2,000 APE Sneaker NFTs to be won in STEPN competition

By Raffaele Redi and Darius McQuaid
• Updated

Stay up to date with the latest Stepn (GMT) news as it happens

Two males tying their shoes sat on a bench in an urban environment on a overcast day                                 
If you have made the Sneaker Enhancement, you could win one of 2,000 APE Sneaker NFTs
                                

Contents

STEPN, the Web 3.0 lifestyle app,has launched a competition to win one of 2,000 APE Sneaker NFTs (non-fungible tokens).

In order to be eligible to win you must have performed the Sneaker Enhancemen, where players burn five pairs of sneakers of lower quality to get better sneakers of a higher quality. 

21 June 2022: GMT price up 15% as STEPN completes network update

GMT, the governance token of the Web 3.0 lifestyle app STEPN, is trading up by 15% over the past 24 hours after developers updated the app and fixed some bugs.

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.

The Green Satoshi Token (GST) is already supported on the Solana and Binance blockchains, which STEPN calls realms, where it is valued at $0.23 and $0.39 respectively, according to CoinMarketCap.   

“We’re pleased to inform our users that in the latest version of the app, we have added the Sneaker Enhancement (burn five lower quality Sneakers to get one better quality Sneaker) and have adjusted the energy sharing rules,” said STEPN.

“We also updated the energy sharing across realms. Starting from this update, energy will NOT be shared across the realms. The energy sharing rules proposed in the Action Plan will be fully implemented at the launch of the next Realm.

“In addition to the above, we improved the feedback function, added [a] help centre and fixed known bugs.”

According to CoinMarketCap, STEPN (GMT) was changing hands at $0.8281, up by 26% over the past seven days, but it was down by 39% over the last 30 days.

All values are correct as of 08:45 BST (UTC +1).

16 June 2022: GMT rebounds as STEPN launches its decentralized exchange

GMT, STEPN governance token, rebounded as the network announced the launch of DOOAR, a new multi-chain decentralised exchange (DEX), while also cracking down on cheating.

According to developers, the exchange would allow multi-chain swaps while providing interest-like rewards to liquidity providers, also reducing the selling pressure of GST and GMT by “incentivising users to lock in their tokens”.

The network, which said it will charge a transaction fee of 1% to fund the game economy like burning GMT and NFT sneakers, also implemented an anti-cheating mechanism called SMAC, consisting of a machine learning system.

“We’ve fought off DDOS attacks, cracked down on cheating, and worked hard to combat volatility in our new BSC realm,” said STEPN developers.

“Stopping cheating is a top priority for us. Our team of developers has worked for over three months to build our new anti-cheating mechanism, STEPN’s Model for Anti-Cheating (SMAC), which went live in the latest update,” they addded.

According to CoinMarketCap, GMT is trading up by 8.1% at $0.6454. GMT market cap was $387.2m, while trading volume was $534.1m, up by 12.8% over the past 24 hours.

All values are correct as of 8:45 BST (UTC+1).

09 June 2022: GMT bounces as STEPN announces major changes

GMT broke the $1 resistance again as STEPN developers announced significant implementations of the Web 3.0 lifestyle app, after a community members’ call, with more than 1,500 responses submitted.

The accomplishments mainly focus on dynamic minting costs, through introducing a new minting formula, capping the supply of the Green Satoshi Token (GST), STEPN utility token, to “ensure sustainability” to the system.

The move came after several analysts pointed out that the STEPN model would have been unsustainable in the long term, as its GST token supply was not capped.

Other improvements covered sneaker NFTs recycling issues, with the network introducing a new burning mechanism, by allowing the possibility of synthesising five same-quality sneakers into a sneaker of the next higher quality.

Developers also dealt with cross-realm energy bridge issues as the network, running on the Solana blockchain, expanded on the Binance smart chain.

