STEPN won’t set foot in China. The move-to-earn game will block users located in China in order to comply with the country’s regulatory policies.
On July 15, Stepn will clear all accounts based in mainland China for local compliance reasons. Before then, the platform advised users who planned to reside in mainland China long-term to sell their assets on the platform, if possible.— STEPN | Public Beta Phase IV The news sent shockwaves throughout the market, with investors dumping assets. When Pandaily launched Stepn in April, the floor price of a"sneaker" on the platform was around 13 SOL, but it has since dropped to just 8 SOL.
After the news was announced, Jerry, the firm's founder, noted that mainland Chinese users make up 5% of the platform's overall user base, implying that the company's exit from this market will not have a significant impact on its financial success. According to Stepn's official Twitter account, daily active users increased to more than 500,000 in May, from 300,000 in April.
Stepn aims to show that it is viable because it earns commissions from other blockchain firms that market their goods or tokens to Stepn's users, who are accessible through the move-to-earn concept, Rong stated last month.
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