Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users – Metaverse Bitcoin News

China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn, to exclude users from the mainland starting on July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is reported to have briefly dropped by 38%.

Stepn adheres to local regulations

According to developers, China mainland users who use Stepn’s NFT gaming app will be barred from accessing the app after July 15th. Stepn’s GPS and IP services will cease to provide this service, resulting in a blockade for users.

Although the developers revealed plans to discontinue serving users on the mainland, they insisted that the team continue to serve them. tweetThe team stated they did not engage in business with any players from this region. Twitter:

We are sorry for any inconvenience caused and we appreciate your understanding. Since its inception, STEPN has not conducted any business on mainland China and has not offered download channels. STEPN is a firm believer in compliance. It strictly adheres to all requirements set forth by local regulators.

The Stepn team announced that they would still notify users via email and social media about any additional details regarding the blockade.

The In-Game Cryptocurrency’s Plunge

Meanwhile, a report in the South China Morning Post said Stepn’s in-game cryptocurrency had plunged by 38% following the announcement. The report also said that shortly after the announcement was made, Stepn had become the top trending search term on Weibo, China’s social media platform.

Described as the “move-to-earn” game, Stepn enables users to trade the so-called NFT trainers as well as the in-game cryptocurrency (GMT) by either walking or running in the real world. Report added that the in-game crypto earnings are converted into cash and other crypto assets.

Nevertheless, China’s ongoing crackdown against crypto-related businesses appears to have forced the dev team to take steps that ensure Stepn complies with the country’s regulations.

Your thoughts? Comment below and let us know how you feel.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.