Walking is such a hassle. But what if it could be used to make you earn money? What if each step was worth something you could use to buy an item. STEPN takes the idea from games such as Pokemon Go to design a kind of lifestyle app that can be used to buy NFTs. The app itself is made to become part of Web 3.0 and have the general public access to it.
The app itself has two systems that work. The Game-Fi systems and the Social Fi-System. The Game-Fi system has the typical gaming mechanisms such as an algorithm to determine how certain steps are going to count towards the overall value of the coin, a quest system to keep the users engaged and subsequently achievements for completing those quests, and finally a system that prevents any fraud on the game. The Social-Fi systems still have to be revealed.
The coin and the voting mechanism around the token is also changeable. The game itself takes certain taxes from the users for in-game transactions. They are then put into a treasury pool. In that treasury pool, those who stake most of their GMT will have the option to decide how to distribute their wealth. Based on the distribution, the user will have a voting option.
The voting options are generous giver, kind giver, matcher, greedy taker, and selfish taker. All these depend on the amount of profit given for combatting climate change. The generous giver deprives himself of the most profit but he has more say in the governance of the STEPN ecosystem. While the selfish taker has his voting rights diminished when he makes the most profit. Voting power can also be increased if the GMT tokens are locked.
At the time of writing, the current price of GMT is $1.04 with a trading volume of $1,737,093,498. The token itself has had a terrible weakness in the market, as it started out strong at $1.33 but fell to $0.83 but it has recovered to its current position. The main reason for the dive in the price seems to be related to the news that the game will not be allowed to be run in China. This news caused it to plummet from $4.03 at the start of the month.