March 28, 2024

NFT game Stepn will block users from mainland China

Article Reading Time:
2 minutes.

NFT game Stepn will block users from mainland China

Users of the gaming blockchain platform Stepn are selling their assets amid the announcement of the company’s withdrawal from China.

Game developers with non-fungibleStepn tokens announced on Twitter that they would block users from mainland China. According to the release, this is being done to comply with local regulatory requirements. All accounts will be deleted on July 15th. The company advises all players permanently residing in this region to withdraw or sell their assets. The restrictions do not apply to Taiwan.

The message alarmed the players, and they began tourgently sell your assets. When the game launched in April, the minimum price for digital NFT sneakers on the platform was 13 SOL ($1 600), now the average price has dropped to about 8 SOL, which, given the market situation, is about $320. The price of the in-game Stepn GMT token has also dropped by more than 30% in the last 24 hours.

Stepn is a popular blockchain game,supporting Solana and BNB Chain, which is based on the Move-to-Earn concept (move to earn). The essence of the game is that the user buys NFT sneakers that have a certain amount of energy. The player needs to perform certain physical activities to earn tokens. The developers claim that the main goal of the game is to motivate people to lead a healthy lifestyle.

Company founder Jerry Huangsays that users from mainland China make up only 5% of the platform's total user base. Bearing in mind that the company's exit from this market will not have a significant impact on its financial success. According to official data, daily user activity on the platform increased from 300,000 in April to 500,000 in May.

Earlier, the gaming company Square Enix announced that it intends to expand its presence in the blockchain games market and invest in the Web3 industry and metaverses.