According to CoinMarketCap, GMT, STEPN governance token, was trading at $1.02 on the morning of 9 June, up by 1.5% over the previous 24 hours. GMT market cap was $608.8m while trading volume was at $607m, higher by 24% over the previous 24 hours.

Values correct as of 09:15 BST (UTC+1).

06 June 2022: GMT rebounds after STEPN DDoS attack during the weekend

GMT rebounded after a troubled weekend for the STEPN app as it was affected by multiple distributed denial of servce (DDoS) attacks.

The Web 3.0 lifestyle app governance token was trading earlier today at around $1.05 after a low of $0.93  was witnessed on Sunday.

“We were experiencing network issues due to a 25 million DDoS attack sent to the server within a short period of time,” reported STEPN on Twitter. STEPN went on to say that due to this network congestion, its artificial intelligence software did not receive user information and identified users as bots.

“We apologise for the inconvenience; as a result, we have launched a double energy event. All players can double energy during the event (not to exceed the upper limit of 20 energy),” STPEN added.

According to CoinMarketCap, GMT is changing hands at $1.05 up by 10.4% over the past 24 hours. The market cap of GMT was $631.1m while its trading volume was $600m, a 64% rise over the last 24 hours.

Values are correct as of 09:30 BST (UTC +1).

01 June 2022: STEPN tokens crash as Sneakers NFTs floor price plummets

The STEPN utility token, Green Satoshi Token (GST), has crashed on the crypto market over the past 30 days reporting one of the heaviest drops after the crypto turmoil triggered by the UST de-pegging.

The utility token, which can be used to level up and mint, sell and rent Sneakers NFTs, which are utilized to access the Web 3.0 move-to-earn app, witnessed an 80% fall on Solana to $1.16 over the past 30 days, while over the same period, on Binance, the same token fell by more than 90%, to $2.36.

The sell-off wave also hit the STEPN governance token, GMT, which plummeted to $1.14, a drop of more than two thirds over the past 30 days.

On the NFT market, STEPN Sneakers NFTs floor price plummeted to around $6.7 over the past seven days, almost halving from its $13.58 value witnessed on 26 May, according to Moonly data.

Sales volumes were also witnessing a general downtrend, with interest in NFT sneakers that seems to gradually diminish.

According to CoinMarketCap, GMT is trading down by 6.1% over the past 24 hours. GMT market cap was $680.8m, while trading volume was at $830.3m down 25% over the past 24 hours.

All values are correct as of 09:00 BST (UTC+1).

30 May 2022: GMT back on track with high STEPN volumes as cryptos rebound

The STEPN governance token, GMT, is gaining momentum in the crypto market after the sell-off mood witnessed at the weekend as the web 3.0 lifestyle app announced it would cease its services in mainland China.

On Friday 27 May, STEPN developers announced they would stop providing GPS and IP location services to Chinese users to comply with local regulations. The token swiftly dropped from $1.24 to $0.85

Since then, helped by a general uptrend in the crypto market, the token has climbed back and was changing hands at $1.22 up by 28% over the past 24 hours, according to CoinMarketCap.

The token also witnessed high trading volumes over the past 24 hours. At the time of writing, GMT trading volume was at $1.5bn up by 95% in the last 24 hours, while GMT market cap was $723.7m.

Values are correct as of 9:00 BST (UTC+1).

27 May 2022: GMT falls below $1 as STEPN stops services in China

GMT, the governance token for the Web 3.0 lifestyle app STEPN, dropped  25% to $0.93 as STEPN’s developers announced they would stop providing GPS and IP location services to Chinese users from June 2022 to comply with local regulations.

The STEPN team said: “In order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in mainland China are found, STEPN will stop providing GPS  and IP location services to their accounts on July 15, 2022 according to the terms of use.”

Apologising for the “inconvenience”, the STEPN team continued: “If you expect to log in and use your account from a GPS or IP location in the region for a long period of time, we encourage you to make your own decisions about the handling of in-app assets.

“STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels.” 

