Stepn airdrop points worth $30 million worth of GMT tokens

Fitness app Stepn is airdropping a total of $30 million worth of bonus points. Greenwich Mean Time

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tokens, the company told The Block.

Stepn is distributing 100 million “FSL” points to users. FSL points are “The company said in a statement that it exchanged the tokens for GMT (tokens) through the Stepn Marketplace. With the GMT token currently trading at around $0.30, Stepn’s point distribution is worth around $30 million, according to CoinMarketCap. .

“Because we have the runway, it gives us the stability as a business to be able to give that back to our users,” Stepn CEO Shiti Manghani told The Block. “This year’s airdrop is the largest ever. It will be given to the badge holder with the smallest reward for the biggest user, and will be given to the Genesis holder who has held the NFT the longest.”

Although the airdrop went live a few days ago, Stepn had not previously announced the full distribution scale. The next phase of the airdrops begins on Wednesday, the company said.

Last February, Stepn organized an airdrop that rewarded Genesis sneaker NFT holders with GMT tokens. At the time of the drop, eligible holders could receive tokens worth between $1,800 and $14,400 per NFT.

We are at an ‘exciting juncture’

Stepn also offers FSL points “The company said the airdrop comes ahead of “an upcoming partnership with one of the world’s most renowned sports brands.” Stepn previously announced partnerships with Asics footwear company and Athletico Madrid professional soccer club.

“The Move-to-Ern app is at a very exciting point right now, and we have major plans in the pipeline to fuel our growth this year and solidify our leading position in the Move-and-Earn segment,” Manghani said.

The Stepn app, created by Find Satoshi Lab, rewards users with cryptocurrency for walking or running. that much To receive rewards in the app, users must purchase virtual sneaker NFTs. Stepn makes money from platform fees.

Stepn isn’t the only cryptocurrency project offering users the opportunity to own sneaker NFTs. Nike has its own collection of non-fungible sneakers called RTFKT, which in some cases allows consumers to exchange tokens for actual shoes.

In recent years post Stepn announced on social media platform X that users have driven more than 295 million kilometers. Stepn says it now has 5 million users after launching in 2021. The app reported that it had about the same number of users in September 2022.

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