Fitness cryptocurrency app Stepn announced that it will airdrop bonus points equivalent to $30 million in GMT tokens. The company is distributing 100 million “FSL” points to its users, which can be exchanged for GMT tokens on a 1-to-1 swap basis through the Stepn marketplace.
GMT tokens are currently trading at around $0.30, while the total value of Stepn's point distribution is estimated to be around $30 million, according to CoinMarketCap. “Because we have workspace, we have stability as a business and we can give that back to users,” said Stepn CEO Shiti Manghani.
This year's airdrop, described by Manghani as the “biggest ever,” is being distributed to wallets and Genesis NFT holders that have held the company's NFTs the longest. The airdrop, which started a few days ago, had not previously disclosed the total size of the distribution. The next phase of the airdrop is scheduled to begin today.
In February last year, Stepn organized an airdrop that rewarded Genesis sneaker NFT owners with GMT tokens. Eligible wallets received $1,800 to $14,400 worth of tokens per NFT during the airdrop.
According to the company's statement, FSL points can also increase users' chances of obtaining special rewards. According to the announcement, the airdrop comes ahead of a soon-to-be-announced partnership with one of the world's most well-known sports brands. Stepn previously announced partnerships with Asics shoe company and Athletico Madrid professional football club.
*This is not investment advice.