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.