Several weeks ago, reports started to circulate that the popular move-to-earn app, STEPN, was reducing the amount of staff it had and focusing on its parent business, Find Satoshi Lab, and fresher initiatives.
Representatives of STEPN, however, refuted the claims and stated that those fired were voluntary ambassadors who had been inactive for months.
Here’s AMBCrypto’s Price Prediction for STEPN (GMT) for 2022-2023
Find Satoshi launches MOOAR
With the existing STEPN fitness app and the decentralized exchange (DEX) DOOAR based on Solana, the addition of a marketplace is expected to help the company build its self-sustaining ecosystem.
The platform stated its intention for the three apps to “collaborate to actively assist each other” in a news statement. The goal of this was to provide the GMT token with new use cases in the expanding ecosystem.
The platform made a notable move with the marketplace debut in that it bucked the trend of zero royalties seen in NFT markets and collections. It did this by debuting with no platform fees and no voluntary royalties.
Is GMT STEPN?
The GMT token has decreased by more than 55% since August, according to a review of the token in the daily time period. However, it was clear that it had started an upward trend that appeared to have paused once more.
Between $0.56 and $0.59, the token encountered resistance. The yellow and blue lines, which represent the short and long Moving Averages (MAs), could also be seen acting as resistance for the token based on their positions.
The support levels that were now visible were around $0.47 and $0.45. The volume indicator hinted that there was low trading activity. The asset was still above the neutral line but was moving below it, according to the Relative Strength Index. It would effectively enter a bear trend if it faces any more selling-pressure.
Notably, the ecosystem’s design, which incorporates the DEX and the NFT market, may increase the utility of GMT. This might also lead to an increase in value as more users join the ecosystem and use its many services.
That said, it will be interesting to observe how this new market differentiates itself from the other well-established players in the market.