The number of NFT platforms in China has exceeded 500, a 5-fold increase since February 2022, when it was around 100.
to local news agencies by The increase in the number of NFT platforms took place during the growing popularity of digital collections in the country. Technology giants such as Tencent and Alibaba also showed interest in this new sector and applied for many brand patents. found.
While NFTs are on the rise in China, local authorities occasionally warn of this new area. Chinese government agencies consider the country’s NFT market full of speculation, especially as the secondary market poses great risk to investors.
NFTs have become a way for people to express themselves digitally during the tight Covid-19 lockdowns imposed in China. Shanghai residents saw hundreds of NFTs on OpenSea in May, the culmination of the shutdown. listed.
Chinese individuals and companies are wary of the NFT industry to avoid any direct conflict with the authorities due to the lack of regulatory oversight. Alibaba, which recently launched a new NFT solution, immediately followed this solution and all the content mentioned about the solution on the internet. deleted.
Companies like Alibaba-related Ant Group and Tencent Holdings are also trying to avoid legal trouble by listing their NFTs as “digital collectibles.” Also offered on private blockchain networks, these NFTs are traded in yuan.