Crypto

StepN Explodes In Popularity, Native Token GMT Soars To $860 Million Market Cap

Since StepN released in December 2021, the move-to-earn app has actually ended up being a crowd-puller in GameFi or the play-to-earn blockchain area.

According to Jerry Huang, StepN co-founder, around 2 to 3 million users worldwide are actively utilizing the app.

While it’s a little task compared to the hundred-million gamers that other mega-hit web 2.0 video games have, this is a huge development in the crypto area, specifically for a way of life app that has actually been around for just 5 months.

As of May 22, StepN’s native token’s (GMT) market cap struck the $860 million mark.

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What Is StepN GMT?

StepN is a move-to-earn app that enables users to make from physical motions utilizing NFT tennis shoes. Users can quickly make GMT, its native token, just by strolling their canine or running outdoors to capture fresh air. With GMT, you can rapidly spend for any digital items or vote or staking on the platform.

Around 2 to 3 million users worldwide are actively utilizing the StepN app.

The app was developed by Jerry Huang and co-founded by Yawn Rong in Australia. The app was initially presented in a Solana hackathon in early October 2021. It ranked 4th in case, however StepN’s direct exposure led to its very first set of beta users.

Two months following the its launch, with absolutely no fancy ad campaign, the move-to-earn app had swarms of users registering.

For weeks, the app’s appeal grew and spread out like wildfire in the blockchain neighborhood. It has actually been increasing exceptionally that the group needed to limit the everyday variety of registrations. To date, countless brand-new users keep coming and signing up with the move-to-earn app daily.

Huang and Rong are business owners and investor, and they were at first self-funding StepN. Still, in September, they chose to scale and open the task up for fundraising to generate included promotion and strong collaborations.

Crypto overall market cap at $1.26 trillion on the everyday chart | Source: TradingView.com

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StepN Seals $5 Million Seed Round

In November, the creators spoke to around 100 financiers and after that customized their pitch decks like 40 times, which’s when they struck the mark and closed a $5 million seed round with Sequoia Capital and other financiers.

At that time, the creators didn’t have the real item yet, and StepN was a pure principle, so discussing the concept to the financiers was challenging. The concerns that financiers toss their method likewise assisted them enhance their item.

StepN has actually been getting a net revenue of $3 million to $5 million or as much as $100 million month-to-month. Not bad at all for a 5-month old gamified making app.

Featured image from Asia Crypto Today, chart from TradingView.com

Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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