GLMV1 was used as a means of payment on the Golem Network, a platform that allowed users to rent out or purchase computing power for various purposes, such as rendering graphics, scientific research, and machine learning. Users could pay for these services with GLMV1 tokens, which were also used to incentivize providers of computing power on the network. Additionally, GLMV1 could be traded on various cryptocurrency exchanges and stored in compatible digital wallets.

Although 'GNT' was the ticker assigned at the deployment of the Golem Network v1 token smart contract, it is already in use by another asset that has a larger market presence and higher trading volume on major exchanges. Due to this pre-existing association and to avoid confusion in the marketplace, the alternative ticker 'GLMV1' has been adopted for this token. This designation is specifically used to ensure that assets are distinctly identified.