The STEPN team said it would close the earning feature for users in mainland China through its Move-to-Earn app.
1/ Announcement regarding the scrutiny of Mainland China accounts
Dear STEPN users:
In actively responding to relevant regulatory policies, STEPN will audit software users; if Mainland China users are found, STEPN will, in accordance with the Terms of Use, suspend GPS and IP location services for their accounts at 24:00 on July 15, 2022 (UTC+8).— STEPN | Public Beta Phase IV (@Stepnofficial) May 26, 2022
The game, built on the Solana and BNB Chain networks, allows users to earn rewards in GST and GMT tokens for walking or running. To participate, users must acquire sneakers as NFTs.
From June 15, STEPN will discontinue GPS services for players in China. Without GPS data, the app will not count steps, on which payouts are based.
The project team stressed that since its inception it had not conducted business in the PRC and had not provided channels to download the game in the country.
«We have always placed great value on compliance with regulatory obligations and have strictly adhered to the applicable rules of local regulators,» the statement said.
At the time of writing, the project GMT governance token price had fallen almost 25% in 24 hours. Over the week the decline exceeded 38%. The coin’s price stands at around $0.90 — about 77.5% below the April peak (CoinGecko).
GST quotes on the Solana blockchain fell 19% in 24 hours, while on the BNB Chain network the drop was 26.5%.
Average price of STEPN NFT sneakers on the Magic Eden marketplace over the past 24 hours fell 28.7%, though trading volume rose.
Authorities in China have described NFTs and metaverses potential financial pyramids.