STEPN’s Green Metaverse Token (GMT) capitalized on the positive sentiment in the cryptocurrency market, with Bitcoin (BTC) rising over 8% on Wednesday, and in its debut on Binance, GMT was up over 1,500% in less than 3 minutes.
The game’s native cryptocurrency debuted on Binance via Binance Launchpad, the exchange’s token launch system.
The GMT acts as a governance token within the health and fitness game play-to-earn system, built on Solana (SOL). STEPN pays its users to perform a physical activity, such as running or walking.
Users who participated in the Binance Launchpad, and who fulfilled the system’s tasks such as BNB staking in the launch period, had the opportunity to buy the token for $0.01 and in less than 3 minutes its value rose by more than 1,500%. and reached 0.19 dollars to later go back to 0.16 dollars.
with the rise GMT repeated the success of the last 5 tokens launched by the system, such as Alpine, a fan token for the Formula 1 teamwhich was launched by the exchange last month and was up 1,800% on its debut.
In addition to Alpine, all the latest releases of the exchange under that modality, League of Kingdoms (LOKA); Voxies (VOXEL) and FC Porto Fan Token (PORTO) were also up over 2,000% on the day of the listing.
STEPN
STEPN is a health and fitness app, and although it is free-to-play, meaning you don’t need to buy any NFTs to enter the game, to earn tokens for your fitness activities users need to buy a trainer in NFTs to the game. Each NFT is traded, on average, for around 9 SOL.
Trainers in NFT can be upgraded and come in different types, qualities and models and through them users get rewards for their runs, walks and other physical activities.
According to the developers of STEPN, the project aims to inspire millions of people to lead a healthier lifestyle, connect them with Web3 and fight against climate change, and for this the game offers various gamification features in the applicationsuch as leveling up trainers, minting new trainers, mystery boxes, NFT customization, and social interactions.
STEPN has raised about $5 million from investors, where 16.30% of the total GMT token supply has been sold for about $0.005/GMT. The game also comes with a built-in wallet that supports both its native tokens like GMT and GST, as well as SOL and USDC.
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