- The creators of STEPN have launched GMT Pay, a Web3 payment solution that turns purchases into your web3 earnings.
- 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 virtual gift card enabled of Mastercard.
- 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.
FSLthe 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 spending power.
The Vision Behind GMT Pay
Founded in 2021, FSL continues to build a reputation for integrating Web3 innovation into practical and engaging applications. The studio’s flagship app, STEPN, incentivizes physical activity through rewards, encouraging users to adopt a healthier lifestyle 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 to foster engagement while addressing real challenges such as sedentary lifestyles and climate change.
GMT Pay, FSL’s latest innovation, is designed to be the bridge between digital earnings and real-world spending. By allowing users to convert their STEPN earnings (in GMT or GGT tokens) to traditional currency, the app makes blockchain rewards unique and practical.
According to FSL Co-Founder Yawn Rong, “This is the evolution of Web3—bridging the digital and physical worlds.”
Changing Web Payments3
At the heart 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 only accessible but indispensable in everyday life.
A Seamless User Experience
Ahead of its public launch, GMT Pay opened a waitlist, allowing early adopters to get priority access.
The app aims to serve a global audience, with FSL emphasizing its accessibility across regions. While certain restrictions may apply, the broad usability of the platform demonstrates its potential to serve as a universal Web3 payment solution.
Shiti Manghani, CEO of FSLnoted: “GMT Pay is the next step in empowering users to bring Web3 into their everyday lives. From fitness enthusiasts cashing in on STEPN GO to consumers looking for global convenience, GMT Pay is making digital revenues useful in ways we couldn’t have imagined 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 allow them to earn rewards by walking, jogging, or running. STEPN has partnered with major brands, including Adidas, ASICS, and Atletico Madrid, further cementing its position as a leader at the intersection of fitness and blockchain technology.
Building on the success of STEPN, FSL introduced STEPN GO, an extension of the move-to-earn concept. By allowing users to buy, borrow, or lend Sneakers, STEPN GO promotes physical activity and social connections, creating a vibrant community of users incentivized to stay active.
The introduction of GMT Pay aligns seamlessly with this ecosystem, offering users an easy-to-use way to leverage their earnings.
Why is this important?
The launch of GMT Pay comes at a time when the potential of Web3 is becoming increasingly apparent but remains hampered by barriers to mainstream adoption. By simplifying the process of converting blockchain-based revenues into traditional currency, FSL addresses one of the critical challenges facing the industry.
The inclusion of a Mastercard-powered solution is particularly notable, 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.
GMT Giftcard’s compatibility with both online and offline merchants makes it a practical tool for everyday use.
While GMT Pay’s potential is undeniable, its success will depend on several factors. Regulatory barriers remain a concern, especially in regions with strict cryptocurrency regulations. Ensuring the platform’s compliance with local laws will be crucial for its global rollout.
Moreover, user education will play an important 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, 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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