How to Buy STEPN GMT in 3 Simple Steps

So it’s important to do your research and understand the factors that impact the value of these NFTs. That’s why people sometimes prefer the alternative strategy of holding for the long term. If you have good reason to believe that the value of your sneaker will appreciate over time, holding on to them may be a good idea.

If you go out of your speed range during your movement, your earnings will be reduced by up to 90 percent depending on the discrepancy. After you’ve downloaded the app and purchased your first sneaker NFT you’re ready to move-and-earn! Because STEPN is an application built on the Solana blockchain, it requires a web3 wallet that is compatible with Solana. Fortunately, there are multiple options for those who have experience with cryptocurrencies and those without. To access the «wallet» feature, select the Solana icon in the top right corner of the application, toggle to «wallet» and follow the following steps. Launching today, MOOAR supports NFTs minted on both Ethereum and Solana, and there’s more than just Stepn’s own digital sneakers onboard.

Getting your hands on one of the hottest cryptocurrency tokens isn’t rocket science. Choosing a reputable exchange that supports STEPN (GMT) is key in purchasing the token. Simply select your preferred deposit method, double-check the numbers, and proceed to your purchase. Simply choose your preferred method, such as a bank transfer, Master and Visa credit/debit cards, e-wallets, etc. The payment method you use to buy STEPN coins will be determined by the platform, location, and preferences. After successfully linking your wallet, choose the token to swap by providing the data in either cryptocurrencies or USD/EUR.

If you are happy with the attributes and level of the sneakers, tap Buy Now. You can use the Filters to select sneakers based on types, quality, level, and shoe mint. Once you are in the in-app marketplace, you will be able to scroll down to see NFT sneakers that are available for sale. However, once the STEPN team rolled out the sneaker renting feature, the upfront amount needed to play STEPN will get lower as you could rent an NFT sneaker instead of buying. Before buying a sneaker, make sure you have a STEPN account, created and funded your STEPN wallet.

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This slow token emission, if nothing else, reveals a distinct intention of longevity on StepN’s part. Play-to-earn projects in the GameFi space often carry with them the worry of sustainability and are even accused of being pyramid-scheme-esque. The StepN NFT Sneakers were sold through a series of online auctions. STEPN is the first NFT-inspired fitness app for Web 3.0, but we doubt it will be the last. However, it will provide a good roadmap for other companies looking to introduce similar technologies. Still, with the crash of the NFT market, waning NFT demand, and the crypto winter in full effect in 2022, we wait to see what 2023 brings to the M2E space.

While you need sneakers to start earning, you don’t need to buy anything to start running. Australian fintech firm, Find Satoshi Lab, created the STEPN app. Founded by Jerry Huang and Yawn Rong, STEPN made its debut at the Solana hackathon in October 2021. While Huang is a serial entrepreneur, Rong is a blockchain venture capitalist. As soon as the app officially launched in December, thousands of users started signing up, so much so that the team had to limit the number of daily registrations.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Before that, STEPN was only available on exchanges that aren’t allowed in the United States, like Binance, and on decentralized exchanges. Now that it’s listed on U.S. exchanges, it’s much easier to buy. We always recommend taking a long-term investing approach, meaning buying and holding for several years.

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Who would have thought, in generations, we’d need more than our fast fingers to win a game, but here we are. This game requires you to literally move from place to place for any progression. The more you move, the more tokens you earn, and the more tokens you have, the higher chance you’d win valuable items. There’s quite a variety to these games – from solving jigsaw puzzles to dismembering aliens to buying virtual lands, all mixed up in one goofy bag. STEPN is the first Web3 NFT game that requires you to literally move from place to place for any progression. If you think you can easily earn using STEPN (maybe even cheat) and cash out, you are in for disappointment.

The amount you can earn depends depends on your sneaker’s ‘Energy’—the unit for a set period users may earn whilst exercising per day. The Energy, in turn, depends on the number and types of NFT sneakers you own. Find Satoshi Lab, the parent company of the move-to-earn application Stepn, is releasing MOOAR, a membership-based, multi-chain non-fungible token (NFT) marketplace. This random airdrop costs GST to open and contains ‘Gems’ you’ll use to level up your sneaker NFTs. That’s all pretty standard, but it’s the next step where things start to lose the plot. When completing your registration, the app asks you for an activation code.

Create a STEPN Account

The popularity of the game skyrocketed, but the question is how STEPN will continue to keep its users and investors engaged. If you want to invest in cryptocurrency and don’t know where to start – join Liquid! Founded in 2014, Liquid is one of the world’s largest cryptocurrency-fiat exchange platforms serving millions of customers worldwide. The activities in the game, like Marathon, keep players engaged and motivated and that’s something most modern games have yet to achieve, let alone NFT games. They call it Energy and you get a small amount for free every day, plus some from your sneakers.

