Web3 activity tracker STEPN is currently experiencing a 10% decrease in token value as reports suggest that its strategic investor Binance Labs has sold over $3 million worth of GMT tokens.

According to blockchain analytics firm Spot On Chain, wallet 0x2e5, likely belonging to Binance Labs, deposited 9.33 million GMT tokens to Binance on April 1. This move comes after Binance Labs had reportedly invested over 37 million GMT tokens since July 2023 when the strategic partnership with STEPN was first announced. Subsequently, Binance Labs transferred more than 28 million GMT tokens to Binance.

After this recent transfer, Spot On Chain estimates that Binance Labs still holds around 9 million GMT tokens, valued at approximately $2.9 million. Following this news, the price of GMT tokens dropped by over 10% to $0.32, as per CoinMarketCap data. At the moment, Binance Labs has not issued any public statement regarding this development.

STEPM was introduced in 2021 as a web3 activity tracker that leverages blockchain technology to track and incentivize physical activity. The platform utilizes a dual-token system consisting of the Green Satoshi Token (GST) for gaming purposes and the Green Metaverse Token (GMT) for governance.

Binance’s strategic investment in STEPN was first announced in 2022, with the exchange aiming to attract more individuals to the industry by gamifying exercise and accelerating the mass adoption of crypto and blockchain technology. Other investors in STEPN include Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, and Sfermion, although specific financial details of the funding remain undisclosed.

In related news, Satoshi Lab, the developers of STEPN, recently launched an NFT marketplace called MOOAR.

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