NFT Game Stepn Is Going to Block Its Customers In Mainland China To Follow Regulatory Requirements

Stepn, a game based on NFT (non-fungible token), will prohibit consumers from mainland China in an endeavor to abide by the regulatory requirements within China. Several rumors, saying that the platform will be pushed to quit mainland China, have fueled the uncertainty of the company. STEPN is considered to be a well-known game based on a move-to-earn mechanism utilizing BNB (BNB Chain) and SOL (Solana), which was manufactured on the behalf of a couple of Chinese migrants who are presently in Australia.

On 15th July, the entirety of the Stepn accounts that are based in mainland China will be cleared to alleviate the local compliance-related concerns. In advance of doing that, the venue suggested that the customers who intend to live for a long time in mainland China should trade the assets in their possession if possible. The respective news was shocking for the entire market and the investors started attempting to dump their assets.

In April, when Stepn was introduced by Pandaily, a venue-based sneaker’s price was nearly 13 SOL, however, a gradual decline has been witnessed since then hitting 8 SOL. In addition to this, STEPN’s utility token GMT’s price has plunged by up to 30% in the recent 24 hours, and this mostly took place following the declaration.

Following the announcement of the news, the founder of the company – Jerry – stated that consumers from mainland China occupy nearly 5% of the overall customer base of the venue, indicating that the exit of the firm from the area will not put a considerable influence on it or else the financial success thereof. As per the official account of Stepn on Twitter, the regular active customers have risen to almost 500,000 during this May whereas previously – in June – the respective user count was 300,000.

The target of Stepn is to demonstrate that it has the potential as it collects commissions from the rest of the blockchain-based companies that promote their tokens or goods to the consumers on the Stepn platform, who are approachable via the move-to-earn idea, as mentioned in the last month by Rong.

In recent years, China has continuously been clamping down on the operations related to cryptocurrencies. Apart from this, the recent statement of the country’s central bank regarding foreign crypto exchanges has forced huge venues like Huobi and Binance to exit China.

Leave a Reply

Your email address will not be published.