GMT Crypto: What to Know About the STEPN Network Ahead of Binance IGO


One crypto that’s been catching the interest of investors lately is the STEPN (GMT-USD) network. The platform utilizes blockchain technology for a unique goal: getting users to move their feet. Could crypto rewards be the next frontier for incentivizing exercise? And if so, might STEPN be the leader in this space? The network is certainly trying to establish itself as such. Recently, the GMT crypto has landed some big time support from Binance (BNB-USD).

A mobil app icon of STEPN on a screen next to an earbud.
Source: Primakov / Shutterstock

STEPN is a fledgling blockchain project that wants to usher in a new movement in the space. Launched in August of last year, the network’s developers are hoping that STEPN serves as a launchpad for the move-to-earn economy. Move-to-earn, starting with STEPN, seeks to get users fit. One can join the platform, and through GPS tracking, they can earn passive income by running.

The network uses non-fungible tokens (NFTs) to portion awards to players. One must purchase one of four different NFT sneakers — each NFT associated with level of fitness. For example, one can buy the “runner” NFT if they are a fast runner, or a “walker” NFT if they prefer to take things slow. By owning an NFT, and connecting to the network via GPS, users earn passive income for their exercise.

The idea is innovative and quite unique from other projects. Not to mention, the network has already gathered support from the fitness industry; Adidas executive Scott Dunlap serves as an advisor to the STEPN network.

GMT Crypto Sees Fast Growth With Binance Listings, IGO

Since the GMT crypto launched in early March, it has already seen some solid gains. In recent days, these gains have ramped up significantly. Much of this can be attributed to the help the network is getting from Binance in broadening its exposure.

Beginning today, Binance users will be able to find STEPN NFTs on the exchange platform’s NFT marketplace. The exchange is hosting STEPN’s initial game offering, or IGO. IGO events are separate from initial coin offerings (ICO), focusing exclusively on NFTs.

A new type of public listing for the blockchain world, IGOs are the public’s first chance to get into projects like STEPN, as well as metaverse and play-to-earn platforms by buying required game pieces. In the case of STEPN, users will be able to purchase the sneaker NFTs necessary for earning passive income.

The news builds on some previous Binance news that greatly benefitted the GMT crypto. In late March, the exchange announced that it had created GMT liquidity pools, giving users a chance to earn passive income on their assets through liquidity mining. The news preceded the largest catalyst the crypto has seen thus far; prices soared from 78 cents to $3.11, a gain of nearly 300%.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.

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