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Stepn, a health and fitness app powered by non-fungible tokens (NFTs), will reportedly ban Chinese users from accessing its services and products as a response to ārelevant regulatory policiesā. The company will stop offering its services in the worldās most populous country on July 15. Speaking to the South China Morning Post,Ā a representative of Stepn revealed that a part of the company's technical team is based in China and ātargeted by the regulationsā.
The company took to Twitter to announce that both GPS and IP location services will no longer be accessible to mainland China users starting in mid-July. The Stepn team also stated that the company has never provided any official ādownload channelsā, indicating that the software downloaded by existing Chinese users was obtained via unofficial channels. As a reminder, Beijing authorities cracked down on cryptocurrency trading and related activitiesĀ last year.
Stepn utilizes blockchain technology and crypto incentives in the form of GMT and GST tokens to help users lead a healthier lifestyle. The company dubs the mechanic āmove to earnā, which is reminiscent of Play-to-Earn in blockchain gaming, which allows gamers to earn crypto rewards by completing in-game tasks and challenges. To earn rewards, Stepn users have to own virtual sneakers that are represented with NFTs.
The price of the appās native Green Metaverse Token (GMT) has seen a sharp increase after a Binance initial exchange offering (IEO) debut in mid-March. The GMT token has lost more than 20% of its value on the news of the upcoming removal of Chinese users. However, despite a considerable drop in the last 24 hours, GMT is currently still changing hands above the $0.90 price level, up over 90x compared to its initial token sale price.
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