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Stepn to Bar Gameplay in China, Sending 'Move-to-Earn' Token GMT Spiraling
The crypto rewards game's GMT token has fallen 38% in the last 24 hours, according to CoinGecko.
By Cam Thompson
Updated May 11, 2023, 4:24 p.m. Published May 26, 2022, 8:15 p.m.
Solana-based “move-to-earn” game Stepn will effectively bar gameplay in China in mid-July, the company announced Thursday, sending its GMT token spiraling as the markets digested the news.
- Stepn said it will stop providing GPS services to users whose IP address or GPS location shows them in China on July 15. Without GPS services, players who own its membership-like shoe non-fungible token (NFT) will not be able to earn tokens for their steps.
- The price of GMT was down 38% in the last 24 hours, according to CoinGecko. Stepn NFT shoes were trading around 8.5 SOL on Magic Eden at press time, 3.5 SOL below Wednesday's price.
- Stepn “has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies,” the company said in a tweet, without citing a specific policy. It further stated that Stepn has never engaged in business in China.
- China’s crypto regulatory landscape is vague, however, and Chinese banking associations' scrutiny of NFTs has been on the rise. Considering users need to purchase NFT sneakers to participate in the game, Stepn could be the next target for a crackdown.
- Stepn did not respond to a request for comment by publication time.
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