Solana Move-to-Earn Game 'Stepn' Launches $30 Million Airdrop

Move-to-earn game Stepn has launched a $30 million airdrop campaign, with developer FSL distributing 100 million airdrop points to players over a weeklong event that actually started last week and ends Wednesday.

The points are redeemable 1:1 for Stepn's native GMT token minted on Solana. The airdrop is being conducted in two phases, the first targeting Stepn achievement badge holders who can earn FSL points through in-app achievements. The second phase will focus on rewarding holders of Genesis Sneakers NFTs. Earned points must be claimed by the end of April.

"We have decided to launch this huge airdrop campaign as a token of gratitude to our most loyal community members, providing them with priority access to our upcoming mints and other exclusive rewards," said FSL CEO Shiti Manghani, in a release.

Stepn is a mobile fitness game that rewards players for getting out in the world and running or walking. Users who own sneaker NFTs for the game can earn crypto rewards. The game saw surging demand soon after its launch back in 2022, but the value of the NFTs and crypto rewards has fallen substantially since then.

FSL also teased an upcoming partnership with "one of the world's best-known sports brands," according to the press release, though there’s no indication of when that purported deal will be announced.

"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 added. "The next few months mark a pivotal moment for Stepn, and we're thrilled to share this with our most dedicated supporters."

The price of the GMT token has dipped since the announcement to just under $0.29, putting the total current value of the airdrop closer to $29 million. Overall, GMT is down nearly 10% over the past 24 hours, per data from CoinGecko.

Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward. This story was updated after publication to update the company name to FSL.