Beginning on July 15th, the Web3 Move-to-Earn game STEPN will ban Chinese customers access to its crucial GPS and IP services
STEPN China Block
The makers of the NFT gaming app STEPN have announced that beginning on July 15, customers located within the Chinese mainland will no longer be able to use the app. When STEPN ceases offering GPS and IP location based services, the blockage on users originating from this region is scheduled to go into place and become operational.
Adding to the news, the STEPN team stated that they will continue to keep users updated on any new information on the blockage through the use of social networks, email, and notifications inside the app itself. The development team stated in a tweet that STEPN had not conducted any kind of commerce with gamers from the area, despite the fact that they had disclosed their plans to discontinue servicing customers from the mainland.
Company’s tweeted in English: “We apologize for the inconvenience and thank you for your understanding. STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.”
STEPN is supported by some of the most well-known names in the cryptocurrency industry, including Binance, Alameda Research and Sequoia Capital. Yawn Rong, the co-founder of STEPN, has revealed that the company made a total of $20 mln in the first quarter.
Jogging, walking or running on the mobile platform provided by the social networking program that is situated in Solana earns its users incentives. The platform must include a feature that can determine the user’s degree of engagement, and one of those vital features is the ability to track the user’s physical location. In order for participants to take role in the game, they are need to have their phones with them while they work out and allow the platform to access their GPS coordinates.
Users are required to make an initial investment in the form of NFTs (virtual shoes) before they can progress through the game and gain prizes. Because the pricing are in SOL and BNB, customers are forced to link the app to own cryptocurrency wallets in order to make a purchase. The post did not elaborate on what would take place with their in-app assets once the deadline had passed.
Crash of STEPN Coin
Within a short amount of time, STEPN’s GMT token has experienced a meteoric decline in charts. A short while ago, the price of GMT skyrocketed by more than 30,000 percent. Recently, however, it has been lingering at its all-time low price.
After the news of the prohibition, the price of GMT dropped from $1.253 to $0.802, but it has since recovered and is currently trading at $1.05. The Goods and Services Tax (GST) decreased in value by more than 27.5%, or from $2.08 to $1.50, within the same time period. The positive development is that it acquired more traction, and its current trading price is $1.84.
The price of STEPN has been following a significant negative trend over the past few weeks, as seen by the chart for the four-hour time frame. Because of this, a bearish pennant formation developed on the coin, which is a typical indication that it is time to sell. The price of the currency has fallen below both the 25-day and the 50-day moving averages, and it is now very close to reaching a new all-time low. Since this is the case, the path of least resistance for STEPN’s value is to go lower, with the next important support level being around $0.50.