Ys Net released an updated blog post on Shenmue III Kickstarter page earlier, stating that they can't promise Steam codes to the backers and those who switched to the PlayStation 4 version will not be eligible for a refund.
Shenmue III continues to spark controversy as Ys Net now announced that backers who wanted Steam keys for their copies might not get them at all - not even one year later when the Epic Games exclusivity ends. This announcement came as a result of negotiations with Valve that are still ongoing but seemingly have no end in sight.
This puts Ys Net in a pickle since it's possible that Valve will not budge, especially as the company took a firmer stance recently when it comes to switching stores, despite being announced for Steam. In case the negotiations don't go through, the backers will be left with two options - take a copy from EGS or refund and not get anything for having invested their money years ago.
Ys Net's stance on PlayStation 4 refunds is what caused a larger portion dissatisfaction among the fans though. Back when Epic Games Store exclusivity was announced, the developers allowed some backers to switch their desired platform option from PC to PS4. There was no option to refund the money at the time.
Once the refund option became available, it was only there for the PC version, which was actually courtesy of Epic Games and not Ys Net directly. The refunds coming from Epic instead of the developer company where the backers sent their money was shady enough but this behaviour shines more light on the policy of not refunding the PlayStation 4 copies.
Long story short, the backers at first weren't offered refunds and if they wanted to dodge Epic Games Store, their only option was to switch to PlayStation 4. Now when refunds are available, they are stuck with a PS4 copy, even if they wanted their money back.