According to CoinMarketCap, GMT is trading down by 25% at $0.9321 over the past 24 hours. GMT market cap was $560.6m while trading volume was at $2.4bn, reporting an around four-fold (325%) increase over the last 24 hours. 

Values are correct as of 09:15 BST (UTC+1).

26 May 2022: GMT down 10% as STEPN unveils plans to develop new games

GMT was trading down 10% over the past 24 hours as the STEPN network announced it is planning to develop new games.

“We will continue to strive through our initiative Realms to broad base the ecosystem to as many users as possible via the introduction of new games into the STEPN verse,” said developers of the Web 3.0 lifestyle app.

As the network outlined in a series of tweets, Realms allow users to share revenues. “A realm is a server that hosts a fork of the game – different users play the same game in different realms,” added STEPN.

The tweets revealed that the app has reached three million monthly active users (MAU) with 800,000 daily active users (DAU).

The network also reported a $100m monthly revenue and daily net profit in of between $3m-$5m. However, a report by Crypto Briefing has suggested STEPN’s current economic model may be unsustainable.

According to CoinMarketCap, STEPN’s governance token GMT was changing hands at $1.24, down 10% over the past 24 hours. GMT’s trading volume was at $580m, higher by 1% in the last 24 hours, while GMT’s market cap was $742m.

Values are correct as of 09:10 BST (UTC +1).

19 May 2022: GMT drops as popular trader cast doubts on the STEPN project

STEPN (GMT) was trading down 16% on Thursday 19 May after the popular trader Algod, who predicted the UST crash, said GMT could be the next troubled coin in the crypto market. The GMT price started rebounding after STEPN published its latest post.

The renowned trader in the Web 3.0 space recently said that they would not invest in GMT in the long term. According to Coingape, critics have underlined that STEPN cannot indefinitely keep rewarding users with tokens unless it sees a steady influx of buyers.

However, STEPN observed in its latest post on Medium: “As Jeffrey Bussgang and Jono Bacon wrote for Harvard Business Review, businesses that focus on building community unlock extraordinary competitive advantages and both create and support a superior business model.”

STEPN said it is planning to implement a rental system, where users can rent non-fungible token sneakers to other users while building what it called a “digital campfire” for Web 3.0 exercisers. Developers at STEPN have also built bots to remove unnecessary spammers and scammers from the STEPN Discord channel.

According to CoinMarketCap, GMT, the lifestyle Web 3.0 app’s governance token, is trading at $1.37 down 8.2% over the past 24 hours. GMT trading volume was $1.1bn, 12% lower over the last 24 hours, while GMT’s market cap was at $825m.

Prices are correct as of 14:30 BST (UTC +1).

17 May 2022: GMT rebounds as STEPN daily users increase

GMT, the governance token of the Web 3.0 lifestyle app STEPN, is rebounding on the crypto market, as the network revealed its number of daily users had increased to 700,000.

According to the latest STEPN report, released on Tuesday 17 May 2022, daily users rose by 200,000 from the 500,000 figure witnessed at the beginning of May. STEPN developers also said they had “released the new version of the app with 2FA (two-factor authentication), optimised profile settings and more upgrades”.

GMT was changing hands today at $1.56, up by 8.4% over the past 24 hours but around 18.7% lower over the past seven days, according to CoinMarketCap data.

GMT’s market cap was $936.2m, while trading volume was at $916m, higher by 4.1% over the past 24 hours.

Prices correct as of 16:30 BST (UTC+1).

10 May 2022: STEPN burns 68 million coins as GMT drops 40% in 7 days

The STEPN network burned over 68 million GMT or around 10% of the circulating supply as the Web 3.0 lifestyle app governance token has dropped 43% over the last seven days.

Developers had also introduced GMT payments to mint sneakers NFTs, which allow users access to the app, in an attempt to stop GMT from bleeding by leveraging on STEPN’s utility token – the Green Satoshi Token (GST).

