How To Buy STEPN (GMT)?

A common question you often see on social media from crypto beginners is “Where can I buy STEPN?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports STEPN (GMT)

First, you will need to open an account on a cryptocurrency exchange that supports STEPN (GMT).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase STEPN (GMT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy STEPN (GMT)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for STEPN (GMT) or STEPN (GMT) trading pairs. Look for the section that will allow you to buy STEPN (GMT), and enter the amount of the cryptocurrency that you want to spend for STEPN (GMT) or the amount of fiat currency that you want to spend towards buying STEPN (GMT). The exchange will then calculate the equivalent amount of STEPN (GMT) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of STEPN (GMT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is STEPN (GMT)?

STEPN is the first move2earn mobile NFT game powered by Solana where players can walk, jog or run outdoors with an NFT Sneaker to earn tokens. STEPN aims to inspire millions to engage in healthier lifestyles by bringing them into the Web 3.0 world while contributing positively to carbon neutrality.

To get started with the move-to-earn app, users have to deposit Solana’s native SOL token in STEPN’s in-app wallet, buy a sneaker NFT from its in-app marketplace, and wait for 24 hours for “energy” replenishment.

The StepN team is looking to take advantage of fitness and the incredible social atmosphere behind the phenomena. There are millions of fitness enthusiasts throughout the world who use a variety of apps and programs to stay in shape. StepN’s project will employ social and community components to improve the way blockchain technology is used to make money. The unique Move-to-Earn concept is something the team believes can help onboard myriad new users to crypto.

STEPN is the winner of Solana Ignition Hackathon Gaming Track. It’s also the only mobile game to take home the prize at the Hackathon. The Hackathon judges praised STEPN’s game design, easy-to-use UI, built-in Marketplace and Wallet, and goal of persuading millions of non-Crypto users to adopt the app.

STEPN, the first Web3 running app with fun social and game elements, raised a $5.0M seed round from leading investors including Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund and WelinderShi Capital.

Notable Angel investors including Santiago R Santos and Asia Partner of Republic Zhen Cao also participated in the round. The proceeds will support STEPN’s mission to inspire millions to engage in healthier lifestyles, connecting them to the Web3, and contributing positively to Carbon Neutrality.

What is the GMT token?

STEPN has a dual-token system, a game token – Green Satoshi Token (GST) and a governance token – Green Metaverse Token (GMT).

GMT is the native governance token of STEPN and has the following use cases:

• Governance: Stake to participate in governance, the longer the locking period, the higher the voting power.
• Staking reward: GMT stakers can vote to decide the distribution of staking rewards.
• Accrual of protocol revenue: GMT is burned to access in-app features, such as sneaker upgrades and minting of new sneakers.

Players can also use the in-app marketplace to lease or sell their NFT Sneakers. GMTs earned in this process are saved in the in-app wallet. This wallet includes a swap function.

STEPN Gameplay Features

Solo Mode

In Solo Mode, users are equipped with NFT Sneakers to earn tokens by moving. Energy is needed to earn Green Satoshi Tokens (GST). Every 1 Energy equals 5 minutes of move&earn movement and Energy which ONLY starts replenishing after users acquire an NFT Sneaker. To begin, users select a Sneaker of their choice, and press Start.

Users should see a status on the top of the screen showing either Walking or Running.

Moonwalking: This will be shown if the app detects a weak GPS/internet signal, or the user is not organically moving (i.e., using an electronic scooter or strap phone on their dog). No GST will be earned while Moonwalking, and users may/may not lose Energy depending on the circumstance.

GPS Signal: White – No GPS; Red – Poor GPS; Green – Strong GPS.

Always make sure you have Energy before moving, as there is no token earning if you have zero Energy.

GST/GMT will be paid out for every minute of movement, which is dependent on 4 main factors:

• Type of Sneaker – Base GST returns for each Sneaker differs. Refer to the Sneaker Attributes section for the individual breakdown of each Sneaker type.
• Sneaker’s Efficiency Attribute – The higher the efficiency, the more GST earned per minute. Users can ONLY earn GST from Level 0 to Level 29. At Level 30, users can choose to stay earning GST, or switch to earn GMT. Users can switch between these two earning modes freely.
• Sneaker’s Comfort Attribute – The higher the comfort, the more GMT earned per minute. Users will have the option to choose between GST and GMT earning at Level 30. Users can switch between these two earning modes freely.
• Speed of Movement – To maximise earnings, users should keep within the optimal speed range of their respective Sneaker. Whenever a user falls below or above this range, their earnings will be reduced up to 90% depending on the speed discrepancy from the optimal range.
• Once Energy is depleted, users stop earning tokens. They can either choose to carry on tracking their movements, or manually exit Solo Mode by briefly holding down the Stop.

Marathon Mode

In Marathon Mode, users need to register under the Marathon Tab at least 24 hours prior to commencement. There will both be Weekly Marathons and Monthly Marathons.

• Weekly Marathon – These Marathons are held weekly and last for the whole week. Users can choose to participate in the 2.5km, 5km, or 7.5km Marathons, but can only take part in one Marathon at a time.
• Monthly Marathon – These Marathons are held monthly and last for the whole month. Users can choose to participate in the 5km, 10km, or 15km Marathons, but can only take part in one Marathon at a time.

