According to media reports, the Web3.0 game stepn officially announced that it would start to dismiss users from Chinese Mainland. "In order to actively respond to relevant regulatory policies, stepn will check app users. If users in Chinese Mainland are found, stepn will stop providing GPS and IP location services for their accounts at 24:00 on July 15, 2022 (utc+8) in accordance with the terms of use." Official announcement shows.
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In addition, stepn emphasized in the announcement that "stepn has not engaged in any business in Chinese Mainland since its establishment and has not provided download channels".
According to media reports, stepn's playing method is that "users invest money to buy NFT of a certain shoe. Running with NFT of shoes can get tokens, and upgrading shoes with tokens can get more benefits".
After the announcement, GMT, one of the tokens of stepn project, once dropped by 40%. It is also reported that stepn's domestic office team has been taken away by the police.
Earlier, it was reported that zhuxiaohu, managing director of Jinshajiang venture capital, had recently "bought a pair of shoes", that is, the stepn project. Zhuxiaohu also shared his experience in the circle of friends. "On the first day of running, he earned $30, but his energy was gone. It seems that it will take three months for the money in shoes to get back... Stepn's economic model is well designed, and it may not be Ponzi if he has the opportunity to run through. It is worth experiencing and learning.".
Zhuxiaohu also said, "it is a pity that such a model has regulatory risks in China.".
