STEPN is a decentralized, open-source cryptocurrency project aiming to build a global, green metaverse. It was created to empower individuals and organizations to live and work in an entirely digital universe, focusing on sustainability and green infrastructure. By combining the power of blockchain technology with the innovative concepts of virtual reality, STEPN is setting its sights on creating a platform for social interaction and economic activity that is both efficient and environmentally friendly.
The Green Metaverse is a concept that describes a virtual world that is designed to promote sustainable living and environmental conservation. It is an extension of the existing concept of the Metaverse, which is a collective virtual shared space that people can access through the internet.
The Green Metaverse seeks to use the power of technology to create a platform that enables individuals and organizations to come together to solve environmental problems and promote sustainable living. It may include virtual reality experiences, online communities, and digital tools that support sustainable practices and education.
STEPN is based on the Solana blockchain and combines the elements of a play-to-earn game with a fitness app to create a new “move-to-earn” category of fitness games. Users purchase NFT sneakers, which they use to earn coins while walking, running, or jogging. It’s made to push users to a healthier lifestyle. The users earn Green Satoshi tokens, and different types of sneakers return different amounts of tokens. The project uses a “proof-of-movement” technology and GPS system to prove that the users really moved. The application is available for both Android and iOS systems.
The Green Metaverse crypto project was founded in August 2021 by Australian entrepreneur Yawn Rong, who previously founded Crypto SA, an Australian crypto fund and pro-regulation auditor. Rong has also served as an auditor for the Algorand network, and also had experience representing the blockchain industry at the South Australian Blockchain Association. Yawn Rong worked on STEPN with his partner and neighbor Jerry Huang, a game developer and a former founder of the Falafel games.
The GMT crypto project went from the inception stage to its beta version in just 5 months. The IDO for the project was held in March 2022, and from that time the project team has kept working on the concept and is planning to expand it to other networks as well. Another plan of the project team is to introduce the concept of the Marathon Mode with weekly and monthly races. The participants will be able to upload their results to the leaderboard and get special prizes.
In the seed round, the project received over $5 million from big crypto venture capital firms, such as Sequoia Capital, Folius Ventures, Alameda Research, 6th Man Ventures, etc., including Angel Investors Santiago R Santos and Asia Partner of republic Zhen Cao.
STEPN follows a dual-token model with the GST utility token and GMT governance token. GST is awarded to the users and it doesn’t have a max supply, but has several burning mechanisms to disincentivize inflation. The token is needed to buy, mint, fix, and upgrade the sneakers as well as upgrade the in-game gems.
The GMT token can be earned only after the sneakers reach the 30th level. The coin has a total supply of 6 billion, from which 30% is distributed for the move and earn mechanism, 30% is kept for the ecosystem and treasury, 16.3% is allocated for the private sale, 7% went to the launchpad sale, 14.2% goes to the team and 2.5% is allocated to the project advisors. On the official page of the project, the team posts weekly information about the GMT token (how many tokens are released and burnt).
Users can upgrade their sneakers, enhancing one of five characteristics. This allows them to get bigger returns on the activities. How much the user can run or walk to earn coins also depends on the amount of energy one possesses, which can be also bought by upgrading the sneakers. On February 19, 2023, STEPN released its rarest sneaker yet, the Genesis sneaker.
As the Green Metaverse crypto project is built on Solana, the users enjoy low fees to buy, sell and exchange their tokens and sneakers. In the STEPN DOOAR DEX users pay around 0.001–0.002 ETH fee to swap the GMT tokens.
STEPN Token Wallets
The STEPN tokens can be held in most of the popular crypto wallets, including Coinbase, Binance, OKx, ByBit, CoinTiger, Exodus, FTX, Atomic Wallet, Guarda Wallet, Bit2Me, etc.
