Advertisement
NFTs
TechTech Trends

China cryptocurrency regulations prompt popular NFT-based ‘move-to-earn’ game Stepn to block mainland users

  • Users based in China should make their own arrangements for their assets, because service to mainland users will stop on July 15, the game developer said
  • The game boasts 580,000 players worldwide and claimed to make US$20 million in profit in the first quarter

Reading Time:2 minutes
Why you can trust SCMP
0
Stepn lets users create NFT trainers. Photo: Handout
Xinmei Shen

Popular non-fungible token (NFT) game Stepn will block users based in mainland China to comply with regulatory policies, the company said on Friday.

Billed as a “move to earn” game, Stepn lets users buy and trade NFT trainers and in-game cryptocurrency by walking or running in the real world. Players can then convert their in-game earnings to other cryptocurrencies or cash.

The game will start “checking and clearing out” users in mainland China, and will stop providing GPS and IP geolocation service to them on July 15, the company said in a statement on Twitter. Users in mainland China should make their own arrangements for their assets, it said.

China’s central bank has warned that any foreign cryptocurrency exchange that provides services to Chinese citizens is engaging in illegal financial activities.

Stepn offers a variety of ways to enhance a player’s virtual sneakers. Photo: Handout
Stepn offers a variety of ways to enhance a player’s virtual sneakers. Photo: Handout
Launched in December, Stepn turned a US$20 million profit in the first quarter, largely through taking a cut from transactions, co-founder Yawn Rong told the Post in April. The game has more than 580,000 users, with about 39,000 active in the past 24 hours, according to estimates on Dune Analytics.

Its in-game cryptocurrency, GMT, plunged 38 per cent from a day ago following Friday’s announcement. It’s not clear how many Stepn users are based in mainland China, but on Friday morning, the game briefly became the top trending search term on Chinese social media platform Weibo.

Advertisement