- The company intends to leverage 5% of its platform fees to initiate a buyback and burn program of its green metaverse token (GMT)
- The price of GMT has increased by nearly 23% in the past 30 days
Move-to-earn blockchain-based application Stepn recently generated $122.5 million in profits in the second quarter through its platform fees — which have made up a growing chunk of revenue, more broadly.
The company said in a Medium post it intends to leverage 5% of the proceeds to initiate a buyback and burn program of its green metaverse token (GMT), a governance token that acts as a store of value. The announcement informed users that the buyback and burn process may take a few weeks to complete to avoid causing sudden GMT price volatility.
In the meantime, Blockworks’ Empire podcast hosts spoke with Yawn Rong, co-founder of Stepn, about the company’s rapid growth and its efforts to shift from Web3 to Web2 to remain sustainable.
Rong said Stepn wants to first and foremost promote a healthier mind and body lifestyle by encouraging daily exercise via token incentives. While solana (SOL) is needed to purchase sneaker NFTs, for now users can only earn the green satoshi token (GST) while walking, jogging or running.
GST can then be converted into GMT or USD Coin. The more conversions, however, the more it drives down the price of GST, resulting in less potential earnings.
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