- The creators of STEPN has launched GMT Pay, a Web3 payment solution that turns your web3 earnings into real-world purchases.
- FSL’s GMT Pay allows users to seamlessly convert their Web3 earnings, such as GMT and GGT tokens from STEPN, into real-world spending through a Mastercard-powered virtual gift card.
- The GMT Giftcard, available in multiple denominations, is accepted at millions of merchants worldwide, including Amazon and Spotify, and integrates with Apple Pay and Google Pay for secure mobile transactions.
FSL, the creator of the popular move-to-earn app STEPN, has announced the launch of GMT Pay. The new payment solution promises to enable users to convert their Web3 earnings into real-world spending power.
The Vision Behind GMT Pay
Founded in 2021, FSL has steadily built a reputation for merging Web3 innovation with practical, engaging applications. The studio’s flagship app, STEPN, incentivizes physical activity through rewards, encouraging users to adopt healthier lifestyles while engaging with blockchain technology. FSL’s broader ecosystem includes the NFT marketplace MOOAR, the decentralized exchange DOOAR, and the recently launched game Gas Hero. Each product serves as a gateway to Web3, advancing FSL’s mission of fostering engagement while tackling real-world challenges like sedentary lifestyles and climate change.
GMT Pay, FSL’s latest innovation, is designed to be a bridge between digital earnings and real-world spending. By allowing users to convert their STEPN earnings (in GMT or GGT tokens) into traditional currency, the app makes blockchain rewards tangible and practical.
According to FSL Co-Founder Yawn Rong, “This is the evolution of Web3—bridging the gap between digital and physical worlds.”
Revolutionizing Web3 Payments
At the core of GMT Pay is the GMT Giftcard, a virtual Mastercard available in denominations of $50, $100, $200, and $300. Powered by Mastercard’s global payment infrastructure, the card is accepted at millions of online and offline merchants worldwide, including popular platforms like Amazon, Spotify, and local coffee shops.
The card also supports Apple Pay and Google Pay, ensuring seamless and secure mobile transactions. This integration underscores FSL’s commitment to making Web3 not just accessible but indispensable in everyday life.
A Seamless User Experience
Ahead of its public launch, GMT Pay has opened a waitlist, allowing early adopters to secure priority access.
The app aims to cater to a global audience, with FSL emphasizing its accessibility across different regions. While certain restrictions may apply, the platform’s widespread availability highlights its potential to serve as a universal Web3 payment solution.
Shiti Manghani, CEO of FSL, mentioned: “GMT Pay is the next step in empowering users to bring Web3 into their everyday lives. From fitness enthusiasts earning on STEPN GO to shoppers looking for global convenience, GMT Pay makes digital earnings useful in ways we couldn’t imagine just a few years ago.”
A Track Record of Success: The STEPN Ecosystem
FSL’s move-to-earn app, STEPN, has been a game-changer in the Web3 space, attracting over 5.7 million registered users since its launch.
The app requires users to purchase virtual Sneaker NFTs, which enable them to earn rewards through walking, jogging, or running. STEPN has forged partnerships with major brands, including Adidas, ASICS, and Atletico Madrid, further cementing its position as a leader in the intersection of fitness and blockchain technology.
Building on STEPN’s success, FSL introduced STEPN GO, an extension of the move-to-earn concept. By allowing users to buy, borrow, or lend Sneakers, STEPN GO fosters both physical activity and social connections, creating a vibrant community of users incentivized to stay active.
GMT Pay’s introduction aligns seamlessly with this ecosystem, offering users an intuitive way to leverage their earnings.
Why does it matter?
The launch of GMT Pay comes at a time when Web3’s potential is becoming increasingly evident but remains hindered by barriers to mainstream adoption. By simplifying the process of converting blockchain-based earnings into traditional currency, FSL addresses one of the critical challenges facing the industry.
The integration of a Mastercard-powered solution is particularly noteworthy, as it demonstrates the growing acceptance of blockchain technology within established financial systems. Mastercard has been actively exploring blockchain partnerships, signaling a shift in how traditional payment networks view digital assets.
The GMT Giftcard’s compatibility with both online and offline merchants positions it as a practical tool for everyday use.
While the potential of GMT Pay is undeniable, its success will depend on several factors. Regulatory hurdles remain a concern, particularly in regions with stringent cryptocurrency regulations. Ensuring the platform’s compliance with local laws will be crucial for its global rollout.
Moreover, user education will play a pivotal role. For many, the concept of Web3 and blockchain technology remains abstract and intimidating. FSL’s ability to demystify these concepts and present GMT Pay as a user-friendly solution will determine its adoption rate.
By making blockchain rewards practical and accessible, the FSL contributes to the broader narrative of blockchain’s potential to transform everyday life. The success of GMT Pay could pave the way for a new era of digital finance, where blockchain technology is not just a niche innovation but a mainstream utility.
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