Move-to-earn lifestyle app STEPN, which is built on the Solana blockchain, has announced a massive airdrop of 100 million FSL points worth approximately $30 million to its users. This airdrop is part of a campaign to show gratitude to the app’s most loyal community members.
The FSL points can be redeemed at a 1:1 ratio for STEPN’s GMT token and can also be used in upcoming STEPN nonfungible token (NFT) mints, as well as for obtaining exclusive prizes. According to Shiti Manghani, the CEO of STEPN, “We have decided to launch this huge airdrop campaign as a token of gratitude to our most loyal community members.”
The first airdrop of this campaign was dedicated to Badge Holders, who are considered core players of the app. The allocation of FSL points for this airdrop was based on the complexity of their in-app achievements. To claim the points, users must sign up for an FSL ID, which is created by the developer managing the STEPN ecosystem.
Users can spend the FSL points in the ecosystem’s NFT marketplace MOOAR and strategy game Gas Hero. The $30 million airdrop will continue until the end of April. Created in 2021, STEPN allows users to earn rewards for walking, jogging, or running by purchasing a virtual Sneaker NFT and linking their smartphones. Rewards are issued in the form of GMT tokens, which have an inflationary mechanism, a supply cap of 6 billion, and a current diluted market capitalization of $1.57 billion.
Players can use the GMT tokens earned to mint new sneakers or level up in the game. They can also lease or sell their NFT sneakers on the in-app marketplace, with their GMT revenues saved in the in-app wallet that features a built-in swap function. The lifestyle app currently boasts more than 5 million users.
The announcement of the airdrop comes as Solana’s STEPN hits a record high, with the GMT price skyrocketing 34,000% in just over a month. This news highlights the growing adoption of blockchain technology, cryptocurrencies, and NFTs in the digital landscape.