STEPN, the leading move to earn app, is estimated to gain only $10.36 million in profit in Q3 2022, down more than 90% compared to the previous quarter. Although the large number of daily active users has decreased significantly, the number of transactions on the network witnessed a surge over the past 90 days and that is the key for STEPN to stay afloat.
However, STEPN is obviously facing many difficulties. The STEPN ecosystem is majorly driven by its NFT shoes, which users buy and use to earn tokens and NFT rewards. The decrease in the number of shoes minted clearly reflects the drop in demand for STEPN NFTs.
According to LunarCrush, social media topics related to STEPN have dropped 28% since September and engagements have also depreciated by 18%. Moreover, GMT’s MVRV, the ratio of an asset’s Market Capitalization versus its Realized Capitalization, is -5.326%. The MVRV < 1 represents a bearish future for the token.
The overall market plunge had a significant impact on the price of GMT. At the time of writing, GMT is trading around $0.63 with a rather meager trading volume. However, we cannot deny the success of STEPN. After becoming the most popular app on Solana and gaining huge profits in Q2, STEPN plans to expand to Ethereum, cooperate with the famous Bored Ape Yacht Club Collection and join Spanish football team Atletico Madrid to launch a new collection of 1.001 NFTs. STEPN also recently announced a plan to move headquarters to Hong Kong despite the waves of companies exiting the city due to strict Covid rules and a difficult regulatory environment.
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