GMT, the governance token of the Solana-based play-to-earn mission STEPN, tripled in worth this week on hypothesis over a partnership with a serious sports activities model. The mission additionally generated a big revenue within the first quarter of 2022, which it intends to make use of for burning tokens and increasing its ecosystem.
GMT surged 245% during the last seven days, going as excessive as a file stage of $3.07 on Friday, and rating among the many finest performing tokens this week. Its market capital additionally broke above $1.5 billion.
STEPN presents itself as a life-style Web3 utility, and rewards customers in tokens for working or strolling. Customers of the app must first mint NFT sneakers utilizing Solana (SOL), which they then must equip within the app whereas working, to generate rewards. GMT is among the rewards paid out by the app. The opposite is GST, which can be utilized to mint new NFTs.
Curiosity in Solana-based tasks has additionally spiked this week, as SOL rallied to change into the sixth-largest crypto by market capitalization.
Main STEPN sports activities partnership coming quickly?
Earlier this week, the mission hinted at a doable partnership with a serious sports activities model throughout an interview with Solana enterprise capital fund Photo voltaic Eco Fund.
When requested whether or not massive manufacturers resembling Nike and Adidas posed a menace to STEPN, the mission stated that it could make an announcement “quickly” on the matter.
The mission additionally posted an image on its official twitter deal with that features logos from a number of well-known sportswear manufacturers, together with Nike, Adidas, and Asics.
Big Q1 revenue, GMT burning prospects
The mission announced a Q1 revenue of 198,635 SOL ($26.8 million) from NFT market buying and selling and royalty charges. A bulk of this revenue will likely be used to purchase again and GMT from the secondary market, lowering its provide and sure boosting its value.
The mission didn’t present specifics as to what number of tokens it could burn.
In line with STEPN’s whitepaper, there are a complete of 6 billion GMT tokens minted. 30% of those have been distributed for governance participation on the app. The mission additionally plans to halve the overall variety of GMT tokens each three years.
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