GMT Coin: STEPN's Earn-To-Moving Project And Price Analysis
Introduction
GMT is the governance token of the STEP platform, which is a ‘play-to-earn’ game based on the Solana blockchain, encouraging users to earn tokens and NFT rewards through outdoor activities. As a leading project in the GameFi sector from 2021 to 2023, STEP’s GMT coin once reached a market value of $12 billion, demonstrating its market influence. This article will delve into the development history of the GMT coin, recent dynamics of STEP GO, price fluctuations (especially the impact of the BurnGMT plan in November 2024), and the future. Price prediction.
Trade GMT now:
https://www.gate.io/trade/GMT_USDT
STEPN: Leading the GameFi giant revolution of earning while playing
As the leading GameFi project in the previous cycle from 2021 to 2023, STEPN (GMT) has sparked a revolution in the intersection of cryptocurrency and a healthy lifestyle with its innovative ‘earn while moving’ model.
STEPN was founded by Find Satoshi Lab (FSL) in Australia in August 2021 and quickly became a leader in the GameFi field. Its innovation lies in combining blockchain technology with a healthy lifestyle. Users equip NFT sneakers to engage in outdoor activities, earning GST (Green Satoshi Token) and GMT. GMT serves not only as a governance token, but also for unlocking and rewarding functions within the eco.
In November 2021, GMT reached a historical high of $4.90, with a circulating supply of about 250 million and a market capitalization of approximately $12.25 billion, demonstrating a high degree of market recognition for STEP. However, after 2022, the crypto market entered a bear market. GMT price A sharp drop, with a price of $0.04625 on April 15, 2025, and a market value of $130 million, down 99% from its historical high.
STEPN’s operation mechanism: dual token
The core of STEPN lies in its dual token : GST is used to reward users’ sports activities; GMT is used for governance and eco expansion. Users need to purchase or rent NFT sports shoes, each pair of shoes has different rarity and attributes, which affect the earnings. Users earn GST and mysterious boxes (containing NFTs and tokens) by wearing sports shoes for outdoor activities and consuming shoe energy.
In addition to earning through sports, STEP also offers a Sneaker leasing , allowing users without NFTs to rent shoes to start earning, reducing the entry barrier. According to the STEP white paper, the leasing is implemented through FSL ID, and users can get started with just an email and activation code, aiming to promote the adoption of Web3.
STEPN’s community governance is its important feature, users holding and staking GMT can participate in voting, influencing the platform’s future development direction. For example, GMT can be used to vote on the use of the ecological fund or the introduction of new features, enhancing community engagement.
STEPN GO: A new lifestyle application that combines social and gaming
In May 2024, STEPN announced the launch of a new social fitness application STEPN GO on the official X platform, which includes more social interactions such as easy entry through the Haus , the ability to lend Sneakers to others, showcasing more designs on the interactive map within the application, and the introduction of a new token GGT (GO GAME TOKEN). GGT, as a game token, has an unlimited supply, while GMT remains the governance token. In STEPN GO, GMT is still used for upgrading sneakers, etc.
STEPN The 2.0 version of GO has brought many innovations to the entire sneaker eco, especially in the introduction of GGT tokens, the launch of the shoe rental , and the more strategic entry threshold design. For early players, this is undoubtedly a new opportunity.
In addition, STEPN GO has also introduced GGT (GO GAME TOKEN) as a new utility token, further enriching the eco. According to the official website of STEPN GO, GGT is used to incentivize users to participate in social and gaming activities, enhancing user stickiness.
BurnGMT Plan: Temporary Boosting of GMT Coin Price
In November 2024, STEP announced the BurnGMT plan, with the team repurchasing approximately 6 billion GMT coins and donating these tokens to the eco fund managed by GMT DAO. According to the official introduction, these tokens mainly come from early investors, advisors, and team allocations of unlocked tokens.
Subsequently, the team developed the BurnGMT.com platform, allowing users to lock GMT coins to vote on whether to destroy these repurchased tokens. The voting activity will last from November 21, 2024, to January 20, 2025, for a total of 60 days. Users participating in the vote will also receive a reward of 1 million GMT as an incentive.
The purpose of the BurnGMT plan is to enhance the deflationary properties of GMT by reducing the circulating supply. After the plan was announced, GMT price Start to rise, reaching $0.40 by the end of 2024, showing the market’s optimistic expectations for the BurnGMT plan.
However, since entering 2025, the GMT price has fallen continuously, currently dropping to a low of $0.046, with a market cap of $130 million, a decrease of 82.33% over the past year. This may be related to the volatility of the entire crypto market, or it may reflect investors’ pessimistic expectations for the slow development of STEP N GO.
Conclusion
As the governance token of STEPN, GMT has witnessed the transformation of STEPN from the leader in GameFi to the constantly innovative Web3 lifestyle application. The implementation of the BurnGMT plan and the launch of STEPN GO have brought new growth opportunities for GMT. Despite the current price being lower than historical highs, the market still holds an optimistic view on the long-term potential of STEPN and GMT. Investors should closely follow the latest developments of STEPN and market trends, and carefully assess market risks.
Risk warning: The cryptocurrency market is highly volatile, and the price of GMT may be affected by factors such as regulatory policies and the rise of competitors, leading to differences between actual performance and expectations.
