A brief history
STEPN is an Australia-based startup that offers the first “move2earn” mobile NFT game powered by Solana where players can walk, jog or run outdoors with an NFT Sneaker to earn tokens. To get started users deposit Solana (SOL) token in STEPN's in-app wallet. Users then purchase a sneaker NFT from its in-app marketplace, and wait for 24 hours for "energy" replenishment- “energy” is how many minutes a user gets for exercising with a sneaker NFT. STEPN provides an option to rent NFT sneakers for those who can’t afford to purchase a pair, however, with rented sneaker NFTs, earnings get reduced, with owners keeping 70% of profits, and renters getting 30%. All earnings from running are paid out in Green Satoshi Token (GST). The token has an unlimited supply but is burned whenever a shoe is minted, repaired or upgraded.
GMT in practice
GST is STEPN’s unlimited supply utility token while the Green Metaverse token or GMT on the other hand functions as a governance token with a limited supply of 6 billion units. The project also has a quarterly buyback and burn mechanism for GMT. The STEPN app rewards users with both GST and GMT, but this depends on the users’ level and ownership status of the sneakers. For instance, new users or users renting sneakers can only earn GST, while sneakers owners who have levelled up can earn GMT. GMT has several uses on the platform but is burned after completing its tasks. These include: Governance participation, sneaker Customisation, sneaker levelling, rare to legendary sneaker shoe-minting, and sneaker attributes resets.