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STEPN ASICS NFT launch: GST, GMT token price surges on Web3 collaboration

By Raphael Sanis

Edited by Charlie Mellor

10:58, 7 November 2022

The STEPN name and logo appear in green on a black background
STEPN users can earn cryptocurrency by exercising through the Web3 app – Photo: Shutterstock

https://capital.com/blockchain-technology-definitionThe Web3 exercise app STEPN has launched its own non-fungible tokens (NFTs) with the Japanese sports brand ASICS.

The move came as the Solana (SOL) blockchain has also collaborated with the sportswear company to create its own physical trainers.

STEPN rewards users for exercising through its utility token, the green satoshi token (GST).  The Solana blockchain version of GST has seen a slight deviation from its long-term bearish trend and, at the time of writing on 7 November, it was up 38% over the past week, according to CoinMarketCap.

GMT, STEPN’s governance cryptocurrency, has also made gains as of 7 November with GMT having climbed by 10% week on week.

GMT to USD

The NFT collection

Solana has partnered with ASICS to create a “versatile, light, supportive and durable” set of trainers. The new shoe includes “energetic cushioning”, breathable mesh, and the Solana gradient on the heel.

Each pair of shoes cost $200 USDC and can be bought with Solana Pay during the five-day period starting on the 4 November.

Along with the physical trainers, customers will receive an ASICS Badge NFT. This digital collectible will unlock access to future ASICS rewards, including eligibility for the upcoming STEPN NFT airdrop.

DOGE/USD

0.12 Price
-2.940% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,407.71 Price
+0.130% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

63,634.40 Price
-1.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

381.90 Price
+1.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

While there are unlimited number of physical trainers, only a restricted amount of the STEPN NFTs are being produced.

A total of 1,001 NFTs will be sent randomly to badge holders. The NFTs up for grabs include one rare, 150 uncommon and 850 common.

A snapshot will be taken at some point during November that compiles a list of all eligible customers. Badge holders who are lucky enough to win will receive their NFTs by the end of the month.

STEPN’s bullish price action

STEPN’s utility token GST has been plagued by the crypto winter. It recently fell to its all-time low of $0.021 on 30 September 2022.

However, GST also saw a large price spike after the ASICS partnership was announced. The Web3 token climbed to a high of $0.053 on 5 November.

The green satoshi token has since lost some of these gains. GST was trading at $0.033 as of 7 November. But it was still up 36% over the past seven days at the time of writing.

Similarly, the app’s governance token, GMT, has also seen bullish price activity. GMT climbed from a low of $0.49 on 4 November to $0.61 as of 7 November. It was also up 10% over the previous week, at the time of writing.

Markets in this article

SOL/USD
Solana / USD
157.3212 USD
0.9618 +0.620%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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