Run for Cryptocurrency

After play-to-earn (gaming to earn money), several projects based on this idea like move-to-earn (move to earn) are now emerging in the blockchain field.

On March 9, the StepN project’s digital currency (GMT) was opened for sale and listed for the first time on the Binance exchange. According to data from CoinMarketCapGMT has a trading volume of more than 500 million USD on 8/13. Currently, this cryptocurrency is standing at 243 position on the ranking of coin projects with the largest total capitalization in the world.

GMT copper price increased suddenly after being listed on Binance exchange.

After a week of being listed on the Binance cryptocurrency exchange, GMT has grown more than 30 times, from the price point 0.01 USD up 0.3 USD. Transaction volume has reached 2.33 billion USD.

As described, StepN is a Web 3.0 application with integrated Game-Fi and Social-Fi, operating on the Solana platform. Players can make a profit by buying NFT shoes to participate in running or walking to earn money.

A pair of the project’s NFT shoes cost about 10.2 SOL on average, equivalent to 800 USD according to market prices on the afternoon of March 15. At the same time, users can rent shoes to participate in running to earn digital money. However, this feature is not yet available and is under development.

When renting shoes, the income from running will decrease. StepN co-founder Jerry Huang says players will get 70% of the profits and shoe rentals will get the remaining 30%.

The digital currency used to reward players is the Green Satoshi Token (GST). The number of tokens to be paid out will depend on the function of each NFT shoe. Currently the GST token is priced at about 3.33 USD/copper.

“Currently, a new player can earn 20-30 USD/day by walking or running for 10 minutes. A professional player can earn 300-450 USD/day while walking or jogging for 60 minutes,” said StepN Co-Founder Jerry Huang TheBlockCrypto.

The StepN project is joined by many well-known investment funds in the market. In which, names like Sequoia Capital, Solana Ventures, Alameda Research… are all displayed on the project’s homepage. According to CoinTelegraphStepN is an award winning project in the competition Solana Ignition Hackathon Gaming Track organized by Solana.

Jerry Huang said that within a month of its launch, StepN had attracted users from more than 90 countries. He added that China, the US and India are the markets with the largest number of players. The app currently has 1,500 daily active users.

According to TheBlockCrypto, move-to-earn is a trend in the blockchain field. In October, another move-to-earn game, Genopets raised 8.5 million USD in the first round of funding.

The information about cryptocurrencies in the article is not investment advice from zing News. Cryptocurrency investment activities are not recognized and protected by Vietnamese law. Cryptocurrencies always carry many financial risks.

(According to Zing)