How to buy STEPN | Where, How and Why
How to buy STEPN (GMT) might be at the top of your priorities given the buzz around the asset in recent days. The new project is pushing the frontiers of the application of blockchain technology with the trio of gaming, fitness, and socials.
Enter STEPN! STEPN is a web 3 lifestyle app that allows users to earn through the simple activities of jogging, walking, and running outdoors. With a move-to-earn consensus mechanism, STEPN aims to flip the script for exercise by combining GameFi elements and Social-Fi for a healthier lifestyle.
In recent weeks, the numbers around the project have skyrocketed with thousands looking to get started. This article offers an in-depth explanation of how to buy STEPN (GMT) and begin your journey to earning while burning those calories.
Before deciding to part with your money, it is important to get an understanding of what STEPN entails. STEPN is a move-to-earn mobile NFT game that allows individuals to earn cryptocurrency through the simple activity of walking, running, and jogging with a Non-Fungible Token (NFT) sneaker. An in-app marketplace and a built-in swap function are among the features that attract users to the new platform.
At its core, STEPN wants to bring Web 3.0 to a wider audience while banking on the billion-dollar fitness industry. Through the use of a vibrant social community, gamification, and the opportunity to earn crypto, STEPN has generated quite a buzz in crypto circles. The project is built on Solana, a Proof-of-Stake (POS) blockchain that processes over 700,000 transactions per second in an energy-efficient manner.
STEPN has had an impressive track record since entering the space. The project won the Solana Ignition Hackathon Gaming Track in 2021 and holds the record as the first and only mobile game to win the hackathon. The factors that gave STEPN an edge over other sophisticated projects in the hackathon include the intuitive user interface, seamless design, and in-built marketplace and wallet.
Founders and Investors in STEPN
STEPN is the brainchild of Find Satoshi Lab, an Australian financial technology studio. On the website, the project lists Jerry Huang and Yawn Rong as co-founders of the project with Huang having a 10-year career in mobile game development.
Given the potential of the project, STEPN has attracted investments from notable angel investors in the space. It famously raised a $5 million seed round from the cohort of Sequoia Capital, Alameda Research, DeFi Alliance, Corner Ventures, and Folius Ventures, amongst others.
Binance Labs, the venture capital arm of Binance also invested in the project. Bill Qian, Head of Binance Labs, noted that the ‘gamification of exercise” will bring more people into Web 3.0.
“Even though we have grown 1000x in the last few months, this is only the start of our journey,” said Rong. Speaking on the deal and the potential of the project, Huang noted that the “community is the mainstay of our growth and seeing them rewarded is our biggest motivation.” He adds that a beginner can earn with only 10 minutes of exercise while an expert-level player can earn NFT rewards and “handsome token returns.”
How It Works
For starters, players have to download the STEPN app from the Play Store. Then the next step is to purchase NFT sneakers based on the current fitness levels and start to earn tokens from the activity of walking and running.
Users’ GST earnings can be spent in the game to level up or cashed out for real money. The gamification features are bolstered through the use of mystery boxes, customization of the NFT shoes, and stratification into levels. There are also several modes available that are designed to keep things fresh for players.
There are two token systems in STEPN which are the Green Satoshi Tokens (GST) and the Green Metaverse Tokens (GMT). GST serves as the general game token while GMT is the project’s governance token. GMT determines how much STEPN donates to the treasury pool and how much it dedicates to carbon neutrality.
Players can stake GMT to participate in the governance which gives them the power to decide on the manner of distribution for staking rewards.
GMT’s recent listing on Coinbase has sent the token soaring to an all-time high of $4.11, according to data from CoinMarketCap. A circulating supply of 600,000,000 GMT and a total supply of 6,000,000,000 leaves the protocol with a market cap of $2.1 billion. This makes it the 50th largest cryptocurrency by market cap.
On the other hand, GST has a current price of $7.02 and a market capitalization of $25.2 million.
Modes on STEPN
There are several modes on STEPN that are tailored for every player on the platform regardless of their fitness levels. Under the solo mode, users can earn GST by the activities of running or earning. According to the platform mechanics, users will earn tokens for every minute of activity on the platform based on the attributes of the NFT sneaker and the speed of movement.
The Marathon Mode is designed for individuals with a higher endurance ratio. Before taking part in the marathons, players are required to register during the window of registration. Marathons are divided into weekly and monthly sessions with sub-divisions into various distances. It is important to note that players can only participate in one marathon at a time.
The last mode on STEPN is the background mode that allows users to still earn income even when the mobile app is closed. This mode also allows players to earn the repair costs for one pair of shoes. Data from walking around is pulled from the health data of the device and does not affect the sneaker’s efficiency attribute, unlike in solo or marathon modes.
How to Buy GMT
With the buzz associated with STEPN, you might be interested in purchasing GMT. Look no further as the following steps will show you the best ways to purchase the token.
Step #1: Choose An Exchange
The first step to buying STEPN (GMT) is to create an account with a cryptocurrency exchange that supports the token. There are a handful of exchanges that support the token but special care and attention should be given to the security and the applicable fees on the exchange.
