GST, GMT token price increases on Web3 collaboration

by James · November 7, 2022

STEPN users can earn cryptocurrency by training through the Web3 app – Photo: Shutterstock

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Web3 training app STEPN has launched its own non-fungible tokens (NFT) with Japanese sports brand ASICS.

The move came as the Solana (SOL) blockchain has also partnered with the sportswear company to create its own physical trainers.

STEPN rewards users for training through the utility token green satoshi token (GST). The Solana blockchain version of GST has seen a slight departure from its long-term bearish trend and at the time of writing on November 7 was up 38% over the past week, according to CoinMarketCap.

GMTSTEPN’s benchmark cryptocurrency, has also made gains since November 7 with GMT rising 10% week-on-week.

GMT to USD

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The NFT collection

Solana has partnered with ASICS to create a “versatile, lightweight, supportive and durable” set of trainers. The new shoe includes “energetic cushioning”, breathable mesh and the Solana gradient on the heel.

Each pair of shoes costs $200 USDC and can be purchased with Solana Pay during the five-day period starting November 4th.

Along with the physical trainers, customers will receive an ASICS Badge NFT. This digital collectible will unlock access to future ASICS rewards, including eligibility for the upcoming STEPN NFT airdrop.

Although there is an unlimited number of physical trainers, only a limited amount of the STEPN NFTs are produced.

A total of 1001 NFTs will be sent randomly to token holders. The NFTs available include a rare, 150 uncommon and 850 common.

A snapshot will be taken at some point during November that compiles a list of all eligible customers. Badge holders lucky enough to win will receive their NFTs by the end of the month.

STEPN’s bullish price action

STEPN’s utility token GST has been plagued by the crypto winter. It recently dropped to its lowest level of $0.021 on September 30, 2022.

However, GST also saw a big price increase after the ASICS partnership was announced. The Web3 token climbed to a high of $0.053 on November 5.

The green satoshi token has since lost some of those gains. GST was trading at $0.033 as of November 7th. But it was still up 36% over the past seven days at the time of writing.

Similarly, the app’s governing token, GMT, has also seen bullish price activity. GMT climbed from a low of $0.49 on November 4th to $0.61 as of November 7th. It was also up 10% compared to the previous week, at the time of writing.