Meta (ex. Facebook) came up with its new product called the Metaverse a while ago. However, it’s been a bit of a slow starter. Although it was big news in the tech world, it seemed like it was all hype and no substance. A new crypto token might just be able to change that.
If you’re big on cryptocurrencies and NFTs, you might have already heard of the Green Metaverse Token (GMT). It’s gaining popularity rapidly and has grown 160.09% in the past week. Just in the past 24 hours, it’s marked growth of over 80%. That puts its market capitalization at 1.2B, propelling it into the world’s top 100 cryptocurrencies by market capitalization. The coin has been around for a month, making it all the more impressive.
However, the truth is that the coin itself isn’t doing the heavy lifting here. Rather, it’s the app it’s associated with, called STEPN. The app is among the forerunners in the Metaverse, exploring new features and possibilities. By all accounts, their foray was very successful, attracting a huge number of users and investors. Let’s take a look at what the app has to offer.
STEPN is a fitness application with a move-to-earn model. It works based on two tokens, GMT, which is its governance token, and Green Satoshi Token (GST). GST is actually the token you earn in-game, and you get it for completing various tasks. STEPN is a mobile app available on Android and iPhone devices, although it’s limited by location.
Image source: https://stepnofficial.medium.com/
The app is game-like, and the core mechanic revolves around purchasing different sneaker NFTs. They all have specific advantages, but they universally allow users to earn GST by walking. The game also comes with numerous layers of anti-cheating mechanics to stop users from gaming the system.
There’s also an NFT marketplace and a decentralized wallet in-app, allowing you to trade the assets you’ve earned. Alongside that, there’s an in-app swap function, letting you exchange GST for other cryptocurrencies.
Historically, apps like STEPN have gained a fair bit of popularity since they let users earn crypto “for free.” However, their tokens have never made a huge impact on the market exactly because of their abundance. GMT seems to be different, driving interest and maintaining solid value. So what’s so different about it?
Why is GMT Gaining Value?
A part of it comes from the association with the Metaverse itself. As the new hot thing in technology, early adopters are bound to find success. But that’s far from the entire picture since it makes GMT come off as a fluke.
Green Metaverse Token is on the rise this week, the price increased by 151.54% in the past 7 days. Source: https://www.coinbase.com/price/green-metaverse-token
The appeal comes from the token being used for governance. You can lock any amount of GMT to achieve higher power, scaling with the number you sealed. That lets you impact how the entire space moves forward, creating a community-based app.
Furthermore, GMT holders are in control of the treasury and decide how net profits are distributed. That further pushes GMT towards being a true peer-to-peer, people-driven token.
Lastly, we need to discuss how the token handles scarcity. As we said earlier, numerous similar tokens have risen and fallen just as quickly due to basic supply and demand rules. If there’s nowhere you can spend a token, and it operates solely on speculative force, it’s bound to plummet eventually. GMT resolves that in a fairly simple manner by making sure you need to burn it to create new sneakers.
The Green Metaverse Token is a clever merger of cryptocurrency principles, health, and gaming. It’s sound in that it has a use case, creating a basis for value. It’s also simple for users since it allows them to earn crypto and trade it without much effort. Altogether, it’s definitely a promising cryptocurrency and one worth looking into.
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