Solana-based move-to-earn lifestyle app STEPN gives customers 100 million FSL points, or roughly $30 million, through an airdrop.
The statement from April 10 states that in addition to being redeemed for unique rewards, FSL points can also be used in future STEPN nonfungible token (NFT) mints at a 1:1 ratio for the GMT token.
STEPN CEO Shiti Manghani said, “We have chosen to launch this massive airdrop campaign as a token of gratitude to our most devoted community members.”
The STEPN developers commented, “Those who are truly playing the hard way—our core players—were the focus of our first airdrop of the week for our Badge Holders.” We allocated FSL Points to them via airdrop, taking into account the intricacy of their in-app achievements.
The namesake creator oversees the STEPN ecosystem and creates FSL IDs, which users must register for to claim the points. From there, users can also spend the FSL points in the strategy game Gas Hero and the NFT marketplace MOOAR within the ecosystem. The $30 million airdrop will continue until the end of April.
STEPN, developed by FSL in 2021, lets users receive incentives for jogging, walking, or running. After consumers buy a virtual Sneaker NFT and connect their devices, they can get rewards. The form of rewards is in GMT tokens with a supply cap of 6 billion, an inflationary process, and a diluted market valuation of $1.57 billion.
Gamers can then level up in the game or mint new sneakers using the acquired GMT tokens. Players can lease or sell their NFT sneakers on the in-app marketplace.
The proceeds from these transactions are kept in the in-app wallet, which has an integrated swap functionality. There are currently over 5 million users of the lifestyle app.
