Running game StepN blocks Chinese users

 StepN, the app that started the running movement to make money in the world, announced 











StepN is a run to earn (M2E) application developed by Satoshi Lab and launched late last year. The application is built on the Solana blockchain ecosystem, founded by two Chinese-born entrepreneurs, Jerry Huang and Yawn Rong, currently based in Australia. In the introduction, the development team said that users who own NFT shoes can walk to earn rewards in tokens, as well as use them to buy, sell and upgrade NFT shoe items.

To join StepN, users need to purchase a virtual NFT shoe in the app and start running in real life. The amount of money earned each day depends on the type of shoes owned and mobility skills. To increase the amount of money collected, users can level up, repair shoes or use gems to upgrade attributes. On average, new players need 1,000 USD in exchange value to be able to buy shoes and start earning.

According to Rong shared in April with SCMP, the company made $20 million in the first quarter of the year, largely from transaction fees and in-game NFT sales. According to estimates on Dune Analytics, StepN currently has more than 580,000 users.

Immediately after the announcement of blocking Chinese users, StepN's governance token GMT dropped 38% from 1.2 USD per coin to 0.8 USD per coin, then returned to more than 1 USD. Compared to the peak of $ 3.8 at the end of April, GMT has dropped three times in value.

M2E is a new trend that attracts the attention of the blockchain community after play to earn (P2E - playing games for money) by combining elements of GameFi, SocialFi and NFT. Many M2E projects are springing up like mushrooms, even with variations to entice users.
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