STEPN price prediction: Checking up on the fitness app token
The Web3 lifestyle app wants to gamify the fitness sector. What shape is the token in?
Described as a lifestyle app with social finance (socialFi) and play-to-earn (gameFi) elements, STEPN is the first NFT project based on the move-to-earn concept.
Co-founded in August 2021 by Australian developers Jerry Huang and Yawn Rong, STEPN achieved success in the 2021 Solana Ignition hackathon contest, before going on to secure a $5m funding round led by private-equity giant Sequoia Capital.
In March 2022, STEPN released its governance token, the Green Metaverse Token (GMT) on Solana. GMT allows holders to propose and vote on project developments and treasury distribution.
In the following article, we check out the latest stepn price action, before heading into a stepn price prediction. But what is stepn (GMT)? And is stepn (GMT) a good investment? Let’s have a look.
How does STEPN work?
The STEPN app aims to promote an active lifestyle. Users of the app mint their own Sneaker NFTs, which generate in-app rewards based on how many steps the owner takes. Your unique Sneaker NFT can be pimped up with special attributes, including resilience, efficiency and comfort to earn better rewards.
These Sneaker NFTs can be bought, sold and swapped on the in-app marketplace. STEPN’s business model revolves around in-app taxes, which are applied to all transactions performed on the platform. A portion of these profits goes to carbon-removal credits.
Users do not necessarily need to own a Sneaker NFT to engage in the move-to-earn economy. Instead, you can rent a Sneaker NFT and split the profits with the owner.
Following a strategic investment from Binance Labs on 6 April, STEPN announced a collaboration with Japanese sports company Asics, consisting of 1,000 exclusive sneaker NFTs available for purchase on the Binance NFT marketplace.
Green Metaverse Token: The numbers
According to STEPN, the fully diluted GMT coin has a circulating figure of 6 billion. CoinMarketCap puts the current circulating supply at 600 million. Trading at a value of $1.18, the market capitalisation is $709m. Trading volume is constantly high. A recent 24-hour volume of $543.67m was 65.6% of market capitalisation.
In terms of token distribution, 30% is reserved for move-to-earn rewards and 30% is kept in an ecosystem fund. The development team holds 14.1% of supply while 16.3% was reserved for private sales and 7% for public sales. An advisory board, which includes Scott Dunlap, vice-president of Adidas’s mobile division, was given 2.5% of supply. Vesting schedules are in place until 2029.
On the open market, GMT is primarily traded over Binance. GMT’s value rose steadily since its launch on 9 March 2022. Initially trading at $0.13 on opening day, the token is 1.069 times over from this price as of 25 May, trading hands at $1.39 as of 16:40 BST (+1 UST). Will GMT continue to rise? Let’s check out the GMT price prediction to find out.
DigitalCoinPrice’s stepn price prediction for 2022 is set at $1.54; an estimated upswing of 30% over the year, while in 2023 it fluctuates around the $1.75 mark. The token is expected to trade above the $2 price barrier through most of 2024. The forecaster’s stepn price prediction for 2025 suggests the coin will break the $2.50 mark in early 2025 before falling back for a few months. The 2030 price prediction is $5.33.
The stepn price prediction at CoinArbitrageBot is also bullish in the long term. Following a 60% rise in value over 2022, the token is expected to rise 167.5% 2023, heading up to $3.14, before rising to $8.24 in 2025, making for 600% possible gains.
PricePrediction’s stepn price prediction for 2030 is $38.86, suggesting a possible 30 times return.
It must be stressed that these stepn price predictions should not be used solely to determine your investment strategy. Extensive due diligence, including researching the white paper, road map and social channels should be combined with independent, third-party advice before making an investment.
STEPN’s GMT token has a fully diluted circulating figure of six billion. The current circulating supply, according to CoinMarketCap, is 600 million.
That all comes down to the long-term potential of the project. As an investor, you should do your own research into the platform’s fundamentals and technical documentation because it is down to you to decide whether or not to invest.
The digital forecasters expect returns for today’s investors. However, GMT could just as easily go down in value. Always invest with a cool head and never with more than you can afford to lose.
Currency.com does not provide financial advice. The information presented in this article is intended as a neutral resource. Make sure to assess the fundamentals of the product, as well as getting independent financial advice, before putting your money down on an investment.