“Prior to this, minting sneakers only cost GST. They switched up the minting costs to include GMT tokens as well while reducing the amount of GST required,” explained STEPN in a post on Medium.com.

The network said it is meanwhile working on cooling down and stabilising the price of GST to maintain a low entry point to new subscribers. It is doing this by using a dynamic minting process for sneakers NFTs taking into account the USD value of GST and adjusting the GST needed to mint a shoe.

At the time of writing, GMT was changing hands at $1.95 down by 16% over the past 24% hours as a sell-off mood is hitting the crypto market. The GMT market cap was $1.1bn while trading volume was at $2.7bn, up by 90% over the last 24 hours, according to CoinMarketCap.

GST was instead trading at $3.87 down by 1.4% in the last 24% hours and lower by 40% over the past seven days.

5 May 2022: STEPN hits 2.3m monthly users as GMT loses 28% in 7 days

GMT, the governance token of Web 3.0 lifestyle app STEPN, remains one of the trendiest coins on the market despite a week of losses as the network said it reached over 2.3 million monthly active users.

“STEPN has blossomed into a vibrant community of over 2.3 mn monthly active users and attracted over half a million daily active users,” said STEPN developers.

According to STEPN developers, a few hours before the STEPN NFT airdrop to inaugurate the launch of STEPN Public Beta Phase IV on 01 May 2022, GMT exceeded trading volumes of lead cryptos like bitcoin (BTC) and ethereum (ETH), as traders were accumulating GMTs in the light of the airdrop.

However, subsequent sales, alongside the current sale pressure on the crypto market, brought GMT price to fall from the $4 level to around a $2.9 resistance, with a 28% loss over the last seven days, according to CoinMarketCap.

GMT was changing hands at $2.88, down by 10.8% and with a trading volume of $1.3bn lower by 11.5% in the last 24 hours at the time of writing. GMT market cap was at $1.7bn.

28 April 2022 GMT jumps up 20% as OpenSea welcomes STEPN sneakers NFTs

Green Metaverse Token (GMT), the governance token of the Web 3.0 lifestyle app STEPN, has witnessed more than a 20% increase over the last 24 hours after the largest NFT platform OpenSea said it would power STEPN sneakers NFTs.

The sneakers NFTs, minted on the Solana blockchain, allow users access to the fitness move-to-earn app, which is aimed at earning in-game currency while walking, running or jogging.

“Welcome to the Stepnofficial community, another Solana project now available on OpenSea,” tweeted the NFT platform.

At the time of writing, GMT has been changing hands at $3.98 up by 20.55% in the last 24 hours, according to CoinMarketCap.

Moreover, the STEPN governance token witnessed a whopping 210% increase in its trading volume over the last 24 hours to $4.2bn. GMT currently has a market capitalisation of $2.3bn.

22 April 2022: GMT price ‘may reach AXS levels’, but experts dampen hopes

After a 44% price increase in the last seven days, the Green Metaverse Token (GMT), the governance token of the Web 3.0 lifestyle app STEPN, is dividing analysts.

The GMT coin, which is just starting out in the crypto market, has been compared to the AXS token from the non-fungible token (NFT) games platform Axie Infinity, which reached a $46 price level in a few months, after having hit a $165.37 all-time high on 6 November 2021, according to CoinMarketCap data.

“Tell me how $APE + $GMT ripping in a sideways market doesn’t look similar to $AXS back in May 2021,” tweeted Wangarian, a popular independent analyst in the space.

However, other experts have pointed to GMT’s value, currently at $1.9bn with a fully diluted market cap at around $19bn, as a joke, or in other words too high for such a coin.

“Honestly, the fact that $GMT is valued at $1.9bn (FDV $18bn) is an absolute joke but tells a lot: The potential of the markets is insane and we're still early. Marketing is doing its thing in #crypto all over again. Valuations can still become ridiculous,” tweeted Michaël van de Poppe, CEO at consultancy and educational platform, Eight.

