Adidas and STEPN Collaboration Will Launch NFT Sneaker Collection

Liputan6.com, Jakarta STEPN, a move-to-earn crypto app on Solana, has announced a partnership with global brand Adidas to introduce an exclusive Non Fungible Token (NFT) Sneaker collection, STEPN x adidas Genesis Shoes.

Reporting from Yahoo Finance, Wednesday (17/4/2024), the collection will be available on the MOOAR NFT market starting Wednesday, April 17 2024. The NFT collection will also offer digital and physical prizes.

The STEPN x adidas Genesis Shoe Collection consists of 1,000 unique NFTs, with early access for 200 STEPN users, while 790 will be offered to the general public via a raffle. Meanwhile, the remaining 10 NFTs will be used for marketing purposes.

NFT Price

Each NFT is priced at 10,000 GMT, or around USD 2,500 or the equivalent of IDR 40.7 million (assuming an exchange rate of IDR 16,307 per US dollar), and will be sold in two stages to encourage equal distribution.

STEPN's move-to-earn app incentivizes NFT holders to get up and running by rewarding them with GST, the app's in-game currency.

GST STEPN, a gaming utility token, exists on other chains such as Binance's BNB chain, but the Solana-based token has the highest market capitalization at USD 39 million or equivalent to IDR 635.9 billion.

GST on Solana initially rose by USD 0.039 after the partnership was announced, but has since fallen to USD 0.34. The token's all-time high is USD 8.51, according to CoinGecko data. Meanwhile, the project's governance token, GMT, fell 11% in the last 24 hours to USD 0.23.

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