STEPN’s GMT records a 35% surge thanks to existing users’ commitment, but that’s not all

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One needs to stay com­mit­ted to main­tain­ing a healthy lifestyle. Or else, all the efforts go in vain. That’s exact­ly the case with the pop­u­lar move-to-earn app STEPN.

STEPN’s gov­er­nance token GMT went down 81% from its all-time high while the reward token is down 98% in just a peri­od of two months. Recent unfor­tu­nate events that trailed STEPN, appear to be prov­ing skep­tics right about the immi­nent failure.

Many even ques­tioned: Is move-to-earn dead?

Here’s the answer 

GMT, the gov­er­nance token of the Web 3.0 lifestyle app STEPN, is trad­ing up by 35% over the past 24 hours after devel­op­ers updat­ed the app and fixed some bugs. Improve­ments made includ­ed the sneak­er NFTs recy­cling issues with the net­work intro­duc­ing a new burn­ing mech­a­nism. This allowed the pos­si­bil­i­ty of syn­the­sis­ing five same-qual­i­ty sneak­ers into a sneak­er of the next high­er quality.

STEPN is a mobile appli­ca­tion that uti­lizes Solana and Binance Smart Chain net­works. Users pur­chase NFT sneak­ers with vary­ing rar­i­ty and traits in either SOL or BNB. Lat­er, users use the same to earn cryp­tocur­ren­cy while moving.

Now giv­en the amend­ments, GMT record­ed a 33% surge as per Coin­Mar­ket­Cap that took the token to the $1.07 mark. The token wit­nessed mas­sive trad­ing vol­ume in the last sev­en days. Traders and investors showed inter­est in the plat­form, hence the uptick.

Source: San­ti­ment

How­ev­er, the said vol­ume remains insignif­i­cant as com­pared to the total trad­ing vol­ume. But that didn’t quite deter users’ com­mit­ment to the cause. In fact, the NFT-based exer­cise app amassed three mil­lion active users each month. Yes, the num­ber of new dai­ly users has dropped on an aver­age to the 2,500 mark. But, loy­al users have kept the token afloat.

Source: Dune Analytics

In a week, exist­ing users amount­ed impres­sive num­bers rang­ing from 27k to 15k as depict­ed here. In addi­tion, STEPN hint­ed in its announce­ment on Twit­ter that a new realm may be com­ing, which effec­tive­ly means the adop­tion of its util­i­ty token GST by anoth­er blockchain.

Not an easy ride ahead…

The afore­men­tioned plat­form was indeed a tar­get of spam accounts and DDoS attacks where­in play­ers used bots and GPS spoof­ing to inflate the num­ber of tokens gen­er­at­ed. Fur­ther­more, the attacks led to hours of down­time on the plat­form. The event also had rip­pling effects on the price as well as the users.

In addi­tion to this, com­peti­tors in the mar­ket have increased as well. Rivals in the form of Walken and Sweat­coin as the move-to-earn bug have hit the Game­Fi com­mu­ni­ty hard.

Walken’s $WLKN token was released on 21 June and is up by 750% since launch. The game has sim­i­lar mechan­ics to STEPN, using NFTs to opti­mize earnings.



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