STEPN, a Move-to-Earn gaming company has decided to lay off over 100 staff which will include Moderators and ambassadors, as per sources.
Find Satoshi Lab, STEPN’s parent company has decided to reduce its investments in STEPN. This step is being taken by the parent company to focus on itself and the other new upcoming projects. They are developing new NFT exchange platforms.
Trouble Looms Large for STEPN
The gaming company highlighted the current bear market as the reason for layoffs. STEPN could not be reached for comments when contacted. The GMT token has been quite volatile in the last few months. In May, when the company announced the withdrawal of its services from mainland china the GMT token price fell by 40%, however, it recovered three days later to become one of the top three coins leading the crypto recovery.
The hype was short-lived as the GMT Token price kept dropping. GMT had lost 98% of its value in the previous two months. This sparked the question if move-to-earn was dead.
Presently their token is trading at $0.63529, with a 0.22% and 2.39% increase in the last 24 hours and seven days respectively. But the price change over a 30-day period shows a decrease of 1.05%
As per data received from Dune Analytics, the STEPN Platform recorded 5,058 active users in the last 24 hours and 22,506 active users in the last seven days, at the time of writing.
Kim Lucia, the crypto researcher, pointed out the reason for the declining token prices. He highlighted that the company structure was designed to make the users sell the tokens earned to claim the reward, leading to an excessive supply of NFTs in the market and resulting in a crash.
The company is promising new and exciting changes to come. Till then wait and watch.
