STEPN (GMT) fell 81% from all-time high, while the reward token dropped by 98% in just two months. Recent regulatory and other unfortunate events that surrounded the fitness project provided the naysayers with plenty of fodder to go after it afresh.
After developers upgraded the app and rectified certain problems, GMT, the governance token of the Web 3.0 lifestyle app, rose 35% to hit the £0.87 mark over the last 24 hours. The recycling problems with sneaker NFTs were resolved with a new burning process getting introduced. This made it possible to create sneaker of a better quality by combining five sneakers of the same quality.
STEPN makes use of Solana and Binance Smart Chain networks. Users can buy NFT sneakers in either SOL or BNB, with varied rarity and features. Users then employ the same to earn cryptocurrencies while on the move.
In the past seven days, the token’s trading volume inflated. The increase can be attributed to investors’ interest in the platform.
However, when compared to the total trading volume, the aforementioned volume is still negligible. While the average daily user count has decreased to around 2,500, the NFT-based fitness app has three million monthly active users.
Additionally, STEPN hinted on Twitter that a new realm would be on the horizon, which practically means that another blockchain will accept its utility token.
The value of Walken’s WLKN token has increased by 750% since its launch on 21 June. The game uses NFTs to maximise profits and uses similar gameplay mechanics to STEPN.
The platform is the victim of spam accounts and DDoS attacks in which players inflated the token generation by using bots and spoofing the utility token. In addition, the attacks caused hours of platform disruption. The incident had an impact on both the users and the price.
The number of competitors has grown as the move-to-earn fever has gripped the GameFi community, resulting in new entrants such as Walken and Sweatcoin emerging on the scene.