Hassan Maishera
STEPN revealed in a Medium post on Tuesday that it generated $122.5 million in profits through its platform fees in the second quarter. The team will leverage 5% of the profits to initiate a Q2 GMT buyback and burn program. Furthermore, STEPN said it will allocate capital reserves to improve upon existing features and build out the team.
STEPN is a move-to-earn health and fitness application. Users equipped with sneaker NFTs can move outdoors to earn tokens and NFT rewards. STEPN has a built-in wallet, swap, marketplace, and rental system that allow non-crypto users to onboard STEPN. GMT, STEPN’s native token, is up by more than 1% and currently trades at $0.86409.