On Friday 22 April 2022, GMT is changing hands at $3.17, down by 1.4%, with a 28% lower trading volume of $2.2bn in the last 24 hours, according to CoinMarketCap data.

19 April 2022: STEPN coin GMT up by 45% after partnership with Asics

GMT, the STEPN governance token, skyrocketed by 45% after the Web 3.0 app for runners announced a partnership with sports equipment manufacturer ASICS to drop mystery boxes of NFT Sneakers on the Binance NFT Marketplace.

The 45% increase in GMT’s price followed a jump from the $2.25 level to the current $3.29 resistance. The token also witnessed a 195% increase in its trading volume in the last 24 hours, around $5bn at the time of writing on 19 April 2022, with the GMT market cap reaching $1.9bn, according to CoinMarketCap data.

The NFT Sneakers come in four different designs – Walker, Jogger, Runner and Trainer – with each design having two rarity levels: Uncommon and Common, which are still available on the market according to a post by STEPN on Twitter yesterday. Each mystery box contains one unique NFT sneaker and is priced at BNB0.5 – equivalent to around $210 at the current rate.

As ASICS and STEPN explained in their announcement, with each NFT sneaker collected, NFT holders can participate in STEPN’s move-to-earn game by walking, jogging, or running outdoors to earn in-game tokens. The tokens can be used in the game to level up their NFT sneakers or be cashed out for profit.

The top 30 users ranked by their NFT transaction volume on the STEPN x ASICS NFT Sneakers Mystery Box collection will share a prize pool of GMT3,000 token vouchers.

DDOS attack on STEPN

However, in the past 24 hours, the network said it was targeted by distributed denial-of-service (DDoS) attacks – malicious attempts to disrupt the normal traffic flow to a computer server.

“Shortly after the last update, our server has endured several DDOS attacks. The attacks have caused some network congestions, our dev team has fixed most of the issue and the server has resumed its normal function,” explained the STEPN network in a tweet.

The network said it is currently investigating and tackling the issue, and added: “[The] DDoS attack peaked at 12.39 million requests in a short duration in an attempt to cripple our server. After we put a stop to it, [the] following attacks are done in a long tail format aiming to jeopardise user experience, totalling at 71.28 million requests.

“We are now processing a total number of 19,877 missing GST [the network’s game token] transactions from yesterday. People affected by this issue should expect to receive their token in the next couple of hours.”

4 April 2022: STEPN NFTs generated a profit of over $26.8m in Q1 2022

STEPN has announced it earned a profit of SOL198,635 – equivalent to just more than $26.8m – in the first quarter of 2022 from its non-fungible token marketplace through trading and royalty fees.

The move prompted some sales of the STEPN governance token, GMT, after the network announced the result – and the next step in its long-term strategy. 

The Web 3.0 lifestyle app, which debuted in December 2021, is a move-to-earn NFT project that pays users in crypto to run or move outside. 

“In order to create more value for the STEPN ecosystem, we will be using this profit to buy back and burn GMT on-chain from secondary market,” said STEPN in the statement issued on its Medium.com account.

GMT was trading down by 4% at $2.35 with a trading volume of around $1.5bn, which was down by 34% over the past 24 hours. The market cap was at $1.4bn at around 15:30 BST (UTC +1), according to CoinMarketCap.

23 March 2022: Web 3.0 now gamifying fitness industry with ‘move-to-earn’ tech

Billion-dollar opportunities could await in the metaverse as fitness and so-called move-to-earn technology comes under the spotlight. Among the active companies in this Web 3.0 space is lifestyle app STEPN, which is seeing an upward trajectory in its latest figures. 

“Over the past month, STEPN has been gaining traction as more users join the ‘move-to-earn’ economy,” said analysts at Delphi Digital analysts. Indeed, the Web 3.0 start-up reported daily user numbers have soared since the new year from 1,500 to 100,000 on 23 March 2022.

For more about this, read the full report at Currency.com.

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