STEPN (GMT): Here’s How the New Economic System will Work

STEPN aims to slow down new shoe production with time limits and Minting Scrolls.
  • STEPN remains the largest NFT-based move-to-earn game, present on two networks.
  • Game will allow fusing five low-rank shoes into a higher-grade NFT model.
  • GST, GMT trade near three-month lows.

STEPN (GMT) was one of the most potentially lucrative move-to-earn games. But that peak potential only lasted for a few weeks, leaving the game to deal with problems of oversupply. STEPN asked its community for feedback on continuing with a P2E model based on walking and NFT minting.

The first change is a fusion mechanism to upgrade low-ranking sneakers into more rare NFT. Those mechanisms have been proposed for multiple games, as a way to mop up the newly minted items. Fusion has happened on Pegaxy, Thetan Arena and may be added to TimeShuffle as a way to upgrade NFT. 

STEPN has not completely removed NFT minting, but has made it a bit more expensive. Additionally, new shoe NFT will be minted every 72 hours and not every 48 hours, to slow down production and increase scarcity. 

Additionally, players will have more chances of getting Mystery Boxes, which may contain Minting Scrolls. Those scrolls will be combined to produce new NFT. 

Currently, STEPN NFT exist in two Realms, spanning the Solana and BSC networks. Each Realm will have a separate Energy system for shoes and their potential returns. 

STEPN Challenged by Low Token Prices

The reward token, GST on the Solana network is now down to $0.23. This token has already cut most of the earnings available through STEPN. GMT token tries to bounce off its three-month lows, rising from $0.09 to $0.11.

STEPN NFT sneakers get re-listed on OpenSea at a 12 SOL floor price, a relatively high valuation for a large collection with above 90K items. NFT sneakers give an in-game advantage with higher earnings, while also burning GST for repairs.

STEPN remains the leading move-to-earn app with the biggest user base. However, the app also gathers complaints on login failures, as well as an inability to withdraw SOL to a spending wallet. 

Step.App is also rising as competition to STEPN, though based on the Avalanche network. FITFI token and Step.App are now among some of the most active Avalanche products. Despite popularity, FITFI now trades at $0.10, down from a peak above $0.70.

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