The STEPN team said it will shut down the ability for mainland Chinese users to earn through its M2E app.
As of June 15, STEPN will stop providing GPS services to players in China. Without global positioning system data, the app will not count steps, on the basis of which payments are determined.
The project team stressed that it has not done business in the PRC since its founding and has not provided channels to download the game in the country.
“We have always attached great importance to regulatory compliance commitments and strictly adhered to the relevant rules of local regulators,” the statement said.
As of this writing, the price of Project GMT’s management token is down nearly 25 percent overnight. Over the week, the decline in quotations exceeded 38%. The value of the coin is about $0.9 – 77.5% less than the high recorded in April (CoinGecko).
GST quotations on the Solana blockchain decreased by 19% over a day, while on the BNB Chain network the drop was 26.5%.
The average price of STEPN NFT sneakers on the Magic Eden Marketplace has fallen 28.7% in the last 24 hours, but trading volume has increased.