STEPN launches $2.9m airdrop, GMT sinks by 6.5%

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The move-to-earn venture STEPN’s airdrop announcement induced a worth drop to its native token, GMT.

In line with CoinMarketCap information, Inexperienced Metaverse Token (GMT) is buying and selling at $0.29, down 6.5% over the previous 24 hours. On the similar time, merchants elevated GMT buying and selling by 31% over the past 24 hours to $124.5 million.

The sharp drop in GMT occurred shortly after STEPN introduced the airdrop.

STEPN launches $2.9m airdrop, GMT sinks by 6.5% - 1
Supply: CoinMarketCap

Created primarily based on the Solana and BNB Chain networks, the STEPN sport gained reputation within the spring of 2022. It permits customers to obtain rewards in GST and GMT tokens for strolling or working. To do that, customers have to buy NFT sneakers.

The venture crew will give away 100 million FSL bonus factors, which will be transformed into GMT tokens at a ratio of 1 to 1. On the time of writing, the asset’s distribution quantity is round $2.9 million.

The variety of factors can be distributed primarily based on the shelf lifetime of the digital NFT Genesis sneakers. There can be three ranges: those that have owned sneakers for greater than 24 months will obtain probably the most factors, the second degree can be 12-24 months, and the third degree can be 6-12 months.

The airdrop will be acquired by these customers whose sneakers have been on their account and weren’t put up on the market on the time of the snapshot on April 7. Contributors additionally had to make use of a minimum of two “energies” inside 30 days earlier than April 3.

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