STEPN Set to Ban Mainland China Users in Compliance with Regulators

STEPN, a well-known game of move-to-earn, announced Thursday that it will cease offering IP-related services to users from China. This was required by authorities. The ban will be in effect from July 15th.

Deadline set for July 15th

Social-fi app Solana, which is built on Android, rewards users for running, walking, and jogging. The platform can track users’ location to determine their participation level. To participate in the game, players must carry their smartphones while exercising, and allow the platform to know their GPS.

In compliance with regulatory requirements, STEPN announced via a tweet thread on Thursday that users whose IP or GPS addresses are from mainland China will be unable to access its service starting July 15th. Web3 encouraged Chinese users to manage in-app assets appropriately.

Users must first purchase NFTs to earn rewards in the game. Prices are in SOL and BNB. Users will need to connect the app with their crypto wallets. The thread didn’t specify what would happen after the deadline to their in-app assets.

The team stated that they had not launched any businesses or offered any way for users to download the app in the country. Jerry H, the founder and CEO of STEPN, pointed out that Chinese users account for only 5% of the total game’s user base. This suggests that the ban will not have a significant impact on its business.

GMT plunges amid criticism from the Community

STEPN uses a dual-token model similar to many P2E gaming platforms like the popular Axie Infinity. GMT is the governance token and unity token. There are only 6 billion units. The token price plunged nearly 40% to $0.83 after the announcement. It had recovered to $0.95 by the time this article was written. The floor price for an NFT sneaker dropped from 13 SOL down to around 8 SOL.

The community voiced their disapproval at the wild price action. A user posted a screenshot from the Discord channel on Twitter, which showed that Chinese-speaking members outnumber other users. Another user was dissatisfied by the sudden announcement and its volatile policies.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami