The GMT Token Is on the Rise – How Much Potential Does It Have?

The crypto world keeps metamorphosing. Massive price moves follow dominating trends, from Initial Coin Offerings (ICOs) to decentralized finance (DeFi) and the latest Non Fungible tokens (NFTs) and play-to-earn (P2E) projects. The most recent evolution in the space is the move-to-earn concept which includes the Green Metaverse Token (GMT).

About GMT Token

The GMT cryptocurrency, which combines social-fi and Gamefi features, launched on the Solana network in March this year. It is the governance token of the STEPN blockchain and allows users to propose and vote for projects and resource distributions. In addition, the token is used for transactions such as buying merchandise.

The STEPN blockchain network has two tokens, the Green Metaverse Token and Green Satoshi Token (GST). GMT is distinct from GST because it has a capped maximum supply of 6 billion units. It burns and buys back GMT tokens quarterly to balance the supply. The current circulating supply of GMT coins is 670 million coins, with a market cap of $1.3 billion. The 24-hour trading volume exceeds $1.4 billion.

The platform earns income from app taxes, with part of the income being channeled to carbon removal credits.

Growth Potential: What Is Pumping the GMT Token?

Growing Demand

The listing of GMT on the Binance launchpad on March 2nd precipitated a major value increase. Since its debut, the GMT price has risen from $0.13 to a peak of $3.09 on the 1st of April – an increase of around 2300%. At the time of publishing the GMT price is $2.39.

The user base have also increased significantly from 1500 to 100000. Various sites providing GMT predictions suggest that the cryptocurrency is not likely to settle at the current price and most of them forecast for STEPN to actually double in value before the end of this year.

Tapping into the booming Fitness and Wellness Industry

Despite the obvious benefits, many people hardly exercise. GMT users get rewards for walking, running, and jogging. The STEPN Web3 app incentivizes people to adhere to fitness activities by promoting a healthy lifestyle. 

This move-to-earn model is akin to play-to-earn (P2E). Many investors hope GMT will replicate the success of Axie Infinity which is one of the most successful P2Es. The move-to-earn concept combines Social-fi, NFTs, and Game-fi elements. Promoting healthy living rather than just playing games makes it unique. In essence, you must go outside and use some energy. Proponents of move-to-earn note that the fitness and wellness sector is currently a $36 billion industry.

The move-to-earn space is on the verge of going mainstream. Solana boasts the most platforms dedicated to health, including STEPN, METZ and Genopets.

The app has an inbuilt marketplace that offers degradable sneakers. Users can mint, rent, or buy the sneakers and use them for jogging, walking, or running outdoors to earn rewards. If your sneaker gets spoilt, don’t discard it yet. You can unlock more rewards by repairing them. If you feel fancy, pimp the shoes with attributes like comfort, resilience, luck, and efficiency. Adding gems unlocks more rewards.

Essentially, GMT makes the sneakers degradable to prevent an eventuality like Axie Infinity where the supply outstripped the demand. You can choose where you want joggers, runners, trainers for a walker. The prices vary depending on the level, rarity, and type of sneaker you want. Available qualities include common, uncommon, rare, epic, and legendary.

Upcoming Projects

The potential of the GMT ecosystem lies in future projects with more exchange listings and partnerships with major sports brands rumored. The lifestyle app has secured seed funding of $5 million from venture capitalists including Folius Ventures, Almeida Research, and Solana Ventures.

Final Note

GMT has made high returns in a short period. The governance and transactional token for the STEPN blockchain promotes healthy living by incentivizing people to exercise. As this concept goes mainstream, GMT and similar move-to-earn cryptocurrencies could be the next big thing.