Why is STEPN Crypto Trending?
STEPN crypto continues to trend online due to the quest of millions of people to make passive income through daily activities such as running, walking, or jogging.
Having seen the impact of play-to-earn (P2E), which has played an invaluable role in video gaming, Yawn Rong, an Australian blockchain entrepreneur, founded STEPN during the peak of the decentralized finance (DeFi) market in August 2021.
During a seed round, he raised $5 million from mainstream players such as Alameda Research, DeFi Alliance, Solana Capital, Foluis Ventures, 6th Man Ventures, and Sequoia Capital.
Rong wants to use his innovation to disrupt this industry by making people across the globe more aware of how essential it is to maintain a healthy lifestyle through a token reward mechanism.
While a substantial part of many populations in several countries are either overweight or obese with no motivation to hit the gym, the promise of earnings in the form of cryptocurrencies, which can be converted to fiat, is a trigger to seeing millions walk, run, or jog around for a few minutes daily.
But how does it work, and how would you get your hands on STEPN crypto as a reward?
STEPN crypto: How does the application work?
To become a part of the family and start making consistent passive income, you need to download the application.
After installing the app on your phone, you have to sign up. You must input an active email address because you will be sent an activation code. Once done, you must tap Sign Up to move on to the next phase of the process.
To weed out spam and scammers, STEPN requires an activation code from users who are already on the platform. You can locate them by joining the project's community on platforms such as Telegram and Discord. If you do not have these apps, you can download them from the aforementioned stores.
Once done, you can search for STEPN's Official English Group and join. Once you become a member of the group, you can ask the present community members to post an activation code so that you can also start using the app. Within seconds, people will respond with activation codes, and you can choose one. The codes are normally seven numbers.
The next step is to choose a multi-chain switch, and you can select one from Solana, BNB Smart Chain, or Ethereum.
To start using the app, you have to purchase a non-fungible token (NFT) sneaker from an open marketplace you locate on the platform.
To fund your spending account, you must deposit the stablecoin from Circle, the US Dollar Coin (USDC), or the Green Metaverse Token (GMT), the native asset of the STEPN ecosystem.
You should note that all sneakers are priced in GMT. The distance expressed in kilometers per hour (km/h) that the sneakers can go is written next to them.
Since the project is part of the crypto ecosystem, you have to add a cryptocurrency wallet by importing it via your seed phrase (the passcodes that come with a minimum of 12 and a maximum of 24 words).
If you do not have a wallet, you have to create one. To buy the STEPN crypto GMT, you can go to Binance, the biggest crypto exchange by trading volume, or 20 other exchanges, including BitMart, OKX, Bybit, Huobi Global, and CoinW.
With the sneakers, you can start running, walking, or jogging, and the app will track proof of movement using a functioning Global Positioning System (GPS).
STEPN crypto price performance
Over time, the STEPN crypto digital asset has garnered attention from several exchanges, as earlier mentioned. Accessibility and liquidity expressed as trading volume led to the rise of the cryptocurrency to an all-time high (ATH) price of $4.11 on 27 April, 2022, a few months after it tested an all-time low price of $0.1003 on 10 March, data from crypto price tracker CoinMarketCap showed. As of this writing, GMT was exchanging hands for $0.1455.
The Metaverse token opened 2023 with a trading price of $0.2296, reaching a yearly high price of $0.6817 on 26 January (trading volume for the day was around $700 million). With a bearish outlook in the market, the virtual currency is down by 37% year-to-date (YTD).
According to Rayne Harris at PricePrediction.net, a return of the bull market could propel GMT to retest some of its former price ranges.
According to him, GMT could exchange hands for the best possible prices of $0.26 by the end of 2023, $0.60 by the year’s end of 2025, and $4.06 by the close of 2030.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.