GMT (Green Metaverse Token) is the governance token of STEPN, the app that popularized 'move-to-earn' — you buy NFT sneakers, then walk or run in the real world to earn crypto rewards. It was one of the viral hits of 2022, blending fitness with crypto incentives. GMT is the ecosystem's main token, used for governance, upgrading NFTs, and payments (via 'GMT Pay'), and it's issued by FSL, which has expanded into a family of apps (STEPN, STEPN GO, a marketplace, other games). Its value is tied to the health of the STEPN/FSL ecosystem and the move-to-earn narrative rather than to cash flow — the classic risk being that 'earn' models fade once the token rewards stop attracting new users.
Where it stands today: STEPN, like most 'X-to-earn' apps, cooled dramatically after its 2022 viral peak, and GMT trades far below those highs. FSL is trying to broaden beyond the original grind — 'STEPN GO' targets mainstream fitness users, GMT Pay pushes real-world spending utility, and the team ran promotional campaigns (like a Japan learn-and-earn) to onboard users. GMT has a fixed 6 billion supply with halving issuance and a DAO that votes quarterly on token burns; FSL also bought back a large chunk of GMT (~$100M worth) from early investors. So today it's a surviving move-to-earn brand trying to reinvent itself around real utility and social fitness, still fighting the perception that its core model was a passing fad.