STEPN: Libertex explains what you need to know about the "move-to-earn" crypto trend

11 May 2022

STEPN (GMT) is a so-called "move-to-earn" crypto token that was launched back in the summer of 2021. However, the price of STEPN has recently picked up the pace and sprinted ahead, leaving competing cryptos in the dust. GMT price has surged over 3500% over the last month, going from just over $0.10 to $3.89, a jump of around 70% in the last week.

How STEPN works

According to the creators, STEPN is a Web3 lifestyle app with a move-to-earn business model that combines elements of metaverse technology, gamification and personal fitness. The project's crypto token with the ticker GMT was created on the Solana (SOL) blockchain. You may have already heard of 'play-to-earn' cryptocurrencies such as Axie (AXS), which reward users for taking action inside a video game. Move-to-earn cryptos have a similar concept, but rather than awarding cryptocurrency for in-game activity; they reward users for physical activity in the real world. STEPN awards tokens to users for walking, jogging or running, offering a monetary incentive for personal fitness.

Move-to-earn is becoming a big trend in the crypto space, with strong selling points such as encouraging personal health and fitness, environmentalism (as users are incentivised to not use cars) and game elements that tie into the NFT and metaverse markets.

Here's how it works. STEPN offers virtual sneakers in the form of NFTs on its in-app marketplace. Purchasers of these sneaker NFTs get access to play the STEPN augmented reality game, which tracks physical activity and movement and rewards them with the in-game Green Satoshi Token (GST). The more they exercise, the more they earn. Users can then trade the GST reward for Solana (SOL) or USD Coin (USDC). According to STEPN, the company will use profits to "buy back and burn GMT on-chain from the secondary market", thus increasing the scarcity of the GMT token.

The move-to-earn crypto craze

Move-to-earn is generating a lot of buzz in the crypto space, although the concept is still relatively new, and it's too soon to tell if the concept of move-to-earn will stick around in the long term. Technology has become a bigger part of health and wellness culture in recent years as joggers and athletes integrate wearable fitness trackers or mobile apps into their fitness routines. Augmented reality apps such as Pokemon Go have also shown the effectiveness of gamified incentives for movement, although the famous game has yet to find a worthy successor to continue the trend. Cryptocurrency has the potential to bring a new selling point to this phenomenon.

STEPN isn't the only move-to-earn token on the market. Competitors include Genets (GENE) and dotmoovs (MOOV). The price of many move-to-earn tokens has surged lately, thanks to media and investor attention to STEPN after the company's recently released earnings report, in which it declared a  profit of $26.81 million from its NFT marketplace trading and royalty fees in Q1 2022. 

For anyone interested in investing in move-to-earn cryptocurrencies, STEPN is the frontrunner in this race. CoinMarketCap data shows that the total market capitalisation of STEPN token has crossed $2.3 billion and currently ranks as the 45th largest crypto by market cap.

Trade crypto CFDs on Libertex

Libertex is an award-winning platform for trading CFDs on forex, metals, indices, cryptocurrencies and others. It offers fast, powerful and user-friendly apps for both mobile and desktop as well as your Internet browser so that you can manage your market activity from any device whenever it suits you.

If you're looking to trade STEPN CFD or any of the 70+ crypto CFDs available on the Libertex platform, then you can take advantage of one of the best crypto trading offers on the market. Will you be moving on the “move-to-earn” crypto?




World Confederation of Businesses Presents NordFX with Business Excellence Award for the Second Time

World Confederation of Businesses Presents NordFX with Business Excellence Award for the Second TimeFor the second time, NordFX has received the BIZZ AWARDS, an award that the World Confederation of Businesses annually awards to companies that have achieved outstanding business success...

23 May 2022

Boost your trading potential with a 20% bonus

Boost your trading potential with a 20% bonusYou have an excellent opportunity to maximize your trading performance with a 20% bonus on your deposit from AMarkets. Higher volatility and an abundance of significant news and major events create a huge profit potential every day...

20 May 2022

HFM Webinar: Money Management Strategies

HFM Webinar: Money Management StrategiesMoney management is an essential skill for traders. Learn how to manage your capital and risk effectively in this informative webinar with senior trader and forex researcher, Oto. This webinar will cover the key money management concepts...

19 May 2022

Join Your Own Trading Premier League with a $1000000 Prize Pool

Join Your Own Trading Premier League with a $1000000 Prize PoolIndian Premier League is in Full Swing, and Olymp Trade is announcing its Trading Premier League 2022 in India to celebrate the worldwide event of cricket. Starting on 16.05 through 30.05, Indian traders...

18 May 2022

Olymp Trade's New Trading Signals

Olymp Trade's New Trading SignalsTrading Signals are instrument-specific real-time trading advice available on Fixed Time Trades (FTT) and Forex trades (FX) trading modes of the Olymp Trade platform...

17 May 2022

Invest in the world's most popular assets with IQ Option

Invest in the world's most popular assets with IQ OptionInvest in the world's most popular and sought-after assets. Everything you are looking for in an ultimate investment platform - on the device of your choice. From established industries to booming new age up-and-comers...

16 May 2022

Find the right Forex Broker or Application

Forex Nominations 2022