Binance launched STEPN’s GMT token. How does it work?
Binance announced that it would launch the 28th project on its Launchpad. STEPN is a Web3 lifestyle app. It also boasts inbuilt Game-Fi and Social-Fi elements. Binance added the platform’s native utility token GMT and users can buy the tokens on the exchange. The total supply of Green Metaverse Token (GMT) is 6,000,000,000. However, the company will allocate only 420,000,000 GMT (7% of Total Token Supply) to Binance Launchpad. The price will be 0.01 USD per token during the initial coin offering. The platform accepts only BNB in exchange, though.
The team has built STEPN around an essential daily activity for most people – moving around. It is the first project to effectively bring a functioning move&earn concept to life. However, the company has already finished 4th out of 500+ projects at the Solana Ignition Hackathon 2021. It has an experienced team and will likely achieve great success with this new project, as well.
STEPN users will equip themselves with NFTs in the form of Sneakers. By walking, running, or jogging outdoors, they will be able to earn game currency. Afterward, they can either use their tokens in-game or cash them out for profit.
With the aid of Game-Fi, the company aims to nudge millions toward a healthier lifestyle. It also plans to combat climate change and connect the public to Web 3.0. At the same time, the team will hinge on its Social-Fi aspect to build a long-lasting platform fostering user-generated Web 3.0 content.
What about the game modes?
STEPN offers several game modes. In Solo Mode, players have NFT Sneakers, and they can earn tokens by moving. Users need the energy to earn Green Satoshi Tokens (GST). Furthermore, every 1 Energy equals 5 minutes of move&earn movement and energy. The latter will only start replenishing after users acquire an NFT Sneaker. To begin, customers select a Sneaker of their choice and press Start. They will be able to see a status on the top of the screen showing either Walking or Running.
The app will show Moonwalking if it detects a weak GPS/internet signal or the customer is not organically moving (for example, using an electronic scooter or strap phone on their dog). Users won’t earn any GST while Moonwalking, and they may or may not lose Energy depending on the circumstance.
People should always make sure they have Energy before moving, as there is no token earning if they have zero Energy. The platform will pay GST/GMT for every minute of movement, which is dependent on four main factors:
Type of Sneaker. That’s important because base GST returns for each Sneaker differs; Sneaker’s Comfort Attribute – the higher the comfort, the more GMT user can earn per minute. They will have the option to choose between GMT and GST earning at Level 30. Users can also switch between these two earning modes freely; Sneaker’s Efficiency Attribute – The higher the efficiency, the more GST users earn per minute; and lastly, Speed of Movement – to maximize earnings, customers should keep within the optimal speed range of their respective Sneaker. Whenever they fall below or above this range, their earnings will reduce up to 90%, depending on the speed discrepancy from the optimal range. When Energy depletes, users stop earning tokens.
Mystery Boxes offer interesting surprises
Mystery Box is a loot box. While users are moving in Solo Mode, they may get this box randomly. It can contain GST, Gems, or nothing at all. However, if users reach their Daily GST Cap, they won’t obtain GST from the Mystery Box. Each customer has 4 Mystery Box slots.
Moreover, this box has the same five quality types as Sneakers. Users can’t open the box immediately upon receiving it. That requires waiting, and the countdown starts automatically. But once the countdown ends, they will be able to open it. According to the team, the Mystery Box countdown duration increases proportionately to its quality.
What does Marathon Mode offer?
The team is still working on this mode. So, it may change the process and offer more functionalities. In Marathon Mode, customers need to register under the Marathon Tab at least 24 hours prior to commencement. There will be Weekly and Monthly Marathons. Weekly Marathons are held weekly. Thus, they last for the whole week. Customers can choose to participate in the 2.5km, 5km, or 7.5km Marathons. However, they can only take part in one Marathon at a time. Monthly Marathons are held monthly and last for the whole month. In this case, users can choose to participate in the 5km, 10km, or 15km Marathons.
Only customers who have successfully registered will receive a notification in their Quest Log. They can then utilize the Set a Goal function and keep track of their progress. Once the user completes the stipulated running distance, the platform will notify them via the Quest Log that the Marathon is complete. Participants will not be able to repair their Sneakers until the Marathon is over.
The company decided to impose a registration fee to ensure commitment from users. But it will refund the paid amount upon completion of the Marathon. Users who cannot complete the Marathon within the time frame will have their fees pooled together. The platform will include them in the Leaderboard rewards.
How does Leaderboard work?
The company ranks Marathon participants by using points. The platform calculates points based on users’ running speed and Sneaker’s Attributes. The top-ranked participants will receive rewards in the form of GST/GMT prizes and a Gold NFT Badge. There are also second and third places with Silver and Bronze NFT Badges. All Marathon participants will receive an NFT Badge of Participation, though.
The team is still working on the STEPN app and its Background Mode. Users will be able to continue earning GST even when they aren’t actively using the app. So long as the customer holds a Sneaker in the app, Background Mode will count the steps directly from their mobile device’s Health Data app. The team noted that these earnings are fixed. Besides, participants will not incur Durability or Energy costs while earning through Background Mode.
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