Head to consensus.coindesk.com to register and buy your pass now. Over the past two months, NFT platforms X2Y2, Magic Eden and most recently LooksRare have all dropped the requirement to pay out royalties to creators when purchasing tokens. Notably, the platform is launching with zero platform fees and no optional royalties. Moreover, not all of these sneakers sell for prices as high as they did in early 2022. There are many different types available across a range of prices.

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This is one of the most challenging aspects of the game that requires you to be in optimal shape on every run. You can continue to run even after your Energy has run out, but the earning meter will stop until the next day. The above is a Common pair with decent stats, better than a lot of four-figure sneakers. You can participate in weekly or monthly marathons by registering at least 24 hours before under the “Marathon tab”. However, you should note that users can only take on one marathon at a time. StepN’s private-round tokens won’t even start unlocking until 2023 and will take a full three years to fully do so.

But this strategy requires patience and even if the market fluctuates. Once you’ve purchased a sneaker by StepN, you can hold on to it in the hope of long-term value appreciation or sell it soon for a profit. Monitoring the market and evaluating your financial goals will help determine the best action. Then look for a reputable NFT marketplace where StepN NFT sneakers are sold. Some popular marketplaces for NFTs include OpenSea, SuperRare, and Nifty Gateway.

• Every Sneaker in STEPN is different and not every player necessarily needs the same type of shoe.
• StepN feels like a unique NFT project, mixing an odd amount of worry and optimism into an exercise-to-earn app concept.
• Once registered, users must buy or mint an NFT sneaker of their choice.

So, it might take you a few days of waiting before you manage to find a code that isn’t taken by another user. There are reports of users waiting weeks to cop an activation code through the Discord method. Users begin the game with 2 Energy per day but can increase their energy levels by purchasing additional sneakers compounding a trading account NFTs, or using higher quality sneakers. Both of Stepn’s tokens, GMT and GST, are available on crypto exchanges like Binance, OKX, Bybit, CoinTiger, and FTX. The first is the sneaker, which has a profound effect on how much money a player can earn and explains why some of these NFTs go for such astronomical sums.

The amount you earn is based on two factors; your level of physical activity and the rarity of the NFT Sneakers you own. Different types of sneakers return GST at different rates — the higher a sneaker’s efficiency attribute, the more GST per minute the user can earn. Although STEPN is the first move-to-earn app, other exercise-to-earn games can be found on the market.

Binance Labs, the venture capital arm of Binance, has 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. Once the transaction is completed, your STEPN (GMT) will be credited to your digital wallet, and you can track your STEPN holdings in your CoinStats account.

The new project is pushing the frontiers of the application of blockchain technology with the trio of gaming, fitness, and socials. STEPN is less than a year old, and not everything is working 100% correctly yet. Many reviewers, especially those using the Google Play version of the app, have complained about not receiving an activation code or having trouble setting up an account. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount. It is important to consider the long-term sustainability of STEPN, the move-to-earn concept may be difficult to retain the interest of long-term investors and users.

The project is the first and only mobile game to win the Solana Ignition Hackathon Gaming Track in 2021. Sign up for a CoinStats account if you don’t already have one, and verify your identity. Connect your digital wallet that supports Ethereum-based tokens, such as MetaMask or MyEtherWallet, to your CoinStats account. How to buy STEPN (GMT) might be at the top of your priorities given the buzz around the asset in recent days.

If you’re not using GST to repair your sneakers from time to time, they’ll lose their earning power and eventually become defunct. While users are incentivized to move and earn, the more they do, the faster their shoes wear out. This is one of the fun ways the game makes you strategize your approach to it.

Then, each aspect of the sneaker (like efficiency or comfort) might affect the rate of GST you can earn. Then, as previously mentioned, this will cost the user “energy”. Only users with sneakers above level 30 may choose whether to earn GST or GMT. But no matter your level, once you’re out of energy, the earning comes to a halt. I was lazy going out for exercises especially after the pandamic I can wfh I stay inside my room everyday. If you are new to the market, prepare to lose all your money or to earn 10x 100x times.

Users can only deposit fiat or crypto, and KuCoin requires a $5 minimum deposit. A Mystery Box requires a cooldown period based on its rarity before you can open it, but once that period ends users can use GST to open the box. Users cannot list sneakers for sale with less than 100 durability and at 50 durability, your sneaker NFT will dip to 90 percent of the maximum efficiency attribute.

For instance, in the runner mode, you’ll need to travel within 8 to 20km/h to earn GST tokens. The STEPN mobile app offers users a ‘Solo Mode,’ with plans to introduce multi-user functionality in the future. In the Solo Mode of the app, users can choose to run, walk, or jog to earn ‘GST’ tokens.

His work has also appeared on MSN Money, USA Today, and Yahoo! Finance. STEPN is an interesting concept and has been successful so far, but like other types of cryptocurrency, it’s also volatile and risky. If you invest, make STEPN a small part of your portfolio and only spend money you can afford to lose. Those looking to invest typically buy GMT tokens, since these have a limited supply and give holders voting rights on the project. Unfortunately for investors, the recent trend for this project has been negative. There’s also a speed meter that you need to keep up with in order to stay earning.