Green Metaverse Token or GMT is the governance token of STEPN Decentralized Autonomous Organization (DAO). STEPN is the world first Move to Earn or Move2Earn (M2E) game.
In this blog post I will walk you through the concept of Move to Earn(M2E) games and about STEPN. You will come to know about the Green Metaverse Token (GMT), how to earn a GMT token and much more.
- BASIC INFO OF GREEN METAVERSE TOKEN (GMT)
- WHAT IS MOVE TO EARN (M2E) GAMES?
- STEPN : A MOVE TO EARN GAMES (M2E)
- WHAT IS GREEN METAVERSE TOKEN (GMT)?
- GOVERNANCE USING GREEN METAVERSE TOKEN(GMT) IN STEPN
- DISTRIBUTION OF GREEN METAVERSE TOKEN(GMT) IN STEPN
- SUSTAINABILITY OF STEPN THROUGH GREEN METAVERSE TOKEN(GMT)
- STEPN OFFICIAL APP
- PARTNERS OF GREEN METAVERSE TOKEN (GMT)
- ROADMAP OF GREEN METAVERSE TOKEN (GMT)
- OFFICIAL LINKS OF GREEN METAVERSE TOKEN (GMT)
- FAQ ON GMT, STEPN, MOVE2EARN(M2E), ETC
- What is STEPN?
- Is STEPN like a Sneaker NFT project?
- How does STEPN work?
- Do I have to buy an NFT Sneaker to move2earn?
- Where can I buy NFT Sneakers?
- Do you do NFT Sneaker Airdrops?
- What is GST?
- What is GMT?
- How does STEPN contribute positively to Carbon Neutrality?
- When is the IDO/IEO/Exchange listing?
- How can STEPN detect cheating?
- Can I move to earn with STEPN on a treadmill?
- How do I get an activation code?
- Do I need to transfer some SOLs to use STEPN?
- Should I buy an NFT Sneaker or NFT Shoebox in the Marketplace?
- What is the “Minting” function?
- What is “Moonwalking”?
- Why didn’t I earn anything after walking or running with STEPN?
- Is it true that the longer I walk/run, the more I earn?
- How do I increase my Energy in STEPN?
- How do I replenish my Energy in STEPN?
- Can I make more than 5 GSTs a day in STEPN?
- If my NFT Sneaker’s Durability is 51/100 can I still run on it until 0 in STEPN?
BASIC INFO OF GREEN METAVERSE TOKEN (GMT)
|Name: Green Metaverse Token (GMT)||ICO: 9th March, 2022|
|Metaverse/Project : STEPN||Team/Developer: FINDSATOSHI LAB LTD|
|Blockchain: Solana||Country of Origin: Australia|
WHAT IS MOVE TO EARN (M2E) GAMES?
Move to earn (M2E) is a new concept in the world of GameFi and Play 2 Earn (P2E) world. You are rewarded in form token to move your body from one place to another. The movement of your body can be in the form of
So, basically its is a lifestyle game in which you are rewarded tokens or cryptos to walk, jog and run. The movement of the body is tracked with GPS and other sensors present in your mobile phone. STEPN is such a Move to Earn (M2E) game available now.
STEPN : A MOVE TO EARN GAMES (M2E)
STEPN is lifestyle metaverse with GameFi and SocialFi elements builts in it. You can earn STEPN tokens to walk, jog and run but you have to have their NFT sneakers.
STEPN built around the essential daily activity you do everyday. You are equipped with NFTs in the form of Sneakers. By walking, jogging, or running outdoors, you will earn tokens, which can either be used STEPN app, or cashed out for profit.
FEATURES of STEPN
There are some features of STEPN that make it unique from other metaverse or web3 projects. They are listed below.
- It used the concept of Move to Earn (M2E) gamification concept. It will help millions to embrace healthier lifestyles.
- STEPN does not require you to own a NFT Sneaker to earn a token. Instead, you can rent them for free from other users to get started, with the earnings split later.
- SocialFi and GameFi is inbuilt in STEPN.
- Carbon Offsetting. You can donate GMT to donate to NGO or technology to minimize the harmful use of mining crypto.Donation is voluntary.
TOKENS OF STEPN
STEPN has two types of tokens. They are listed Below.
- GST (Green Satoshi Token)
- GMT (Green Metaverse Token
GST (Green Satoshi Token)
Green Satoshi Token is the in-game token of this move2earn game. GST has an unlimited supply and you can mint them when you do activities after buying NFT their sneakers.
The GST token is also burned when the following activities are performed.
- Leveling up Sneakers
- Gems upgrade
- Unlocking Socket
- Resetting Sneaker Attributes
GMT (Green Metaverse Token)
The details of Green Metaverse Token or GMT is discussed in the next section
WHAT IS GREEN METAVERSE TOKEN (GMT)?
