- Bonus points that may be converted for GMT tokens and are approximately worth $30 million have been given out by Stepn.
- The move-to-earn app claimed it was about to reveal a collaboration with a significant footwear and clothing brand.
Stepn, a fitness app, will be airdropping bonus points valued at $30 million in GMT -2.46% tokens.
Users are receiving 100 million “FSL” points from Stepn. FSL points can be “swapped for GMT [tokens] via the Stepn marketplace” in a 1-for-1 ratio.
According to CoinMarketCap, the market value of GMT tokens is presently about $0.30, meaning that Stepn’s point distribution is valued at approximately $30 million.
CEO of Stepn Shiti Manghani said, “We are able to give it back to the users since we have the runway, we have the stability as a business.” The largest airdrop to date is being offered to badge holders who have held our NFTs for the longest lengths of time.
The badge holders that get this airdrop range from the tiniest to the largest users.
The entire scale of the distribution was not previously disclosed by Stepn, even though the airdrop started a few days ago. According to the company, the airdrop’s second phase starts on Wednesday.
Stepn organized an airdrop that gave GMT tokens to owners of Genesis sneaker NFTs in February of last year. At the time of the dip, each NFT would have earned eligible holders between $1,800 and $14,400 in tokens.
FSL points can “improve [users] chances of obtaining exclusive prizes,” according to a statement from Stepn. According to the firm, the airdrop will take place prior to a “soon-to-be announced partnership with one of the world’s most recognizable sports brands.”
Stepn has already declared collaborations with the professional soccer team Athletico Madrid and the shoe brand Asics.
Move-to-earn application “currently finds itself at a very exciting juncture, with major plans in the pipeline this year to supercharge our growth and cement our leading position in the move-and-earn sector,” Manghani stated.
The Stepn app, developed by FSL, pays users in cryptocurrency for jogging or walking. To receive incentives through the program, customers must purchase a virtual sneaker NFT. Platform fees provide revenue for Stepn.
Not all cryptocurrency projects give customers the opportunity to purchase shoe NFTs, like Stepn does. RTFKT is Nike’s proprietary non-fungible sneaker collection, where users can occasionally exchange tokens for real sneakers.
Stepn recently revealed users have jogged more than 295 million kilometers on the social networking site X. Stepn reported that it now has 5 million users since its 2021 launch. In September 2022, the app reported having almost the same amount of users.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
