Step In, a new game where people are rewarded for walking or running, has seen its cryptocurrency drop in value after it decided to fire off its Chinese players.
The move follows similar moves by Binance and Huobi, after Chinese authorities ruled that any activity related to digital assets is illegal.
Thursday, Advertise StepN on Twitter It will cut off users’ connection to a GPS signal in mainland China to ensure they follow Beijing’s rules. This caused a local governance token called the Green Metaverse Token (GMT) to drop 14% to $1.01 over 24 months, according to CoinGecko.
What is StepN and how do I use it?
Developed by FindSatoshi Lab Ltd, referring to the anonymous creator of Bitcoin, the app aims to be the first crypto fitness game for smartphone users. Having won fourth place in the Solana Ignition hackathon last year, it is now in public beta and can be downloaded on Android and Apple devices.
“StepN aims to inspire millions of people to adopt a healthier lifestyle, combat climate change and connect the public with Web 3.0The company explains on its official website.
Gains are based on the amount of movement measured by GPS tracking performed in five-minute increments corresponding to the power unit, which naturally regenerates over time once it is completely exhausted.
How much do StepN NFT sneakers cost?
Players must first spend Solana Tokens (SOL) to purchase NFTs in the form of three different types of digital boots.
These have different properties that make them more or less valuable. For example, some sneakers are more efficient than others because they produce more in-game currency, called green satoshi symbols (TPS), per unit of energy consumed.
Some of them are also more durable, which means that the user has to spend less on “to fix“Over time to avoid losing earning power. Sneakers, whether for walkers, joggers or runners, can also be upgraded by spending tokens.
On the NFT Magic Eden market, the average price for StepN sneakers was about $400 at Solana. On Binance, some”STEPN x ASICS NFT sneakersIt was over $100,000, but most of it was much cheaper.
When they are no longer needed, the sneakers can be resold or rented to other players who may not be able to afford them, in exchange for a split of their profits.
But don’t try to tie your phone to your dog or cheat, because the game imposes penalties for what it calls “Walking on the moon“.
Backed by the big names in the crypto venture capital space, such as Sequoia Capital, Binance and Alameda Research, StepN claims to have around 580,000 players.
Co-founder Yawn Rong told the South China Morning Post in April that the company made $20 million in profit in the first quarter.
However, the durability of these types of games “play to earnIt raises serious questions.
When the growth of the player base begins to stabilize, the business model can backfire. As fewer and fewer people are paying to buy in-game currency to buy NFT, as more and more people take advantage of the money, the value and motivation of the game diminishes over time.
This is because there is no incentive to interact with the app once it stops being a form of income, and like any game you have to play to win, players end up moving forward.
The most famous example, a game called Axie Infinity, developed by Sky Mavis, experienced a sharp drop in player interest.
As a result, the value of the gaming token Smooth Love Potion (SLP) and the management token of Axie Infinity Shards (AXS) actually started declining before plummeting in March after several glitches and hacks.
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