- STEPN offers new sneaker upgrade for rare Rainbow items.
- The game will start using the more stable GMT token as a reward.
- STEPN aims to transform itself into a Web3 project with organic growth.
STEPN (GMT), one of the leading move-to-earn apps, has succeeded in raising engagement in the past few months. The game is used as a lifestyle app, despite the slide in GMT and GST tokens. Now, STEPN wants to attract players with a new type of NFT sneaker.
NFT sneakers can be generated and enhanced, and are able to produce rainbow features. This will increase the rarity of some of the owned NFT.
STEPN was also one of the first move-to-earn games to produce an oversupply of NFT items. Burn and upgrade mechanisms are one of the tools to return value to the game. One of the tools is to require high-level NFT to boost earnings.
STEPN to Give GMT as Reward Token
STEPN started its reward system with Green Satoshi Token (GST). Now, the game aims to bring GMT rewards to its high-ranked players, requiring at least Level 30 NFT.
The difference is that GMT is a limited-supply token with a higher value. GST, on the other hand, derives its endless supply from the game activity. Despite token burns, GST quickly lost value.
GMT still hovers around $0.55, close to its valuation in the past quarter. GST is down to $0.02, a much more dramatic unraveling from levels of above $7.80. The volatility of the token means the game rewards are less predictable and less attractive.
STEPN, however, may abandon its initial move-to-earn model, which created big earnings for early buyers, but left NFT owners and token holders with losses. The game wants to use its fame and influence to position itself as a Web3 project, aiming to reach a billion potential users.
STEPN had the advantage of immediate liquid listings on top exchanges, as well as high-level publicity for its NFT. However, even at that level, its model was not sustainable in the long run. STEPN will aim to transform into an organically growing app, with added blockchain ownership. The game has the advantage of being present on several top blockchains for wider access.