StepN (GMT), one of the most talked about Web3 coin projects of recent times, announced that it will close the use of its application by users in China. With the spread of the altcoin’s decision to withdraw from China in the cryptocurrency market, the price of the project’s token GMT crashed.
With the decision to withdraw from China, the price of StepN (GMT) fell sharply
According to the official Twitter account of the Web3 coin project, as we have reported as Kriptokoin.com, STEPN is saying goodbye to its Chinese users:
Dear STEPN users: In order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in mainland China are found, STEPN will stop providing GPS to their account on July 15, 2022 (UTC+8) at 24:00 (UTC+8).
To the STEPN announcement, “If you intend to log in from a GPS or IP location in the region and use your account for an extended period of time, we recommend that you make your own decisions about managing in-app assets. During this time, official social media announcements, emails, in-app alerts, etc. Users will be notified of more details through the .
Following the announcement, the price of the Web3 coin project’s GMT token fell sharply from $1.4 to $0.85, which it saw intraday. At the time of writing, the token, which is in the 84th place according to CoinMarketCap data, was trading at $ 0.86 with a loss of about 36% on a daily basis. The altcoin climbed to an all-time high, reaching $4.11 about a month ago. Currently, it is 79% away from this peak.
Web3 coin project overview
STEPN is a distinctive “Web3 lifestyle” with GameFi elements on the Solana Blockchain. application”. By combining the features of the play-to-earn game with a fitness app, move-to-earn creates a new category called ‘win with movement’. Users purchase NFT sneakers that they can use to earn in-game currency while walking or jogging or jogging.
STEPN aims to revolutionize the fitness app market by encouraging millions of users to follow a healthier lifestyle. The app solves several problems such as Proof of Move ‘movement proof’ and a functioning GPS system that proves users are actually exercising. In addition, STEPN aims to promote social rewards and contribute to carbon neutrality by encouraging users financially.
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