST). When a user’s sneakers reach level 30, they are eligible to earn the governance token – the Green Metaverse token (GMT).

What is the Green Metaverse Token

So, what is the Green Metaverse Token? Its main role is as the STEPN governance token. Users of STEPN start off by earning GST – the in-app currency. It can be used for things like repairing or levelling up sneakers, upgrading gems, or opening Mystery Boxes.

Once a user’s sneakers reach level 30, they can start earning Green Metaverse Token (GMT). In doing so, users can vote on decisions that will shape the future of STEPN. GMT also allows users to upgrade gems, reach levels faster, and boost the amount of GST that can be earned per day.

How many GMT coins are there?

There is a difference between the two types of STEPN tokens when it comes to the amounts available. In terms of the Green Satoshi Token, there is an unlimited supply that users can earn each day by getting out and about. But that isn’t the case when it comes to the Green Metaverse Token.

The maximum supply of GMT is currently restricted to 6 billion coins – with around 10% of this (600 million) in circulation. Of this supply, three out of every 10 GMT coins is available through “move-to-earn” rewards. The same amount is allocated to the STEPN ecosystem and treasury.

A further 16.3% of the GMT supply is eligible for private sale.

It’s also worth noting GMT earning is on a pro-rata basis. As the number of people able to earn GMT goes up, the amount people are able to earn will go down.

The unique nature of STEPN and its GMT coin means certain factors will affect its value in ways unlike any other crypto asset.

Ultimately, it is a governance token – so its value is rooted in the success of the app. You can see this in the Green Metaverse Token to USD price since its launch – reaching a high of $4 in late April 2022, according to CoinCodex.com.

But it suffered a drop in monthly active users during Q2 and Q3 2022 – a DappRadar.com report showing that fall to be 67% in the third quarter. As a result, the GMT to USD price is now only a fraction of that April 2022 high – hovering around $0.50 as of October 2022.

The Green Metaverse Token price and market cap will also be affected by wider trends at play in the global crypto market.

How to buy and trade the STEPN GMT coin

A select number of crypto exchanges now let you buy Green Metaverse Token – including Bybit, CoinTiger, Binance and OKX. To do so, however, you need to sign up to your chosen exchange and purchase Bitcoin (BTC) or Ethereum (ETH) using a debit or credit card.

You can then buy Green Metaverse Token with your Bitcoin or Ethereum. By using an exchange, you may have the option to set your preferred price using a limit option. Alternatively, you may exchange BTC or ETH for GMT at the market rate should the price be right.

Of course, the other way you can trade GMT is to sign up to STEPN and reach the milestone you need to earn through the app.

For crypto traders, there are some exciting new options to explore. More of these are becoming heavily based in Web 3.0 and the metaverse. As such, it makes these investment options unlike “conventional” crypto assets.
But how does STEPN crypto look as a potential investment?

The initial post-launch period looked promising for the Green Metaverse Token. But the reversal of its fortunes in Q2 and Q3 2022 makes for a bearish outlook.

Of course, this doesn’t automatically stop GMT from being a worthwhile investment. If you’re a trader with an interest in and an appreciation of the app’s ambitions, it could well align with your investment strategy. After all, there are still some features to be rolled out.

Green Metaverse Token price predictions

So, what do Green Metaverse Token price predictions tell us about its investment potential for the short and long term? The prevailing sentiment is bearish. Indeed, some analysts present a huge question mark over the direction of the Green Metaverse Token price:

• Based on data from 28 October 2022, CoinCodex.com‘s sentiment was 87% bearish; predicting that GMT’s price could sink to $0.14 within a month. But there is hope for potential traders, with the price estimated to sit between $1.19 and $2.08 by 2024.

• DigitalCoinPrice.com notes a 30.52% month-on-month drop in the STEPN price from September to October 2022. Yet, it predicts a return to growth as soon as November 2022. Based on its estimations, its price could exceed $1 again as soon as 2024.

• For WalletInvestor.com, GMT won’t make a good one-year investment for traders. In October 2022, it predicted the GMT to USD price will likely trade below $0.05 into the following year. No major gains in its value are expected in the years to come.

• PricePrediction.net is more confident. That said, its prediction for growth in GMT’s price over the next few years is modest, estimating that it may take until 2028 or 2029 for it to break through the $1 barrier.

Is GMT the right investment for you?

By promoting healthier and greener lifestyles, the launch of STEPN attracted a major spike in interest. As a result, it underpinned the growing Green Metaverse Token price – especially for the first part of 2022. And with it came interest from crypto traders looking for their next real investment opportunity. But is it the right one for you?

The move-to-earn element has a large appeal. But the battle for STEPN is maintaining active users each month. In that lies the strength of GMT as an investment. As things look, few analysts are considering it a worthwhile investment. That said, it could still be something that aligns with the things that matter to you.

Of course, the decision can only ever be yours. The entire crypto market is prone to volatility – and this attribute could bring about a huge upturn in the Green Metaverse Token price sooner than predicted. Whether GMT is the investment for you or not, don’t forget that FXCM allows you to trade some of the most popular cryptocurrencies. And you can do so without any commission.

Get the latest real-time crypto quotes and use our award-winning platform to open a position with leverage. If crypto is where your investment heart lies, open your account with us today.