GMT Coin Explained and My One-Year STEPN Review

M2E projects promise you can earn money just by exercising. It sounds great, but it also makes you ask, "Really?" That's exactly how I felt when I first came across STEPN.

It's now been almost a year since I started STEPN, still half in doubt. In this post, we'll look at what kind of project STEPN is, along with information on the GMT coin and its outlook.

What is STEPN?

STEPN is basically an M2E project that combines GameFi and SocialFi. Simply put, it's a system that lets you mine coins while you exercise. Users buy NFT sneakers and earn a coin called GMT (Green Metaverse Token) by walking or running.

STEPN first launched in 2021. It drew attention after winning a Solana hackathon at the time, and went on to become hugely popular across the global crypto ecosystem. Of course, people who poured big money in near the peak back then suffered massive losses. (down more than 99% from its peak)

How to Use STEPN

To use STEPN, you first need NFT sneakers. You can buy sneakers on STEPN's official marketplace, and trades are made in GMT. There are several kinds of sneakers, divided by speed into Walker, Jogger, Runner and Trainer. There are also various rarity grades, such as Common, Uncommon, Rare and Unique. Naturally, the more expensive the sneakers, the more rewards you can earn.

Using STEPN is simple. Once you buy sneakers, you're given energy based on the grade and number of sneakers you own. When you open the app and start walking, energy is used up, and you earn GMT coins as a reward.

Dual-Token Model: GMT and GST

STEPN has two main coins. The first is GMT, which we looked at above. GMT is mainly used to buy NFT sneakers or to mint sneakers. You can also withdraw it to exchanges like Binance or Bybit and cash it out. GMT is STEPN's utility token, and it also serves as a governance coin used in Find Satoshi Lab's other projects.

Meanwhile, GST (Green Satoshi Token) is a token used only inside the STEPN app, for things like repairing sneakers, leveling up, and upgrading gems. GST has an unlimited supply, and unfortunately its tokenomics have seen the price fall steadily.

GST can be mined with any sneakers below level 30, while mining GMT requires reaching the top level of 30. Sneakers at level 30 or above can enable the option to mine GMT.

So, Is STEPN Worth Investing In?

To play STEPN, you basically have to buy NFT sneakers, which takes an investment of at least several hundred thousand to several million KRW. If you want better sneakers or more energy, you'll need to invest even more.

This was something I really agonized over when I first started. Could I actually get back an investment of a few million won? Now, coming up on one year, I have recouped my entire investment. That's partly because I got in when coin and sneaker prices were close to the bottom.

In theory, assuming the coin price at the time you invest stays the same, you can recoup your investment in roughly 10 months. Of course, you have to walk for a set amount of time every day. However, if the coin price falls it may take longer, and if the coin price rises it may take less time. It does feel a bit like a game of hot potato.

Wrapping Up

STEPN is an interesting M2E project where you can earn GMT and GST coins as rewards for walking or running every day. Earning money while you exercise? I don't think there's anything more tempting than that. But the catch, if you can call it one, is that the money you earn is actually your own investment.

Of course, exercising consistently can also bring you health and fun. And if you invest a reasonable amount that doesn't strain you, let go of expectations and just keep walking for a few years, you may naturally recoup your entire investment. but investing is your own call

Anyway, I use STEPN alongside other M2E apps and go out every day to walk or run. Even when it's snowing or raining. Sometimes exercising every day feels like a chore, but these days I actually feel more restless when I don't work out.

Here's my review after about a year of STEPN. I invested about KRW 3,000,000. At first I mined GST, then partway through I bought another pair of sneakers and started mining GMT. After about 10 months I'd recouped all of my principal, and now I'm just letting go of expectations and enjoying it.