STEPN (GMT) Prices Drop After Stopping Services In China

JAKARTA – STEPN (GMT) is a play-to-earn game platform that was trending on CoinMarketCap some time ago. However, in mid-July, STEPN reportedly stopped its gameplay in China. The decision forced the GMT token to plunge.

Coindesk reports that STEPN said it would stop providing GPS services to users whose IP addresses or GPS locations indicate they are in China on July 15. Without a GPS service, players who have non-fungible tokens (NFT) such as shoes will not be able to earn tokens for their every move.

As of writing GMT prices are down 36 percent in the last 24 hours, according to a data report from Coingecko. The price drop is the result of the discontinuation of GPS services in the STEPN game.

This also contributed to the drop in the price of STEPN NFT shoes, which were previously traded at 8.5 SOL, now at 3.5 SOL.

"STEPN always attaches great importance to compliance obligations and has always strictly complied with the relevant requirements of local regulatory agencies," the company said in a Twitter post.

The announcement also states that STEPN is not involved in any business in China. On the other hand, the crypto regulatory framework in China is not very clear, while scrutiny of NFT digital arts is increasing.