Stepn has announced an airdrop of $30 million in tokens for its users. The company is distributing his 100 million “FSL” points, which he can exchange for GMT tokens at a 1:1 exchange rate through the Stepn Marketplace.
The current value of the GMT token is approximately $0.30. This point distribution is effectively worth $30 million.
Stepton’s $30M Cryptocurrency Airdrop
Shiti Manghani, CEO of Stepn, expressed the company's commitment to giving back to its users.
“Because we have the runway, we are able to pass on stability as a business to our users. This year's airdrop is the largest ever…given to badge holders, from the smallest user to the largest user will be awarded to the Genesis owner who held the NFT the longest,” Mangani said.
The cryptocurrency airdrop, which began a few days ago, had not previously disclosed its total size. The next phase began on April 10, the company said. The initiative follows Stepton's February 2022 crypto airdrop, which rewarded Genesis Sneaker NFT holders with GMT tokens ranging from $1,800 to $14,400.
In addition to the cryptocurrency airdrop, Stepton revealed that FSL Points could increase users' chances of winning exclusive prizes. Following previous collaborations with ASICS and Athletico Madrid, the company is also preparing for partnerships with well-known sports brands.
“[Stepn] We are currently at a very exciting crossroads, with major plans underway this year to accelerate our growth and solidify our leading position in the move and earn sector.” he concluded.
Read more: Best Upcoming Airdrops in 2024
Created by FSL, the Stepn app encourages users to stay active by rewarding them with cryptocurrencies for walking and running. To earn rewards, users must purchase virtual sneaker NFTs. The app, which earns its revenue from platform fees, has seen significant growth since its launch in 2021 and now boasts 5 million users.
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