GMT is down by 3 per cent in today’s trading season, reversing the past two days that have seen an aggressive upward move. Today’s bear market is a resumption of the long-term bearish move that has seen the crypto drop by 43 per cent this month. The drop is also an extension of May when the GMT price dropped by 66 per cent.
The Move to Earn concept under a microscope
The move to earn platforms has become popular with the cryptocurrency community in the past few years. At their core, the platforms allow users to earn money by walking or running. The users are rewarded using the platform’s native tokens, which they can stake or use the tokens for governance. In some cases, these tokens are also used as protocol revenue.
However, in most cases, users must buy in-game items to participate in these platforms. A good example is a partnership between StepN (GMT) and Asics, which has allowed the platform to sell Asics sneakers. For 7,400 Binance stablecoins, an aspiring metaverse athlete can buy these sneakers to participate in the metaverse.
In an analysis done by Ashwin Rodrigues, a pair of sneakers is equivalent to $7,400 in fiat, making them very expensive but still a steal compared to the exorbitant prices we have seen in the past, where a pair of metaverse Nike shoes has been sold for $134,000 in the past.
The Asics NFTs grant access to an invitation-only digital exercise space. According to StepN’s founder, users need at least three Asics NFT pairs, valued at over $20,000 in fiat currency, to get started. Therefore, to some extent, the move-to-earn platforms such as StepN (GMT) are out of the price range for most people.
Although they offer in-game currencies that can be traded for in-game items and, in some cases, converted into cash, the earning part in most move-to-earn platforms is in concept only, according to Rodrigues’ analysis. The in-game tokens, such as GMT, also fluctuate a lot, and in the current bear market, any earnings made today may be worthless tomorrow.
GMT Price Prediction
GMT prices are down by 3 per cent in today’s trading session, extending a strong bear run that has seen the cryptocurrency lose 43 per cent of its value this month. Today’s resumption of the bear market is also likely to continue for the next few trading sessions.
This is due to the current aggressive global cryptocurrency bear trend that has caused almost all cryptocurrencies to lose their value for the last few weeks. However, should the prices trade above the recent $0.85 resistance level, then my bearish analysis will be invalidated. Furthermore, it will also signal a likely recovery of the cryptocurrency.