STEPN: NFT project reaches $122.5 million in profits
STEPN: NFT project reaches $122.5 million in profits
NFT

STEPN: NFT project reaches $122.5 million in profits

By Amelia Tomasicchio - 13 Jul 2022

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STEPN’s NFT project announced that it reached an impressive $122.5 million in profits in the second quarter of 2022.

For this reason, the company announced that it will begin a process of buying back and burning 5% of the GMT token, which will last for a couple of weeks so as not to impact the market greatly.

How will STEPN’s funds be spent

With the rest of the profits, STEPN said it will work on improving the platform in terms of security, hiring staff, merchandising for increased brand awareness, and establishing new partnerships and sponsorships.

In terms of security, STEPN’s blog explains that the company is combating the many Distributed Denial of Service (DDoS) attacks.

“We are committed to delivering the best possible service to our users and have been working to amplify the platform’s security and server capacity to prevent future DDoS attacks. With the profits realized during Q2, we will be able to double down in our commitment to this and devote more resources to our efforts”,

the team explained.

Another important step aimed at improving the platform and the entire gaming ecosystem, and on which more funds will be spent, is the identification of cheaters who use bots to simulate movement and thus earn money unfairly.

How does the STEPN app work

STEPN is a Web 3 app that allows those who have NFTs in their collection to earn tokens by walking.

NFTs represent sneakers and according to a process called “move to earn”, people earn GMT by being physically active.

Notably, it is a multi-chain platform that supports both the Binance Smart Chain and Solana’s blockchain.

STEPN had also recently announced a $100,000 per month program to become carbon neutral.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is writing a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector.

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