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
![China’s number of NFT platforms increased five-fold since the beginning of 2022](https://storage.getblock.net/source/1/Mua_z2o5lu84_UP3lPDE6hFhzDcf4okt.webp)
19.06.2022 - 07:00
278
2 min
0
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.
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024