NFT-based move-to-Earn game STEPN to establish regional headquarters in Hong Kon...

NFT-based move-to-Earn game STEPN to establish regional headquarters in Hong Kong

NFT-based move-to-Earn game STEPN to establish regional headquarters in Hong Kong

September 5, 2022 8:07 am

STEPN, a popular cryptocurrency and NFT-related project launched in December 2021, is establishing its first physical office at Cyberport — Hong Kong’s government-owned start-up accelerator where Animoca Brands is also based, according to SCMP quoting the company’s co-founder Jerry Huang. 

The move was inked after former Cyberport chairman George Lam visited STEPN in Sydney, its headquarters, and invited the company to join the community in Hong Kong, per SCMP.

STEPN’s move to set up a regional office in Hong Kong appears unorthodox when Hong Kong is facing a shrinking workforce, especially in terms of high-tech talents. Hong Kong is on a fast track to becoming an aging population — its labor force dropped 6% to 3.75 million people since 2018, which is near a decade-low. The total number of employed and those looking for work fell by about 33,700 in April alone in Hong Kong, according to the Strait Times. Various factors such as economic hardship, COVID impacts, and lack of affordable housing and amenities have contributed to the workforce exodus. 

However, according to SCMP citing STEPN’s Huang, Hong Kong represents the best fusion of Western and Eastern cultures, and it still stands as one of the world’s major financial centers.

STEPN will not mandate staff relocation, and the first move (of existing employees to the new Hong Kong office) may involve a core team of more than 10 people, according to SCMP citing Huang.

The STEPN project, which integrates hot concepts such as Web3, NFT, cryptocurrency, and carbon neutrality, has had its ups and downs — roughly a month after its launch, STEPN completed a $5 million seed round of funding, led by Sequoia Capital India and Folius Ventures, on January 20, 2022.

The project, which rewards users with virtual items (NFT sneakers or cryptocurrencies) for running in the real world, saw its token GMT skyrocket 500% in March, which attracted the attention of users and investors. In April 2022, Binance, one of the world’s most popular cryptocurrency exchange platforms, announced a strategic investment in STEPN for an undisclosed amount.

On May 27, a STEPN announcement claiming it would block all Mainland China users by July 15 to comply with regulations sent its governance token GMT tumbling. GMT fell from the previous $1.3 level to around $0.8 upon the announcement and currently sits at the 0.7 level, falling further and further away from its peak at the end of April, around $4.0.

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