GMT GMT Price

What is GMT (GMT)?

The GMT token, or Green Metaverse Token, is the native cryptocurrency of the STEPN platform, which combines elements of fitness, gaming, and social interaction within a metaverse environment. Launched in 2022, GMT is primarily used to reward users for participating in various activities, such as walking, running, or jogging while wearing NFT sneakers. The token functions on the Solana blockchain and has gained significant traction, boasting a market capitalization of over $1 billion as of early 2024. The goal of GMT is to promote healthy living and encourage an active lifestyle through gamification.

Who are the Founders of GMT?

GMT was founded by a team of entrepreneurs and developers, notably Yawn Rong, who is the CEO, and Jerry Huang, the CTO. The duo, along with other co-founders, has a background in blockchain technology and a strong interest in fitness and gaming. Their vision for STEPN and GMT was to create a platform that incentivizes physical activity through the integration of Web3 principles and the metaverse, catering to both fitness enthusiasts and crypto investors. The project has garnered attention and investment from various blockchain ventures and has become a notable player in the move-to-earn sector.

How does GMT Work?

GMT operates within the STEPN ecosystem, where users earn tokens by engaging in physical activities. When users purchase NFT sneakers, they can begin their journey in the app, which tracks their movement through GPS technology. The STEPN app calculates the distance users cover, converting their physical activity into GMT tokens. The earnings depend on the type and quality of sneakers, which can be upgraded for better rewards. Users can also stake GMT tokens for additional benefits, such as earning more tokens over time. The platform uses a dual-token system, with the second token being GST (Green Satoshi Token), which is used for in-app transactions and rewards.

Top Use Cases of GMT

The primary use cases of GMT include:

• Rewards for Physical Activity: Users earn GMT by walking, jogging, or running, promoting a healthier lifestyle.
• NFT Marketplace: GMT can be used to buy, sell, and trade NFT sneakers within the STEPN ecosystem.
• Staking: Users can stake GMT tokens to earn passive income and participate in governance decisions within the platform.
• In-App Purchases: GMT facilitates various transactions in the STEPN app, such as upgrading sneakers or purchasing in-app items.
• Charity Donations: The platform aims to integrate charitable initiatives, allowing users to donate GMT to selected causes.

How to Keep your GMT Safe?

To ensure the safety of your GMT tokens, consider the following practices:

• Use Hardware Wallets: Store your GMT in a reputable hardware wallet, which provides offline storage and enhances security against hacks.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on your crypto exchange accounts to add an extra layer of security.
• Beware of Phishing Attacks: Always verify URLs and avoid clicking on suspicious links that may lead to phishing sites.
• Keep Software Updated: Regularly update your wallet software and apps to protect against vulnerabilities.
• Backup Your Wallet: Keep a secure backup of your wallet's seed phrase in a safe place to recover your tokens if needed.