Only users who have successfully registered will receive a notification in their Quest Log (Under Development). Users can utilise the Set a Goal function to keep track of their progress. Once the stipulated running distance is completed, users will be notified via the Quest Log that the Marathon is complete. Users will not be able to repair their Sneakers until the Marathon is over.

Background Mode

Users can earn GST even without the app and repair costs with at least one pair of sneakers in their inventory. When the STEPN app is turned off, Background Mode pulls the step count directly from the mobile device’s Health Data. Steps achieved in Background Mode (walking, jogging, or jogging) will not reduce the Endurance of the sneakers.

Understanding the attributes of the STEPN sneaker

Chose a suitable sneaker for you – Walker, Jogger, Runner or Trainer.

First of all, it is time to choose which shoe you want to use. This is very important because depending on the speed at which you plan to move, these operate differently.

As you can see above, you need to choose a type that is suitable for your tempo and needs. If you only plan on walking, do not buy a runner, because you will never move at the optimal speed, which again will ruin your rewards.

You might say that the trainer is the “best” sneaker, simply because it will suit all these categories. But the Trainer sneaker is normally more expensive than the others. No matter what, find a sneaker that suits your needs.

Which attributes are important when buying a StepN sneaker?

• Level: The higher the level of a shoe, the more you can earn with the shoe, and the better the shoe will become. For every time you level up a shoe, you can add +4 value in total to the four categories (Efficiency, Luck, Comfort, Resilience). You can add all four to the same category, or split them into one each, or however, you want to.
• Efficiency: This is important to earn as much GST as possible when moving. In other words, the higher this value, the more you can earn.
• Luck: While moving, it is possible to win mystery boxes. It costs GST to open those, but they will (hopefully) boost your sneaker. The higher the Luck attribute, the more likely you are to be awarded mystery boxes.
• Comfort: Once this reaches level 30, you should be able to receive rewards in GMT instead of GST (if that is something you would prefer). Currently, this is not active and available.
• Resilience: This has to do with the strength of your sneaker. The higher the resilience, the lower the cost of repairing your shoe. Whenever you use your shoe, it will be “tired out.” Before moving, it will be at 100/100. But, if you spend 2 Energy, then you might see the shoe fitness decrease to 95/100. There is no danger yet, but if it drops below 50/100, you will earn fewer and fewer rewards. In other words, keep your shoe fit, and repair it whenever you have used it to keep it at 100/100.

What is the difference between the COMMON, UNCOMMON, RARE, and EPIC and LEGENDARY sneakers?

You will quickly notice that the biggest difference is the price. It is a giant jump already between COMMON and UNCOMMON, and the increase will get even bigger as you move further up. By default, a COMMON sneaker will give you 2 ENERGY per day, but this number gets +1 if you own an UNCOMMON sneaker.

Energy boost if you own:

• Uncommon sneaker: +1
• Rare sneaker: +2
• Epic sneaker: +3
• Legendary sneaker: +4

Not only do you get an energy boost, but when you mint a new sneaker, you will see that the different sneaker levels will give you higher levels of attributes.

• Common: All attributes will start between 1-10
• Uncommon: All attributes will start between 8-18
• Rare: All attributes will start between 15-35
• Epic: All attributes will start between 28-63
• Legendary: All attributes will start between 50-112

There is also a difference in how many points you get when you level up. We have said that you get +4 if you level up with a COMMON sneaker. However, if you level up an UNCOMMON sneaker you get +6 instead, while you get +8 with a RARE sneaker, +10 with an EPIC sneaker, and +12 with a LEGENDARY sneaker.

STEPN Roadmap

STEPN development updates in 2023

In 2023, STEPN (GMT), a move-to-earn platform, has experienced several developments and challenges. Here are some key points:

• Decline in Active Users: STEPN has seen a significant drop in its active users. From a peak of over 705k users in May 2022, the user count declined to around 27k in June 2023. This downward trend in user engagement has raised concerns about the platform’s long-term viability​​​​.

• GMT Price Fluctuations: Despite a decline in active users, GMT’s price saw some upward movement, particularly following its integration with Apple Pay. This integration allows users to buy sneakers using Apple Pay, making the purchase process more accessible. As of late May 2023, the token had increased by over 20% from its lowest level in the same month​​.

• Gem Bonanza Event: In an effort to boost engagement, the STEPN team organized the Gem Bonanza in-app event. This event allowed users to perform 10 Gem upgrades and enter a raffle to win cryptocurrencies. This initiative led to a 14.9% increase in the value of STEPN (GMT) over a two-week period​​.

• Technical Analysis and Predictions: Despite the recent price rally and events like Gem Bonanza, technical analysis suggests that STEPN’s GMT token may continue to face challenges. The GMT price had been in a bearish trend, and while there was a slight recovery, the long-term outlook remained uncertain. Analysts noted that the token might continue to struggle as the hype around the Apple Pay integration fades​​.

These developments indicate a mixed outlook for STEPN in 2023. While there have been efforts to revitalize user engagement and simplify the purchasing process, the platform faces challenges in maintaining its user base and ensuring long-term growth in its token value.

Official website: https://www.stepn.com/

Best cryptocurrency wallet for STEPN (GMT)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for STEPN (GMT)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).