Anti-crypto rules in China have apparently caused the non-fungible token (NFT) game Stepn to ban mainland users as of July 15.
Stepn's in-game coin was said to have plummeted by 38% shortly after the announcement.
Beginning July 15, mainland Chinese users of the NFT gaming app Stepn will be unable to access the app, according to the creators. When Stepn stops providing GPS and IP location services, the blockage on users from this region will go into force.
Despite announcing plans to discontinue serving mainland customers, the development team stated in a tweet that they had done no commerce with players from the region. The following is a tweet from the team:
We apologize for the disruption and appreciate your patience. Since its inception, STEPN has not conducted any business in mainland China and has not given download channels. STEPN has always placed a high value on compliance duties and has always followed the applicable requirements of local regulatory agencies to the letter.
In contrast to the May 26 announcement, the Stepn team stated that any new information about the blockade will be communicated to users via social media, email, and in-app alerts.
The Degradation of In-Game Cryptocurrency
Meanwhile, a local news outlet reported that Stepn's in-game coin had dropped by 38% as a result of the revelation. According to the report, Stepn became the top trending search phrase on Weibo, China's social media network, shortly after the announcement.
Stepn, often known as the "move-to-earn" game, allows users to trade NFT trainers and the in-game cryptocurrency (GMT) by walking or jogging in the real world. According to the article, in-game cryptocurrency profits are either converted to cash or other crypto assets.
Nonetheless, China's increasing crackdown on crypto-related enterprises appears to have compelled the development team to take steps to ensure Stepn fits with the country's rules.