Stepn airdropping points worth $30 million of GMT tokens

Fitness app Stepn is airdropping bonus points worth a total of $30 million of GMT +3.66% tokens, the company told The Block.

Stepn is distributing 100 million "FSL" points to users. FSL points can be "swapped for GMT [tokens] via the Stepn marketplace" in a 1-for-1 in exchange, the company said in a statement. With GMT tokens currently trading hands at about $0.30, according to CoinMarketCap, Stepn's point distribution is worth about $30 million.

"Since we have the runway, we have the stability as a business we are able to give it back to the users," Stepn CEO Shiti Manghani told The Block. "This year's airdrop is the biggest ever ... it is given to badge holders which reward the smallest to the biggest users and its given to the Genesis holders who have held our NFTs for the longest periods."

Although the airdrop began a few days ago, Stepn had not previously announced the total size of the distribution. The next phase of the airdrop commences on Wednesday, the company said.

In February of last year, Stepn orchestrated an airdrop that rewarded Genesis sneaker NFT holders with GMT tokens. At the time of the drop eligible holders stood to receive between $1,800 and $14,400 worth of tokens per NFT.

Stepn at an 'exciting juncture'

Stepn said FSL points can also "improve [users] chances of obtaining exclusive prizes," according to its statement. The company's airdrop occurs ahead of a "soon-to-be announced partnership with one of the world's best-known sports brands," it also said. Stepn has previously announced partnerships with Asics shoe company and Athletico Madrid professional soccer club.

The move-to-earn app "currently finds itself at a very exciting juncture, with major plans in the pipeline this year to supercharge our growth and cement our leading position in the move-and-earn sector," Manghani said.

Created by FSL, the Stepn app rewards users with cryptocurrency for walking or running. The app requires users to purchase a virtual sneaker NFT in order to earn rewards. Stepn generates revenue from platform fees. 

Stepn is not the only crypto project to offer users a chance to own sneaker NFTs. Nike has its own non-fungible sneaker collection called RTFKT, where, in some cases, consumers can redeem the tokens for physical shoes.

In a recent post to social media platform X, Stepn announced users have run for more than 295 million kilometers. After launching in 2021, Stepn said it now has 5 million users. The app reported having about the same number of users in September 2022.