Fitness-focused cryptocurrency app Stepn has made a significant announcement, declaring a $30 million airdrop in GMT tokens for its users. The company plans to distribute 100 million "FSL" points to its user base, allowing them to swap these points for GMT tokens at a 1-to-1 ratio through the Stepn marketplace.
With GMT tokens currently valued at approximately $0.30, the total value of Stepn's point distribution is estimated to be around $30 million, as per CoinMarketCap data. Stepn CEO Shiti Manghani expressed the company's commitment to giving back to its users, citing the stability of their business as a driving factor.
The airdrop, described as the "biggest ever" by Manghani, targets wallets and Genesis NFT holders who have held the company's NFTs for the longest duration. While the distribution commenced a few days ago, the total size of the airdrop had not been previously disclosed. The next phase of distribution is set to begin today.
In February of the previous year, Stepn orchestrated an airdrop rewarding Genesis sneaker NFT owners with GMT tokens. Eligible wallets received tokens ranging from $1,800 to $14,400 per NFT during the event. Furthermore, FSL points not only facilitate the acquisition of GMT tokens but also enhance users' chances of securing special rewards.
The announcement of this airdrop precedes an upcoming partnership announcement with one of the world's most renowned sports brands, as hinted by Stepn. Previously, Stepn unveiled partnerships with Asics shoe company and Athletico Madrid professional football club.
Stepn's decision to distribute such a substantial airdrop underscores its commitment to user engagement and ecosystem growth. However, investors should remain vigilant as airdrops may influence token valuations in the short term.
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SanyaGMT token shows positive buying signals, including steadily increasing coin age and network growth, as well as accumulation by whales. However, investors should exercise caution with lower timeframe price charts and remain vigilant for potential price fluctuations.
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