While most altcoins have seen significant price gains recently, a coin called STEPN (GMT) has continued to surge, rising more than 320% over the past fourteen days.
At the time of writing, STEPN (GMT) trades at $2.31 after a slight retracement from a daily high of $2.46, and remains in positive territory with a 12.30% gain over the last 24 hours.
This article examines the factors behind STEPN’s recent price rally.
What is STEPN?
STEPN is a Web3 lifestyle app launched on the Solana blockchain that combines playful features with a game-like design. The project uses two tokens: Green Metaverse Token (GMT), a governance token, and Green Satoshi Token (GST), which serves as the in-game currency.
Users earn GST by equipping sneaker NFTs that include built-in swap functionality and using them while jogging, walking, or running outdoors. Rewards in GST are credited to an in-app wallet and can be spent to mint new sneakers or upgrade in-game items.
Why is STEPN (GMT) surging?
Three main developments are being credited for GMT’s price jump: a hinted announcement involving major sportswear brands Nike and Adidas, a potential partnership with the Binance exchange, and STEPN’s plans to expand its move-to-earn model.
-
Hints about Nike and Adidas
In an interview, an anonymous STEPN representative said the project has an upcoming announcement related to major sports apparel companies such as Nike and Adidas.
“Big sports brands like Nike and Adidas are known for shaping markets tied to walking and running activities. Do you see these players as a threat in the future? You will see that we have an announcement about this soon.”
-
Possible partnership with Binance
Earlier in the week, STEPN teased on Twitter that it is planning a confidential partnership with the cryptocurrency exchange Binance.
A beginning of many possibilities! pic.twitter.com/jfYPB7Pwe0
— STEPN GO (@Stepnofficial) March 28, 2022
-
Move-to-earn model
During an interview with Solar Eco Fund, STEPN stated that to remain competitive it will continue developing move-to-earn crypto projects aimed at preserving high returns on investment (ROI) for GMT holders.
“People seek sustainably high ROI. We believe we will remain near the top by providing long-term use cases and GMT-burning scenarios to maintain strong demand for GMT.”
Additionally, STEPN plans to evolve the app into an NFT marketplace and a social platform, expanding use cases and engagement for its community.