The dominance of Bitcoin (BTC) has managed to stay above 40 per cent, with its biggest rival Ethereum (ETH) able to sustain its share at nearly 20 per cent. The remaining almost 40 per cent share in the total market cap of cryptos is of altcoins like Axie Infinity (AXS), Dogecoin (DOGE) and Solana (SOL).
Any crypto asset can register an upward or downward movement in price regardless of how others are behaving. Despite Bitcoin’s dominance, the negative return of BTC in 2022 has not adversely affected assets like Waves (WAVES) and Zilliqa (ZIL), both of which had a positive year-to-date (YTD) at the time of writing.
One crypto asset, STEPN or Green Metaverse Token (GMT), has risen sharply of late. Let’s know how this altcoin competes with other metaverse tokens.
What is STEPN cryptocurrency project?
Instead of speculating, it is preferable to understand any crypto project through its whitepaper. STEPN has uploaded a whitepaper on its official website, which primarily focuses on Web3, gaming and NFTs.
Also read: IDEX crypto rises: What is IDEX decentralized ecosystem?
While most metaverse projects like Axie Infinity (AXS) highlight the ‘play to earn’ aspect, STEPN claims to be ‘move and earn’. In its ecosystem, users can walk or jog or run using the sneakers that come as NFTs. Any activity by users can lead to earning of crypto assets. The project mentions carbon offsetting, climate change and a healthy lifestyle in its whitepaper, which hints toward a distinctive approach as compared to other metaverses.
STEPN’s ecosystem also claims to include a marketplace to trade NFTs, with leasing and renting also available for digital assets. The project’s wallet claims to support assets created using SOL and BNB.
What is GMT token?
Green Metaverse Token is one of the two in-house assets of STEPN. GST (Green Satoshi Token) has been designated as the game token, and GMT token would be used for the ecosystem’s governance.
GMT token, the project claims, can be earned by STPEN users that go past Level 30. GMT’s supply is bound to be reduced with time through the burning of tokens.
Also read: Deciphering debate around Bitcoin as reserve currency
What is GMT token price?
Both the price and trading volume of GMT tokens were in green as of writing. According to CoinMarketCap, the token had a market cap of over US$1.9 billion, which made it a top 100 crypto asset. A month back, on March 19, GMT traded at nearly US$0.7, but as of writing, the price was nearly US$3.3.
Green Metaverse Token price prediction can be quite speculative since any crypto asset may fluctuate heavily with respect to price.
Data provided by CoinMarketCap.com
Bottom line
GMT token belongs to STEPN, which claims to be a ‘move and earn’ metaverse project. How STEPN competes with the metaverses of Decentraland, and The Sandbox has yet to be seen. The price of GMT, alongside its trading volume, has risen of late.
Also read: Maple Finance crypto sharply rises in 2022: What is MPL token?
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