Crypto Exchange TutorialsCrypto Exchange Tutorials
    What's Hot

    The crypto industry needs a crypto capital market structure

    July 4, 2022

    Bitcoin’s inverse correlation with US dollar hits 17-month highs — what’s next for BTC?

    July 4, 2022

    Bitcoin addresses in loss hit all-time high amid $18K BTC price target

    July 4, 2022
    Facebook Twitter Instagram
    • Binance
    • OKEx
    • Hotbit
    • bybit
    Facebook Twitter Instagram
    Crypto Exchange TutorialsCrypto Exchange Tutorials
    • BitMart Tutorials
    • Gate.io Tutorials
    • OKEx Tutorials
    • Bityard Tutorials
    • FTX Tutorials
    Crypto Exchange TutorialsCrypto Exchange Tutorials
    Home » NFT platforms in China grow 5X in four months despite government warnings
    NFT platforms in China grow 5X in four months despite government warnings
    NFTs

    NFT platforms in China grow 5X in four months despite government warnings

    coffeecoinoBy coffeecoinoJune 17, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The popularity of nonfungible tokens (NFTs) is on the rise as recent data shows that the number of digital collectible platforms in China has grown to over 500, a 5X increase from February 2022, when the total number of NFT platforms was just over 100.

    According to a report published by a local Chinese daily, the sharp rise in the number of NFT platforms comes amid the growing hype and popularity of the digital collectibles in the country. Major tech giants including Tencent and Alibaba have shown interest in the nascent space and have filed multiple trademark patents.

    The rise in interest in digital collectibles in China comes despite several warnings from the local authorities. The government agencies believe the Chinese NFT market is filled with speculations with a focus on the secondary market, which poses inherent risks for investors.

    NFTs also became a way for people to express themselves digitally during the strict COVID-19-induced lockdowns in China. Shanghai residents listed hundreds of NFTs on Opensea in May at the peak of the government lockdown.

    Due to a lack of regulatory supervision, individuals and businesses continues to engage with digital collectibles but with a cautionary approach to avoid any direct conflict with authorities. Recently, Alibaba launched a new NFT solution and then promptly deleted all mentions of it online.

    Alibaba-affiliated companies such as Ant Group and Tencent Holdings have moved to avoid any potential regulatory pushback in the past by branding their listed NFTs as “digital collectibles.” They are also offered on private blockchains and are traded/purchased using Chinese fiat currency.

    Related: China-based regulatory and trade associations target NFTs in latest risk notice

    Similarly, several internet giants and leading social media platforms in China are conflicted over regulatory clarity on NFTs and decided to remove several marketplaces from their platforms fearing a government crackdown.

    The strict stance of the Beijing government towards the crypto market is well known, however, the ban on decentralized tech has proved futile. The crypto mining ban, which once led to a 50% decline in the BTC network hash rate could not completely eclipse the mining industry in the country and currently, China is back in the second spot after the United States in terms of hash power contribution to the Bitcoin (BTC) network.

    • #China
    • #Shanghai
    • #Alibaba
    • #Regulation
    • #Tencent
    • #NFT
    Related News
    • Block Games studio announces launch of first skill-based free-to-play blockchain mobile game
    • Elusive Bitcoin ETF: Hester Peirce criticizes lack of legal clarity for crypto
    • Crypto’s uses and misuses: Binance–Reuters quarrel raises questions
    • Hong Kong’s Securities and Futures Commission warns of nonfungible token risks
    • Law Decoded, May 30–June 6: Terra’s aftermath in China, Japan and South Korea
    • NFT pics are the funhouse mirror high-end art deserves

    #China
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    coffeecoino
    • Website

    Related Posts

    Are expiring copyrights the next goldmine for NFTs?

    July 3, 2022

    NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

    July 2, 2022

    DeSci: Tech trees to fund ambitious science and tech

    July 2, 2022

    Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined

    July 1, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo

    coffeecoino covers fintech, blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube
    Top Insights

    The crypto industry needs a crypto capital market structure

    July 4, 2022

    Bitcoin’s inverse correlation with US dollar hits 17-month highs — what’s next for BTC?

    July 4, 2022

    Bitcoin addresses in loss hit all-time high amid $18K BTC price target

    July 4, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from Cryptocurrency , bitcoin and ethereum

    Crypto Exchange Tutorials
    Facebook Twitter Instagram Pinterest
    • Binance
    • Huobi
    • CoinEx
    • BitMart
    • OKEx
    • Gate.io
    • FTX
    • Bityard
    • CoinFLEX
    • ProBit
    © 2023 coffeecoino. Designed by Nikrad Co..

    Type above and press Enter to search. Press Esc to cancel.