One needs to stay committed to maintaining a healthy lifestyle. Or else, all the efforts go in vain. That’s exactly the case with the popular move-to-earn app STEPN.
STEPN’s governance token GMT went down 81% from its all-time high while the reward token is down 98% in just a period of two months. Recent unfortunate events that trailed STEPN, appear to be proving skeptics right about the imminent failure.
Many even questioned: Is move-to-earn dead?
Here’s the answer
GMT, the governance token of the Web 3.0 lifestyle app STEPN, is trading up by 35% over the past 24 hours after developers updated the app and fixed some bugs. Improvements made included the sneaker NFTs recycling issues with the network introducing a new burning mechanism. This allowed the possibility of synthesising five same-quality sneakers into a sneaker of the next higher quality.
STEPN is a mobile application that utilizes Solana and Binance Smart Chain networks. Users purchase NFT sneakers with varying rarity and traits in either SOL or BNB. Later, users use the same to earn cryptocurrency while moving.
Now given the amendments, GMT recorded a 33% surge as per CoinMarketCap that took the token to the $1.07 mark. The token witnessed massive trading volume in the last seven days. Traders and investors showed interest in the platform, hence the uptick.
Source: Santiment
However, the said volume remains insignificant as compared to the total trading volume. But that didn’t quite deter users’ commitment to the cause. In fact, the NFT-based exercise app amassed three million active users each month. Yes, the number of new daily users has dropped on an average to the 2,500 mark. But, loyal users have kept the token afloat.
Source: Dune Analytics
In a week, existing users amounted impressive numbers ranging from 27k to 15k as depicted here. In addition, STEPN hinted in its announcement on Twitter that a new realm may be coming, which effectively means the adoption of its utility token GST by another blockchain.
1/ We’re pleased to inform our users that in the latest version of the app, we have added the Sneaker Enhancement (burn 5 lower quality Sneakers to get 1 better quality Sneaker) and have adjusted the energy sharing rules: pic.twitter.com/Ha9Zw9ybsR
— STEPN | Public Beta Phase IV (@Stepnofficial) June 21, 2022
Not an easy ride ahead…
The aforementioned platform was indeed a target of spam accounts and DDoS attacks wherein players used bots and GPS spoofing to inflate the number of tokens generated. Furthermore, the attacks led to hours of downtime on the platform. The event also had rippling effects on the price as well as the users.
In addition to this, competitors in the market have increased as well. Rivals in the form of Walken and Sweatcoin as the move-to-earn bug have hit the GameFi community hard.
Walken’s $WLKN token was released on 21 June and is up by 750% since launch. The game has similar mechanics to STEPN, using NFTs to optimize earnings.
Source: https://ambcrypto.com/stepns-gmt-records-a-35-surge-thanks-to-existing-users-commitment-but-thats-not-all/