STEPN, a move-to-earn web 3 application recently revealed blocking users based in China to comply with regulations. The project, based on the Solana blockchain, launched its native token GMT in March 2021. Users can buy and trade NFT trainers in the game and earn rewards in GMT while walking and running in the real world. Later, players can exchange their assets for other cryptos or fiat money.
Related: STEPN (GMT) Hit a New High Surging 34.000% In 41 Days
The app won't be available in China from July 2022. As the company tweeted, STEPN will check software users to respond to regulatory policies. Therefore, it will no longer provide GPS and IP geolocation services to China-based users.
After the news went public, the price of the GMT token fell by around 6%, and currently is around $1.11. In the last 7 days, GMT fell by almost 20%.