Probably not the biggest of optimists could have imagined that the cryptocurrency market would bet on a crypto asset to record a high of over 22,000% in just under 30 days. But that is the reality of the Green Metaverse Token (GMT), which was launched at $0.01 on March 9 by Binance and was trading at $2.22 on Tuesday afternoon (5) according to the CoinMarketCap chart.
GMT is the governance token of the STEPN app, a platform that encourages physical exercise through rewards within the gaming ecosystem, which is done through the Green Satoshi Token (GST) which, in turn, can be reinvested within the ecosystem itself or removed. The GST was trading at $4.54 late on Tuesday.
STEPN, in its latest level, also provides rewards for the GMT.
The app works similar to a play-to-earn (P2E) game, with the difference being that rewards are earned by tracking physical runs and rides, monitored by STEPN via GPS to calculate the crypto assets that they win.
It is a new concept in the cryptocurrency market, the move-to-earn. However, the starting signal to enter the STEPN ecosystem is the acquisition of a non-fungible token (NFT) from a trainer on the Magic Eden market of the Solana network (SOL). The copy with the lowest value on Tuesday was 8.96 SOL, about 1,175 dollars at the Solana exchange rate.
The purchase of an NFT trainer is the passport to STEPN. Image: Magic Eden
Step by Step
For users who prefer to sweat it out to earn their GSTs, or GMTs, instead of trading crypto assets, the project’s white paper lays out the following steps:
1. Download the STEPN app at linktr.ee/stepnofficial;
2. Enroll in STEPN to access the app on the user’s device via email address and verification code confirmation;
3. Create a new digital wallet, in the upper right corner of the screen, which provides for the generation of a 12-word secret phrase that must be physically written down and kept in a safe place in case the wallet needs to be retrieved;
4. Transfer Solana (SOL) to the app wallet in sufficient amount for the purchase of NFT shoes on the market and the payment of fees;
5. Buy a trainer in the Magic Eden market.
An eye on the choice of coach
The purchase of a trainer is the passport for users to join STEPN. There are four characteristics: Walker, Joguer, Runner and Trainer. But you have to be careful when choosing, because trainers have different attributes that influence receiving rewards, as explained in the project’s white paper:
1. Efficiency (GST Earning) – In solo game mode, efficiency plays a role in GST earnings. Having a higher Efficiency attribute will result in better GST earnings per energy spent. For users who prefer the Marathon game mode, higher Efficiency leads to faster accumulation of points on the leaderboard.
2. Luck (Mystery Box) – In Solo and Tennis Rental game modes (to be announced by STEPN), luck determines the frequency and quality of receiving a Mystery Box. Users can also receive Mystery Box items while their trainers are rented. The Mystery Box is a loot box that drops randomly as the user moves through the solo game mode.
3. Comfort (GMT Gain) – For Solo, Marathon, Stake/Government (under development) game modes, the Comfort value has been redesigned and is currently under development.
4. Resistance (Durability/Repair) – In solo game mode, resistance affects the rate of durability decay. Higher Resilience will lead to slower Durability Decay. The higher the level or quality of the tennis shoe, the higher the cost of repair. Durability is a trainer’s “stamina” bar. As the user moves, the durability decreases. Trainers receive a “attrition” penalty at two points of contact with durability: at 50/100 durability, the trainer’s effectiveness drops to 90%; at 20/100 durability, the trainer’s effectiveness drops to 10%.
Types of tennis shoes
There are four types of trainers, to be chosen based on the profile of each athlete in relation to exercise intensity and fitness level: the Walker, for a speed between 1 and 6 km/h with a reward of 4 GST per energy spent (each energy equals five minutes of movement and movement gain); the Runner, ideal for a speed between 4 and 10 km/h with a reward of 5 GST for energy spent; the Runner, for a speed between 8 and 20 km/h with a return of 6 GST per energy spent and the Trainer, for a speed between 1 and 20 km/h, with a reward ranging between 4 and 6.25 GST for energy spent .
On the other hand, the gains are not fixed according to STEPN, since the calculation of GST gains can also be affected by GPS signal problems, trainer efficiency (low durability compromises efficiency), instability of the mobile phone data signal and randomness (random choice of a user).
There are five categories of trainers, and each quality attribute is chosen at random, which distinguishes one trainer from another with the same quality: Common (1 to 10), Uncommon (8 to 18), Raw (15 to 35) , Epic (28 to 63), and Legendary (50 to 112).
Advantages
According to the document, there are other features in tennis that can influence the amount of GST received, such as NFT capping, a process performed by users by reinvesting GST received. Leveling up also means adding perks, like unlocking shoe minting, unlocking coach rentals, and even unlocking GMT earnings, which in this case is earned at the last level (30).
At level 30, users also have the option to record GST/GMT/NFT to customize their trainers, including but not limited to changing a name, adding a quote, and adding additional attribute points, STEPN said, adding that new details on trainer customization are expected to be announced soon.
The user must consider the attributes when choosing the trainer. Image: Disclosure/STEPN
According to the white paper, there are two game modes. One of them is Solo, which provides GST earnings for 1 Energy equivalent to five minutes of movement and movement gain, and users have to activate the app before starting activities by pressing “start”, as well as check the status in the top of screen showing “Walking” or “Running”.
In Marathon mode, users must register in the Marathon tab at least 24 hours before the start. There will be weekly marathons and monthly marathons. In the case of weekly marathons, as the name suggests, they last a week. Users can choose to participate in 2.5 km, 5 km or 7.5 km marathons, but can only participate in one marathon at a time. In the monthly marathons, users can choose to participate in 5, 10 or 15 kilometer marathons, but they can also only participate in one marathon at a time.
The calculation for the payment of the rewards is done per minute and depends on the following factors: type of trainer, attribute of efficiency of the trainer, attribute of comfort of the trainer and speed of movement, which, in this case, does not necessarily mean a high speed , but the maintenance of the speed within the range of the respective trainer, since the discrepancy of the speed in relation to the ideal range can cause a reduction of up to 90% of the gains.
monitor application
Tracking some STEPN data is also another way to increase profits, so the white paper suggests users look at the status at the top of the screen that shows “Walking” or “Running.” The “Moonwalking” message, for example, will appear if the app detects a weak GPS/internet signal or if the user is not moving organically (ie using an e-scooter or a phone on a leash on their dog). No GST will be gained during Moonwalking, and users may lose energy depending on the circumstance. The GPS signal, on the other hand, can be controlled by three colors: white (no GPS), red (bad GPS) and green (strong GPS).
What could also help leverage GMT is the possibility of a further rise in Bitcoin (BTC), whose behavior is similar to what the cryptocurrency showed months before the all-time high of around $69,000 in November 2021, Cointelegraph reports.
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