To sustain a healthy lifestyle, one must remain dedicated. Otherwise, all of the effort is for nothing. With the well-known move-to-earn app STEPN, that is precisely the situation.
The governance token GMT for STEPN fell 81 percent from its peak, while the reward token dropped by 98 percent in just two months. Recent bad STEPN-related occurrences seem to confirm the predictions of impending failure made by doubters.
Many even asked if the move-to-earn concept was dead.
Here is the solution
After developers upgraded the app and rectified certain problems, GMT, the governance token of the Web 3.0 lifestyle app STEPN, has seen a 35 percent increase in trading over the past day. The recycling concerns with sneaker NFTs were resolved, and the network included a new burning process. This made it possible to create a shoe of a better quality by combining five shoes of the same quality.
The Solana and Binance Smart Chain networks are used by the mobile application STEPN. Users can buy NFT sneakers in either SOL or BNB, with varied rarity and features. Users then employ the same to earn cryptocurrencies while on the move.
Given the changes, GMT saw a 33 percent increase, according to CoinMarketCap, bringing the token to the $1.07 level. In the past seven days, the token saw a huge volume of transactions. The increase can be attributed to traders and investors’ interest in the platform.
However, when compared to the whole trade volume, the aforementioned volume is still negligible. However, users’ dedication to the cause wasn’t entirely discouraged. Actually, the NFT-based fitness app has three million monthly active users. Yes, the average daily user count has decreased to around 2,500. But the coin has survived thanks to devoted users.
As shown here, existing users reached outstanding totals in a week ranging from 27k to 15k. Additionally, STEPN intimated in its announcement on Twitter that a new realm would be on the horizon, which practically means that another blockchain will accept its utility currency GST.
It won’t be an easy ride…
The aforementioned platform was in fact the victim of spam accounts and DDoS attacks in which gamers inflated the token generation by using bots and GPS spoofing. In addition, the attacks caused hours of platform disruption. The incident had an impact on both the users and the price.
Additionally, the number of market competitors has grown. As the move-to-earn issue has severely affected the GameFi community, rivals in the form of Walken and Sweatcoin have emerged.
The value of Walken’s $WLKN token has increased by 750 percent since its 21 June introduction. The game uses NFTs to maximise profits and uses similar gameplay mechanics to STEPN.