StepN Explodes In Popularity, Native Token GMT Soars To $860 Million Market Cap
Since StepN launched in December 2021, the move-to-earn app has become a crowd-puller in GameFi or the play-to-earn blockchain space.
According to Jerry Huang, StepN co-founder, around 2 to 3 million users worldwide are actively using the app.
While it’s a small feat compared to the hundred-million players that other mega-hit web 2.0 games have, this is a massive breakthrough in the crypto space, especially for a lifestyle app that has been around for only five months.
As of May 22, StepN’s native token’s (GMT) market cap hit the $860 million mark.
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What Is StepN GMT?
StepN is a move-to-earn app that allows users to earn from physical movements using NFT sneakers. Users can easily earn GMT, its native token, simply by walking their dog or running outdoors to catch fresh air. With GMT, you can quickly pay for any digital goods or vote or staking on the platform.
Around 2 to 3 million users worldwide are actively using the StepN app.
The app was created by Jerry Huang and co-founded by Yawn Rong in Australia. The app was first introduced in a Solana hackathon in early October 2021. It ranked fourth in the event, but StepN’s exposure resulted in its first set of beta users.
Two months following the its launch, with zero flashy advertising campaigns, the move-to-earn app had swarms of users signing up.
For weeks, the app’s popularity grew and spread like wildfire in the blockchain community. It has been increasing immensely that the team had to restrict the daily number of registrations. To date, thousands of new users keep coming and joining the move-to-earn app daily.
Huang and Rong are entrepreneurs and venture capitalists, and they were initially self-funding StepN. Still, in September, they decided to scale and open the project up for fundraising to bring in added publicity and strong partnerships.
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com
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StepN Seals $5 Million Seed Round
In November, the founders talked to around 100 investors and then modified their pitch decks like 40 times, and that’s when they hit the mark and closed a $5 million seed round with Sequoia Capital and other investors.
At that time, the founders didn’t have the actual product yet, and StepN was a pure concept, so explaining the idea to the investors was challenging. The questions that investors throw their way also helped them improve their product.
StepN has been getting a net profit of $3 million to $5 million or up to $100 million monthly. Not bad at all for a 5-month old gamified earning app.
Featured image from Asia Crypto Today, chart from TradingView.com