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- Anti cryptocurrency regulations in China have reportedly forced the NFT game, STEPN, to exclude players from the mainland.
- Soon after the declaration, in-game crypto asset backing Stepn was plunged by around 38%.
- As of this writing, STEPN was trading at a market value of $1.19, bullish by 25.43% during the last 24 hours.
STEPN Clings To Domestic Regulations
China mainland players of NFT gaming application STEPN will not be able to get accessibility to the app, initiating 15th July, the devs have said. The barriers on users from this will be in effect when Stepn stops offering IP and GPS location services.
In spite of revealing their plans to halt their services for the mainland users, the development team insisted on Twitter that they are not involved in any any business with players from the area.
The tweet was made in Mandarin where the organization asked for an apology and thanked the audience for being such an understanding crowd.
It further added that they haven’t been engaged in any business activity in mainland China since its inception, and has not offered download channels.
STEPN has always tied great importance to the compliance obligations and have followed them strictly by the relevant requirements of domestic regulatory bodies.
Additionally, to the announcement of 26th May, Stepn team stated that they will still notify the users regarding any new information associated with the blockade through social media, in-app alerts and email.
Downfall Of The In-Game Crypto Asset
Meanwhile, a South China Morning Post report stated that the native token of Stepn game got bearish by 38% following the announcement. The report further said that, soon after the declaration was made, Stepn became the leading search term on a Chinese social media platform, Weibo.
Stepn is a move-to-earn (M2E) game, allowing users to trade the so-called NFT trainers and it’s in game currency GMT by making movements such as running or walking in the physical world.
Stepn’s in game crypto asset is can either be transformed into cash or other cryptocurrencies, as per the report.
Nevertheless, ongoing crackdown by China against crypto-associated businesses seems to have forced the developer team that ensures Stepn is in compliance with the regulations of the nation.
As this article was being written, STEPN was exchanging hands at a market value of $1.19, bullish by 25.43% during the last 24 hours.
ALSO READ: NFTs Taken Down As A Collateral Damage In Crypto Bloodbath, Will it Rebound?
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
