STEPN, has announced a $30 million token airdrop for its users. The company is distributing 100 million “FSL” points, which can be swapped for GMT tokens via the STEPN marketplace at a 1-for-1 exchange rate.
With GMT tokens currently valued at approximately $0.30. this point distribution equates to a substantial $30 million.
STEPN’s $30 Million Crypto Airdrop
STEPN’s CEO, Shiti Manghani, expressed the company’s commitment to giving back to its users.
“Since we have the runway, we have the stability as a business we are able to give it back to the users. This year’s airdrop is the biggest ever… It is given to badge holders, which reward the smallest to the biggest users, and its given to the Genesis holders who have held our NFTs for the longest periods,” Manghani said.
The crypto airdrop, which began a few days ago, had not previously disclosed its total size. According to the company, the next phase commenced on April 10. This initiative follows STEPN’s February 2022 crypto airdrop, which rewarded Genesis sneaker NFT holders between $1,800 and $14,400 in GMT tokens.
In addition to the crypto airdrop, STEPN revealed that FSL points could improve users’ chances of obtaining exclusive prizes. The company is also preparing for a partnership with a renowned sports brand, following previous collaborations with Asics and Athletico Madrid.
“[STEPN] currently finds itself at a very exciting juncture, with major plans in the pipeline this year to supercharge our growth and cement our leading position in the move-and-earn sector,” Manghani concluded.
Read more: Best Upcoming Airdrops in 2024
The STEPN app, created by FSL, incentivizes users to stay active by rewarding them with cryptocurrency for walking or running. To earn rewards, users must purchase a virtual sneaker NFT. The app generates revenue from platform fees and has seen significant growth since its launch in 2021, now boasting 5 million users.
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