{"id":4512,"date":"2022-05-28T23:55:58","date_gmt":"2022-05-28T23:55:58","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4512"},"modified":"2022-05-28T23:55:58","modified_gmt":"2022-05-28T23:55:58","slug":"move-to-earn-app-stepn-hit-hard-by-china-ban","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4512","title":{"rendered":"Move-to-Earn App STEPN Hit Hard by China Ban"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>STEPN has announced plans to cut access to users playing from mainland China.<br \/>\nStarting Jul. 15, users playing from mainland Chinese IP addresses will have their GPS services cut, stopping them from playing.<br \/>\nSTEPN\u2019s GMT token has fallen 20% since the announcement. <\/p>\n<p>Share this article<\/p>\n<p>Users playing from Chinese IP addresses will have their GPS cut from Jul. 15.<\/p>\n<h2><strong>STEPN to Restrict Chinese Players<\/strong><\/h2>\n<p>STEPN is cutting its services for players in mainland China, and the move has had a major impact on the app\u2019s tokens.\u00a0<\/p>\n<p>The move-to-earn lifestyle app announced Thursday that it would cut access to users playing from mainland China to abide by local regulations. A post on the official STEPN Twitter account translated from Mandarin read:<\/p>\n<p>\u201cIn order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in mainland China are found, STEPN will stop providing GPS to their accounts at 24:00 on July 15, 2022 (UTC+8) according to the terms of use.\u201d<\/p>\n<p>Follow-up posts encouraged users in mainland China to \u201cmake decisions about the handling of in-app assets,\u201d in anticipation of the coming ban. The posts also affirmed that STEPN had not engaged in any business in mainland China since launching nor provided download channels to Chinese users. The Twitter posts also maintained that STEPN has always attached great importance to compliance obligations and abided by the relevant requirements of local regulatory agencies. More than 10 hours after the original Mandarin post, an English translation informing users of the upcoming change was also posted in STEPN\u2019s Discord server.<\/p>\n<p>It is still unclear why STEPN has decided to limit access to users in mainland China. Many crypto-related activities have been prohibited in the region since authorities cracked down on the industry in September 2021, leading several crypto exchanges to stop offering their services to Chinese users. However, a STEPN representative called Jason hinted at a possible reason in a Twitter Space discussion Friday morning. Because part of the company\u2019s technical team is based in China, they are \u201cimplicated\u201d by Chinese crypto regulations by working for the app, he explained.\u00a0<\/p>\n<h2><strong>STEPN\u2019s Tokens Tumble<\/strong><\/h2>\n<p>STEPN\u2019s GMT and GST tokens have been hard hit by the news of a mainland China ban. Since the announcement, GMT, the game\u2019s governance token, has fallen more than 20%, while GST, the main token players earn through playing the game, has dropped 15% on Solana and 24% on BNB chain. Both GMT and GST are now more than 75% down from their all-time highs recorded on Apr. 28.\u00a0<\/p>\n<p><em>GMT\/USD chart (Source: CoinGecko)<\/em><\/p>\n<p>The price of STEPN\u2019s NFT sneakers, which are required to play the game, has also sunk 21.8% from a floor price of around 13.9 SOL to 10.9 SOL at press time.\u00a0<\/p>\n<p>STEPN is a multi-chain crypto app that lets users earn valuable tokens by running, walking, or jogging outside. The game soared in popularity through March and April and recently secured a partnership with sportswear maker ASICS to launch a series of collaboration NFT sneakers.\u00a0<\/p>\n<p>While many early STEPN adopters have made profits through the app, skeptics have begun to question whether the game\u2019s move-to-earn model is sustainable. STEPN\u2019s token economy is often compared to that of play-to-earn progenitor Axie Infinity, which famously experienced a boom-and-bust cycle after the profits from playing the game fell late last year.\u00a0<\/p>\n<p><em>Disclosure: At the time of writing this piece, the author owned SOL and several other cryptocurrencies.\u00a0<\/em><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/move-to-earn-app-stepn-hit-hard-china-ban\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways STEPN has announced plans to cut access to users playing from mainland China. Starting Jul. 15, users playing from mainland Chinese IP addresses will have their GPS services cut, stopping them from playing. STEPN\u2019s GMT token has fallen 20% since the announcement. Share this article Users playing from Chinese IP addresses will have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-4512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4512"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4512\/revisions"}],"predecessor-version":[{"id":4514,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4512\/revisions\/4514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4513"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}