China’s number of NFT platforms increased five-fold since the beginning of 2022

The total number of non-fungible token marketplaces in the country has reached 500

19.06.2022 - 07:00

365

2 min

What’s new? Non-fungible tokens are growing in popularity in China. Since February 2022, the number of NFT marketplaces has increased five-fold, from 100 platforms to more than 500. According to a report by a local news agency, interest in digital collectibles continues to grow despite warnings from the authorities about their dangers.

Material by local media

The NFT situation in China. In addition to retail investors and collectors, large companies have become interested in non-fungible tokens. Investment holding company Tencent and e-commerce holding company Alibaba have filed several trademark patents for NFT projects.

Chinese authorities have long been concerned about the current situation in the digital collectibles market, but the NFT market is still in a gray area. The government has warned that this area is full of speculators and carries high risks for investors.

Some Chinese companies imposed restrictions on the operation of NFT platforms. For example, the WeChat messenger removed several accounts associated with trading non-fungible tokens. Ant Group and Tencent also tightened user agreements related to the use of NFTs.

Earlier, the China Internet Finance Association, the China Banking Association, and the China Securities Association posted a statement suggesting a set of new guidelines for dealing with NFTs. The associations noted that collectible tokens should not include bonds, insurance, securities, precious metals, or other financial assets. Also according to the guidelines, NFT transactions should not be paid for in cryptocurrencies.

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