GMT Price Prediction “Green Metaverse Token”: A Drop Imminent

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GMT is down by 3 per cent in today’s trad­ing sea­son, revers­ing the past two days that have seen an aggres­sive upward move. Today’s bear mar­ket is a resump­tion of the long-term bear­ish move that has seen the cryp­to drop by 43 per cent this month. The drop is also an exten­sion of May when the GMT price dropped by 66 per cent. 

The Move to Earn concept under a microscope

The move to earn plat­forms has become pop­u­lar with the cryp­tocur­ren­cy com­mu­ni­ty in the past few years. At their core, the plat­forms allow users to earn mon­ey by walk­ing or run­ning. The users are reward­ed using the platform’s native tokens, which they can stake or use the tokens for gov­er­nance. In some cas­es, these tokens are also used as pro­to­col revenue. 

How­ev­er, in most cas­es, users must buy in-game items to par­tic­i­pate in these plat­forms. A good exam­ple is a part­ner­ship between StepN (GMT) and Asics, which has allowed the plat­form to sell Asics sneak­ers. For 7,400 Binance sta­ble­coins, an aspir­ing meta­verse ath­lete can buy these sneak­ers to par­tic­i­pate in the metaverse.

In an analy­sis done by Ash­win Rodrigues, a pair of sneak­ers is equiv­a­lent to $7,400 in fiat, mak­ing them very expen­sive but still a steal com­pared to the exor­bi­tant prices we have seen in the past, where a pair of meta­verse Nike shoes has been sold for $134,000 in the past.

The Asics NFTs grant access to an invi­ta­tion-only dig­i­tal exer­cise space. Accord­ing to StepN’s founder, users need at least three Asics NFT pairs, val­ued at over $20,000 in fiat cur­ren­cy, to get start­ed. There­fore, to some extent, the move-to-earn plat­forms such as StepN (GMT) are out of the price range for most people.

Although they offer in-game cur­ren­cies that can be trad­ed for in-game items and, in some cas­es, con­vert­ed into cash, the earn­ing part in most move-to-earn plat­forms is in con­cept only, accord­ing to Rodrigues’ analy­sis. The in-game tokens, such as GMT, also fluc­tu­ate a lot, and in the cur­rent bear mar­ket, any earn­ings made today may be worth­less tomorrow. 

GMT Price Prediction

GMT prices are down by 3 per cent in today’s trad­ing ses­sion, extend­ing a strong bear run that has seen the cryp­tocur­ren­cy lose 43 per cent of its val­ue this month. Today’s resump­tion of the bear mar­ket is also like­ly to con­tin­ue for the next few trad­ing sessions.

This is due to the cur­rent aggres­sive glob­al cryp­tocur­ren­cy bear trend that has caused almost all cryp­tocur­ren­cies to lose their val­ue for the last few weeks. How­ev­er, should the prices trade above the recent $0.85 resis­tance lev­el, then my bear­ish analy­sis will be inval­i­dat­ed. Fur­ther­more, it will also sig­nal a like­ly recov­ery of the cryptocurrency. 

GMT Daily Chart



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