Stepn

The 2024 airdrop was worth $30 million: 100 million FSL points for Badge Holders and Genesis Sneaker holders. FSL could be exchanged for GMT 1:1 through the app's marketplace. The campaign ended on 29 April and unclaimed FSL was to be lost permanently. GMT traded near $0.29 after the announcement and GST briefly rose.

In March 2022, early users in the Trailblazer round received GMT between 15 and 17 March. Reports say this was about 0.75% of circulating GMT, around 45 million tokens, to more than 5,000 users, citing the official 14 March tweet through a Chinese-language outlet.

In late 2022, the New Horizon Initiative rewarded Genesis Sneaker holders with GMT based on rarity at a snapshot: 4,000 GMT for common, 8,000 for uncommon, 16,000 for rare and 32,000 for epic sneakers. Sneakers listed on a marketplace at the time did not count.

Payouts that exclude listed items push holders to keep NFTs off the market, which can lower trading volume around a snapshot.

Convertible points have expiry dates, so waiting past a deadline can cost the entire reward.

Move-to-earn projects face a structural problem, since rewards for activity must be paid from new money entering the system. When the inflow slows, the token price falls and the rewards lose value, which is the pattern seen in STEPN's history. Treat any current reward from such an app as a small bonus, not an income, and size your risk accordingly.