Stepn project, where you can earn money while walking, will block Chinese users

The developers of the cryptocurrency game Stepn announced on Twitter that they will block users from mainland China. According to the report, this is done to comply with local regulatory requirements. All Chinese accounts will be deleted on July 15. The company advises all players permanently residing in this region to withdraw or sell their assets.

The announcement alarmed players, so they began to sell their assets urgently. In April, the minimum price of digital NFT sneakers on the platform was 13 SOL ($ 1,600), and now the average price has dropped to about 8 SOL, which, given the market situation, is about $ 320. The price of the in-game token Stepn GMT has also fallen, with the token dropping by about 30% over the past 24 hours.

Stepn is a popular blockchain game supported by Solana and the BNB Chain, based on the Move-to-Earn concept. The essence of the game is that the user buys NFT sneakers that have a certain amount of game «energy». The player needs to perform certain physical exercises to earn tokens. The developers claim that the main goal of the game is to motivate people to lead a healthy lifestyle.

Critics of the project point out that it is nothing more than a pyramid scheme, as the entire economy of the project is based on the need to constantly increase the number of players and inject new money into the project.