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The move-to-earn project STEPN’s airdrop announcement caused a price drop to its native token, GMT.
According to CoinMarketCap data, Green Metaverse Token (GMT) is trading at $0.29, down 6.5% over the past 24 hours. At the same time, traders increased GMT trading by 31% over the last 24 hours to $124.5 million.
The sharp drop in GMT occurred shortly after STEPN announced the airdrop.
Created based on the Solana and BNB Chain networks, the STEPN game gained popularity in the spring of 2022. It allows users to receive rewards in GST and GMT tokens for walking or running. To do this, users need to purchase NFT sneakers.
The project team will give away 100 million FSL bonus points, which can be converted into GMT tokens at a ratio of 1 to 1. At the time of writing, the asset’s distribution volume is around $2.9 million.
The number of points will be distributed based on the shelf life of the digital NFT Genesis sneakers. There will be three levels: those who have owned sneakers for more than 24 months will receive the most points, the second level will be 12-24 months, and the third level will be 6-12 months.
The airdrop can be received by those users whose sneakers were on their account and were not put up for sale at the time of the snapshot on April 7. Participants also had to use at least two “energies” within 30 days before April 3.
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