Several weeks ago, reports began to circulate that the popular move-to-earn app, STEPN, was cutting staff and focusing on its parent company, Find Satoshi Lab, and newer initiatives.
STEPN representatives, on the other hand, refuted the claims, claiming that those fired were volunteer ambassadors who had been inactive for months.
They spoke to their community and made suggestions about upcoming new projects in a message released in the middle of October. One of the projects appeared to have been completed and shipped.
Find Satoshi launches MOOAR
STEPN’s parent company, Find Satoshi Lab, has just announced the launch of MOOAR, a multi-chain, non-fungible token (NFT) marketplace accessible only through membership.
With the existing STEPN fitness app and the decentralized exchange (DEX) DOOAR based on Solana, the addition of a marketplace is expected to help the company build its self-sustaining ecosystem.
The platform stated its intention for the three apps to “collaborate to actively assist each other” in a news statement. The goal of this was to provide the GMT token with new use cases in the expanding ecosystem.
The platform made a notable move with the marketplace debut in that it bucked the trend of zero royalties seen in NFT markets and collections. It did this by debuting with no platform fees and no voluntary royalties.
Is GMT STEPN?
The GMT token has decreased by more than 55% since August, according to a review of the token in the daily time period. However, it was clear that it had started an upward trend that appeared to have paused once more.
Between $0.56 and $0.59, the token encountered resistance. The yellow and blue lines, which represent the short and long Moving Averages (MAs), could also be seen acting as resistance for the token based on their positions.
The support levels that were now visible were around $0.47 and $0.45. The volume indicator hinted that there was low trading activity. The asset was still above the neutral line but was moving below it, according to the Relative Strength Index. It would effectively enter a bear trend if it faces any more selling-pressure.
Notably, the ecosystem’s design, which incorporates the DEX and the NFT market, may increase the utility of GMT. This might also lead to an increase in value as more users join the ecosystem and use its many services.
That said, it will be interesting to observe how this new market differentiates itself from the other well-established players in the market.