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What is STEPN(GMT)? How to buy GMT Crypto in India?

Snapshot:

  • What is STEPN(GMT)?
  • Who are the founders of STEPN? 
  • How does GMT work?
  • Key Attributes of GMT
  • How to buy STEPN(GMT) in India 

What is STEPN (GMT)?

STEPN is the first move-to-earn NFT game, which is powered by the Solana Blockchain. It combines the aspects of a play-to-earn game with that of a fitness app and coined a new category called “move-to-earn.” Its users buy NFT sneakers, which can also be used to earn in-game currency while walking, running, or jogging. 

STEPN (GMT) has efficiently garnered success in upgrading an old concept of exercising within the blockchain industry! This GameFi elements-induced application is currently fully functional and vastly popular within the space. 

Who are the Founders of STEPN?

STEPN was founded in August 2021 by Yawn Rong, an Australian blockchain entrepreneur with his neighbor and partner Jerry Huang. Mr. Rong has previously founded Crypto SA, an Australian crypto fund and pro-regulation auditor along with serving as an ambassador for Algorand. His partner, Mr. Huang is also a game developer and former founder of Falafel Games.

How does GMT work?

Similar to how an application works, users have to download STEPN into their devices. After successfully downloading the app, users have to add their wallets and transfer Solana (SOL) tokens to buy themselves NFT sneakers. Once done, they can start their journey with STEPN. 

The two main necessities of STEPN are having SOL in their wallet as it is the blockchain on which the app runs itself. The other factor is having the NFT sneakers. Users need to connect their app with sneakers and walk around or jog anywhere in the world. All the while earning points as they do so. The points collected are classified as game currency and can be used for various rewards like upgrading sneakers or NFTs and leveling up. The points can also be used for cashing out the money in the real world.

Key attributes of STEPN (GMT)

  • Burn Mechanism: The GMT token is made available in a limited supply so as to create a necessity for a burn mechanism, thus, facilitating more and more users to lead a healthy life. This process is used to reduce the circulation of both the GMT and GST tokens through various in-app activities.
  • Dual Token Model: Mainly due to the need for fundraising and utility, the STEPN ecosystem runs on a dual-token model. Both the tokens are available for users to earn, using different methods. The GMT token can be minted or earned via Token Generation Event (TGE) and the GST token is an in-app utility token that can be used to purchase in-app goods.

HOW TO BUY STEPN (GMT)?

Use these three-step processes to buy your first GMT using the CoinDCX crypto investment app

  1. Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
  2. Verify the account: You need to complete your KYC, to buy STEPN on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
  3. Buy STEPN: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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