Green Metaverse Token or GMT is the governance token of STEPN Decentralized Autonomous Token(DAO). GMT token is limited to a supply of 6 billion will be minted on 9th March, 2022 in a token generation event.
USES OF GREEN METAVERSE TOKEN (GMT) IN STEPN
The use of Green Metaverse Token in GMT is listed below.
- Level a sneaker to Level 29 and 30.
- Minting of Rare, Epic and Legendary sneakers of STEPN
- Member of DAO of STEPN
- Upgrading Gem from Level 4-9
- Resetting Sneaker Attributes
BURNING OF GREEN METAVERSE TOKEN (GMT) IN STEPN
The GMT token is burned or destroyed in case of the following situation
- Governance participation
- Taker option is the voted result
- Sneaker Customisation
- Level 28 – 30 Sneaker leveling
- Rare to Legendary Sneaker Shoe-Minting
- Level 4 – 9 Gem upgrade
- Sneaker Attributes Reset
GOVERNANCE USING GREEN METAVERSE TOKEN(GMT) IN STEPN
As you know, one of the use of Green Metaverse Token(GMT) in STEP is for governance. You can become a member of DAO when you stake a GMT token. The Voting power (VP) depends on STEPN DAO depends on the time period of staking your GMT token.
By locking the staked GMT, you will get higher voting power. The table below will make it clear for you.
|Looking Period||Voting Power (VP) per 1 GMT|
|1 month||1 VP|
|3 months||4 VP|
|6 months||8 VP|
|1 year||16 VP|
|2 years||32 VP|
|3 years||64 VP|
DISTRIBUTION OF GREEN METAVERSE TOKEN(GMT) IN STEPN
As of now, the GMT token is limited to 6 billion. 30% of total GMT will be distributed to users through Move2earn(M2E) game of STEPN and Governance participation in STEPN DAO.
A large portion of the 30% Ecosystem fund will be used to run giveaways and community events such as Forever Online Marathon Offerings (FOMO).
GREEN METAVERSE TOKEN(GMT)
The GMT token is distributed among buyers, users, ecosystem, team and advisor. The % of distribution is listed below in table and pie chart.
|Distribution||% of GMT distribution|
|Private Sale||16.3 %|
|Move2Earn (M2E)/ GameFi||30 %|
|Team of STEPN||14.2%|
|Advisors of STEPN||2.5 %|
|Public Sale||7 %|
SUPPLY OF GREEN METAVERSE TOKEN (GMT)
To ensure sustainability and longevity of the STEPN, the total supply of GMT will be halved (½) after every 3 years until all tokens are realesed. The table below will clear it for you.
|Years||Supply of GMT through activity and governance|
|And so on||Until 6 billion supply is completed|
SUSTAINABILITY OF STEPN THROUGH GREEN METAVERSE TOKEN(GMT)
To sustain the STEPS ecosystem, some trading fees are charged from the users. The taxes are collected into a treasury poll. The table below shows the tax and fees collected.
Tax and Fee System in STEPN
|In-app Activities||Tax/ Fee (%)|
|Marketplace Trading Fee||2 %|
|Marketplace Royalty Fee||4 %|
The 2 % Marketplace Trading Fee is reserved for the team of STEPN to sustain its operation. The Marketplace Royalty Fee is give to the Sneaker NFT creators.
STEPN OFFICIAL APP
For using these Move2Earn(M2E) games, you have to use their app. STEPN app available for both Android and iOS. The link for app is given below.
PARTNERS OF GREEN METAVERSE TOKEN (GMT)
There is good backing and patterns of the STEPN project. This makes it a good project to invest your money and time. But do your own research before that.
Some of the patterns are listed below.
- Folius Venture
- Solana Ventures
- Alameda Research
- DeFi Alliance
- Open Space
ROADMAP OF GREEN METAVERSE TOKEN (GMT)
STEPN launched their beta version of the app and concept in December of 2021. The following road map of STEPN is taken as per their official website,
|Jan 2022||In-app trade function, In-app marketplace|
|Feb 2022||GEM System|
|March 2022||IDO. Wallet upgrade|
|April 2022||Multi chain upgrade|
OFFICIAL LINKS OF GREEN METAVERSE TOKEN (GMT)
|Website: https://stepn.com/||Twitter: https://twitter.com/Stepnofficial|
|Discord: http://discord.gg/stepn||Telegram: https://t.me/STEPNofficial|
|Reditt: https://www.reddit.com/r/StepN/||Medium: https://stepnofficial.medium.com/|
FAQ ON GMT, STEPN, MOVE2EARN(M2E), ETC
What is STEPN?