Some of the exchanges that list the GMT token include Gate.io, MEXC Global, Binance, and most recently, Coinbase. Be aware that some of these exchanges might require stringent KYC procedures and need personal information like phone numbers and even addresses, unlike a decentralized exchange.
Step #2: Fund Your Account
After choosing your desired cryptocurrency exchange, the next step to take is to deposit funds into your account. A large number of exchanges will allow you to use fiat currencies like USD or EUR to fund your account.
Simply choose your preferred method which could be through a bank transfer or via Master or Visa debit cards. The use of e-wallets and other new means of payment is also allowed by leading exchanges. Traders should keep an eye out for the costs associated with the use of different deposit mechanisms as some tend to attract higher fees than others.
Step #3: Buy GMT
After completion of the first two steps above, the next stage is to purchase your crypto. A similar pattern can be found across all exchanges in purchasing GMT. Individuals should go to the search bar to find GMT and click on “Buy GMT” or its equivalent.
The next step is to input the amount of GMT to be purchased or the fiat amount available to be spent. Most exchanges will automatically convert the amount for investors to know how much they will spend and how much GMT will be obtained.
But before making the financial decision to buy, it is necessary to take a second look at the figures to be sure that there are no errors. Also, traders are advised to confirm that it is STEPN (GMT) that they are purchasing and not similar or lookalike tokens.
After confirming, traders can proceed to buy their GMT Token from the exchanges straight to their wallet.
Exchanging Crypto for Fiat
Assuming fiat currency is not your thing, you can still use cryptocurrencies to get GMT. This is done through the selection of fiat-to-crypto exchanges. You can purchase Bitcoin on the exchange and then convert it to GMT by selecting the appropriate trading pairs.
Some cryptocurrency exchanges with a vibrant peer-to-peer (P2P) platform will allow users to buy GMT from other users directly. The process is usually seamless and with the option for a P2P that is easily accessible. Traders will generally have to select GMT and a seller, and also choose the option of opting to pay with either crypto or fiat. After making your selections, click the buy button to start trading.
After making payment, most platforms will designate the transaction as “pending released” and after confirmation of the transaction, the seller releases the GMT to the buyer’s wallet. There is the option for parties to the transaction to call themselves on most platforms to smoothen out the transaction process.
How to Store GMT
After the purchase of GMT, the next challenge is often the best way to keep your GMT for safekeeping. GMT tokens can be stored in either cold or hot digital wallets.
Right out of the bat, the crypto exchange that you use will often come with an in-built wallet for you to store your GMT tokens. This type of wallet is referred to as a hot wallet, and like the two sides of a coin, it has its pros and cons.
If you’re looking to trade GMT regularly, hot wallets provided by your selected crypto exchange are ideal. The costs associated with using hot wallets are usually minimal and this appeals to the bulk of cryptocurrency traders. In addition, the ability to access a ton of features provided by the exchange makes hot wallets a preferred option for traders.
Examples of hot wallets include MetaMask, Coinbase Wallet, Trust Wallet, and Edge Wallet, amongst others.
Cold wallets are another method of storing your cryptocurrency with security as the priority. Cold wallets involve the use of hardware devices to store cryptocurrencies offline without any internet connection.
Storing your GMT in a hardware wallet makes it impossible to be stolen by hackers but they are more expensive than hot wallets. Prices for cold wallets range from $50 to $200 on average and are highly recommended for investors purchasing a large amount of GMT tokens.
Examples of cold wallets are Trezor Model T, Ledger Nano X, CoolWallet Pro, KeepKey, Ellipal Titan, and SafePal S1, amongst others.
How to Keep an Eye on Your GMT Holding with CoinStats
Tracking cryptocurrency portfolios across several exchanges might prove to be a hassle for investors because of the complexities of the markets. However, CoinStats, a leading cryptocurrency portfolio tracker, now allows users to track their entire holdings from DeFi, NFTs, and cryptocurrencies with the tap of a few buttons.
Traders can now link their crypto exchanges to CoinStats and trade all their cryptocurrencies on linked exchanges from one platform. Profit, loss, and liquidity of GMT can also be monitored across several exchanges on CoinStats.
Linking with CoinStats is seamless and there is support for over 250 cryptocurrency exchanges on the platform. Furthermore, over 7,000 cryptocurrencies are supported and traders have the added functionalities of charting tools and analytical data. Advanced search features and up-to-date news on CoinStats are just some of the advantages that CoinStats has over other cryptocurrency portfolio trackers.
So there you have it! You can see that getting your hands on one of the hottest cryptocurrency tokens around isn’t exactly rocket science. Choosing an exchange that supports STEPN (GMT) is key in purchasing the token. Just select the preferred deposit method, double-check the numbers, and proceed to your purchase.
Peer-to-peer is another means of purchasing the asset if it is supported by your chosen exchange. The selection of a proper wallet of storing GMT tokens is yet another factor to bear in mind before leaping. So it is important to do your own research before making an investment in cryptocurrencies.