- The creators of STEPN 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 STEPN’s GMT and GGT tokens, into real-world spending via a virtual gift card powered by Mastercard.
- The GMT Gift Card, 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 STEPN application, has announced the launch of GMT payment. The new payment solution promises to allow users to convert their Web3 earnings into real-world purchasing power.
The vision behind GMT Pay
Founded in 2021, FSL has steadily earned a reputation for fusing Web3 innovation with practical and engaging applications. The studio’s flagship app, STEPN, incentivizes physical activity through rewards, encouraging users to adopt healthier lifestyles while interacting with blockchain technology. The broader FSL ecosystem includes NFT marketplace MOOAR, decentralized exchange DOOAR, and the recently launched Gas Hero game. Each product serves as a gateway to Web3, furthering FSL’s mission to foster engagement while addressing real-world challenges such as 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 the digital and physical worlds.”
Revolutionizing Web3 payments
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 around the world, including popular platforms such as Amazon, Spotify and local coffee shops.
The card is also compatible with Apple Pay and Google Pay, ensuring smooth and secure mobile transactions. This integration underscores FSL’s commitment to making Web3 not only accessible but indispensable in everyday life.
A perfect user experience
Ahead of its public launch, GMT Pay opened a waiting list, allowing early adopters to get priority access.
The app aims to cater to a global audience, and FSL emphasizes its accessibility in 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 FSLmentioned: “GMT Pay is the next step in empowering users to bring Web3 into their everyday lives. From fitness enthusiasts earning with STEPN GO to shoppers seeking global convenience, GMT Pay makes digital earnings useful in ways we couldn’t imagine just a few years ago.”
A history of success: the STEPN ecosystem
FSL’s move to win 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 forged partnerships with major brands including Adidas, ASICS and Atlético de 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-win concept. By allowing users to buy, borrow or lend sneakers, STEPN GO encourages both physical activity and social connections, creating a vibrant community of users encouraged to stay active.
The introduction of GMT Pay aligns perfectly with this ecosystem and offers users an intuitive way to take advantage of their earnings.
Why does it matter?
The launch of GMT Pay comes at a time when the potential of Web3 is becoming increasingly evident, but remains hampered by barriers to widespread 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 solution based on Mastercard stands out especially. as it demonstrates the growing acceptance of blockchain technology within established financial systems. Mastercard has been actively exploring blockchain partnerships, signaling a shift in the way 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 strict cryptocurrency regulations. Ensuring the platform’s compliance with local laws will be crucial to its global rollout.
Additionally, user education will play a key 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 an easy-to-use solution will determine its adoption rate.
By making blockchain rewards practical and accessible, the FSL contributes to a 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 widespread utility.
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