STEPN is a move2earn or Move to earn (M2E) NFT mobile app, which aims to nudge millions into the Web 3.0 world, healthier lifestyles and contribute positively to Carbon Neutrality.
Is STEPN like a Sneaker NFT project?
In STEPN, the NFT Sneaker is a “mining machine”. Users can move and earn GST tokens. STEPN’s NFT Sneaker is both a collectable and utility tool.
How does STEPN work?
Users walk, jog or run outdoors with an NFT Sneaker to earn GST/GMT, which are burned to upgrade or mint new Sneakers. Alternatively, users can choose to trade GST/GMT to SOL or USDC through the in-app Swap function.
Do I have to buy an NFT Sneaker to move2earn?
Not necessarily. You can choose to rent an NFT Sneaker from the in-app Marketplace and split the earnings with the NFT Sneaker Lender.
Where can I buy NFT Sneakers?
From STEPN’s in-app Marketplace. Alternatively, you can trade NFT Sneakers at Magic Eden.
Do you do NFT Sneaker Airdrops?
Currently STEPN gives away three NFT Sneakers during our Twitter Space Quiz and Weekly Discord AMA; join our Discord for details.
What is GST?
GSTs are minted daily by users through moving and leasing their NFT Sneakers, and are burned daily by them to upgrade and mint new NFT Sneakers.
What is GMT?
A percentage of tax is taken when users trade, lease or mint NFT Sneakers in the STEPN app. These taxes go to the STEPN Treasury. GMT is the Governance Token of STEPN, and players stake GMT to vote how STEPN distributes its Treasury profit.
How does STEPN contribute positively to Carbon Neutrality?
Depending on GMT staker votes, STEPN donates a percentage of its Treasury profit
(10-70%) to buy Carbon Removal Credit on the Blockchain.
When is the IDO/IEO/Exchange listing?
IDO is schedule for 9th March, 2022 and listing will be done on the same day.
How can STEPN detect cheating?
We use motion sensors, GPS and Machine Learning to detect cheating which is explained in this article.
Can I move to earn with STEPN on a treadmill?
No, you cannot do, You have to move outside as the tracking is done when you have strong GPS signal.
How do I get an activation code?
Do I need to transfer some SOLs to use STEPN?
Yes. This is a Web 3.0 mobile app built on Solana Blockchain, so users need SOL as gas fee.
Should I buy an NFT Sneaker or NFT Shoebox in the Marketplace?
NFT Shoebox is a Mystery Box, which contains one NFT Sneaker. By opening it, you get a random type and quality NFT Sneaker from the NFT Shoebox. Whether you get a lower or higher quality NFT Sneaker comes down to the luck of the draw.
What is the “Minting” function?
Users can mint a new NFT Sneaker from two Level 5 Sneakers by burning GST/GMT in the STEPN App. Each Sneaker can mint 7 times; the higher the minting count, the higher the cost.
What is “Moonwalking”?
Moonwalking occurs when you are not qualified for move2earn which includes moving indoors, riding bikes, driving cars or weak GPS signals.
Why didn’t I earn anything after walking or running with STEPN?
There are many reasons you didn’t make earning; please ensure you are:
1. Moving at outdoor without overhead coverage (e.g., tree or building);
2. You have Energy (e.g., 2.0/2.0 Energy);
3. You have allowed STEPN access to your GPS and Health data;
4. You have mobile data on and are not connected to Wi-Fi.
Is it true that the longer I walk/run, the more I earn?
You can only move2earn when you have Energy left to spend. With one NFT Sneaker, a user has 2 Energy, which equals 10 mins time. You will NOT make GST earning once you use all your Energy.
How do I increase my Energy in STEPN?
Users need to hold more NFT Sneakers to get more Energy
How do I replenish my Energy in STEPN?
25% of your Energy replenishes automatically every 6 hours.
Can I make more than 5 GSTs a day in STEPN?
At NFT Sneaker Level 0, your daily GST cap is 5. You can increase your daily GST earning cap by leveling up your NFT Sneakers.
If my NFT Sneaker’s Durability is 51/100 can I still run on it until 0 in STEPN?
Durability is the speed an NFT Sneaker wears itself out. When the Sneaker Durability drops below 50% and 20%, the Sneaker receives a “worn-out” penalty, which reduces the Sneaker’s Efficiency to 90% and 10% of its full value respectively.
Wrapping this blog post, Move2Earn(M2E) game is a nobel concept to change our lifestyle with earning potential. STEPN is the world’s first Move2Earn(M2E) game in the world of metaverse. Green Metaverse Token (GMT) is the governance token of it. So, install the app buy its sneaker NFT and come let’s earn some GMT and GST tokens.