STEPN App Launches $30M Airdrop, Rewards Users with GMT Tokens for Physical Activities
Summary:
STEPN, a lifestyle application operating on the Solana blockchain, is dispensing FSL points worth $30 million to its users. These points can be exchanged for STEPN's GMT tokens or used in upcoming NFT mints and for exclusive rewards. The airdrop, an appreciation gesture for its loyal users, will continue until the end of April. Via the app, users earn rewards for physical activities, which are issued as GMT tokens with a capped supply of 6 billion and a current diluted market cap of $1.57 billion. The app now has over 5 million users.
The lifestyle application STEPN, which operates on the Solana blockchain, is dispensing 100 million FSL points valued at around $30 million to its members. Following an announcement given on April 10, these FSL points can be exchanged on a 1:1 ratio for STEPN's GMT token and are usable for forthcoming STEPN nonfungible token (NFT) minting as well as exclusive rewards acquisition. CEO of STEPN, Shiti Manghani expressed that the substantial airdrop initiative serves as an expression of appreciation to the app's committed user base. The STEPN team specified that this week's initial airdrop for Badge Holders is particularly aimed at their hardcore players, rewarding them based on their in-app accomplishments' complexity.
Users need to establish an FSL ID to collect the points, a credential created and managed by the same developer overseeing the STEPN environment. Users are then able to spend these points within the NFT marketplace MOOAR and the strategic game Gas Hero, both part of the STEPN ecosystem. The $30 million airdrop event will continue through April.
Established in 2021 by FSL, STEPN incentivizes physical activities such as walking, running, or jogging by granting rewards. To gain access to these rewards, users have to secure a virtual Sneaker NFT and connect their smartphones to the app. The rewards take the form of GMT tokens which have an inflationary mechanism and a maximum supply of 6 billion tokens. Additionally, they hold a diluted market capitalization currently standing at $1.57 billion.
The application, which now boasts over 5 million users, enables players to use accumulated GMT tokens to create new sneakers or advance in the game. Through the in-app marketplace, players can rent or sell their NFT sneakers, while their earnings in GMT are securely stored in the in-app wallet, featuring an integrated exchange function.
Published At
4/10/2024 7:30:35 PM
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