News, NFT, Regulation

Stepn Seeks New Markets As It Plans To Halt Operations In China

What Is Stepn?

Stepn is a crypto-fitness game built on web3.0 technology. It aims to create a better earth, lead people toward a better lifestyle, and bring them closer to web3.0. The game was developed by FindSatoshi Lab Ltd.

The game aims to become the largest crypto fitness game for all smartphone users. The game lets owners make money from running and walking. Players earn by the number of steps recorded by GPS tracking. 

Stepn’s Next Step

The move-to-earn game that has risen in popularity recently disclosed that it plans to halt all operations in China by July. This action was triggered due to China’s action against digital assets in the country.

Other crypto-related businesses have been seen withdrawing from China because of its new rules. Companies like Binance and Huobi have sought out new places since China made all activities related to digital assets illegal.

What Happens To Stepn NFT Holders

The games NFT holders will see services such as earning while running or walking come to an end. Since the service is unavailable, they would just not earn on their movements any longer. 

This has left the people of China who hold these NFTs to think of what to do with their digital assets. 

Other Issues Affecting Stepn

Many users see the current pandemic as another reason for Stepn to find its way out of the country’s market. The pandemic is becoming worse with each passing day on China’s mainland. This is a huge problem since the game is built off movements. So since the pandemic has people stuck inside, movement is reduced.

Recording movements is essential to the game and customer earnings and you can’t do any of these if you are stuck indoors.

Also, the restriction has no long-term financial impact on the game, as China only accounts for 5% of the users. The game has approximately 3million users at the moment and China users are only 150,000.

The number of users is quite insignificant to the Stepn team, which allows them to easily wave the China market goodbye.

China’s Battles Against Digital Assets Continues

Although no formal ban on digital assets has been placed, the Country’s Government has issued a warning to different businesses. This has left the businesses and major investors unsure about their next course of action.

The digital market system is in disarray as they don’t know what to expect from the government. So until the Government takes action, they are left speculating and thinking of their next step.

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