STEPN: Should you invest in GMT before ‘sneaker season’ ends

ambcrypto.com:

Many crypto projects have recovered from the crypto winter. STEPN is another project that has shown extensive growth since June’s bottoms.

The move-to-earn gaming phenomenon has come back to life after an underwhelming couple of months. Moreover, the founders have laid out development plans for STEPN as it attempts to resurface in the crypto market.

STEPN’s sneaker NFTs are seeing something of a renaissance in August. The demand for these sneakers has increased significantly in the past week after tumbling in July.

As we can see in the chart below, the sales have shown a positive uptrend in the first week of August.

Source: Twitter

This growth could accelerate STEPN’s own expansion in the broader crypto ecosystem.

STEPN has also laid out development plans recently. It released the launch of Health Points (HP) which introduces a life span to STEPN sneakers.

As per the press release, “without HP, the sneakers have an infinite supply and would never be worn out which is a recipe for inflation and eventual price drop.”

On 25 July, STEPN launched the “STEPNrun Contest.” It is scheduled to be held between 25 July and 8 August and is designed to “spread awareness about STEPN!”

But that’s not it as STEPN’s GMT token is becoming popular among whales. According to Whale Stats, GMT is now in the top 10 by trading volume among the 100 biggest BSC whales in the past 24 hours.

Despite the increase in sneaker sales, daily users on STEPN have remained stagnant as shown below. Currently, new and existing users make up to 5000 on the metric here.

This falls short of the 32k user growth as on 21 June. However, a silver lining for STEPN is its ability to attract new users right now.

Source: Dune

At press time, existing users were beginning to show more