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STEPN Creators Shift Focus to New NFT Marketplace as the Project Presents Ailing Stats

Find Satoshi Land made a notable announcement amidst a market clogged by a massive slump in PFP (profile picture) NFTs and overall disinterest in the digital asset class. STEPN’s parent company revealed the MOOAR launch on November 1.

The multi-chain NFT market launch comes after the DOOAR launch in June. DOOAR is STEPN’s multi-chain DEX (decentralized exchange). Dune Analytics data showed DOAR boasted 33% of 24hr active addresses across other decentralized exchanges housed in the Solana Blockchain.

Meanwhile, MOOAR incorporates a non-fungible token launchpad. GMT token holders can vote for other creators to launch their projects. That would offer the altcoin increased utility. MOOAR wants plans to charge its clients a $29.90 monthly subscription fee, unlike other NFT marketplaces where developers get user fees through agreed deductions on completed sales.

Glory Days Gone for STEPN

The MOOAR launch presented part of the effort by STEPN owners to change focus from the failing P2E gaming site. Dune Analytics data showed that the move-to-earn project saw its monthly active clients plummeting by 88% from May.

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Moreover, STEPN ended October with 83,702 monthly active users. The metric saw a consistent decline since hitting highs in May. The project uses NFT sneakers to power the STEPN platform. Users can purchase the sneakers on the marketplace for outdoor activities to earn NFT rewards and tokens.

Nevertheless, the extended downside of the move-to-earn network saw the newly minted shoes count plummeting. New sneakers mined on STEPN daily plummeted by 85% between September’s end and October’s final session.

GST-SOL and GMT

GST-SOL and GMT mimicked the broad crypto market trends within the last few weeks, recording price declines in October. While publishing this blog, GMT changed hands at $0.512, losing 16% within the past thirty days. Meanwhile, GST-SOL declined by 3% within that timeframe.

The cryptocurrency market displayed bearish tendencies during this publication. For instance, Bitcoin hovers beyond $20K following the latest failure to conquer the obstacle at $21K. While writing these lines, the leading crypto exchanged prices near $20,298, dropping 0.72% over the past day. BTC lost around 2.04% within the last seven days.

Editorial credit photo_gonzo shutterstock.com

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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