Cryptocurrencies are banned in China, but non-fungible tokens (NFTs) are not. The data indicates that the adoption rate of NFTs is growing and the Chinese increasingly want to get into the field. And as you can imagine, platforms offering offers related to NFTs are not long in coming.
The Rise of NFT Popularity in China
In China, many people want to make NFTs a must-have in their asset lineup. Their popularity has grown so much that currently the number of platforms has grown to more than 500. This corresponds to a 5 times increase compared to the data recorded in the country in February 2022. Meanwhile, the number of NFT platforms was only slightly over 100.
A report issued by a local Chinese daily said that the sharp increase in the number of NFT platforms is mainly due to the fact that there is a real enthusiasm from people for digital collectibles in the country. This wind of popularity is carried by giants of the world of technology, namely Tencent and Alibaba. These companies have shown a real interest in NFTs.
That said, even if interest in this type of asset is increasing in China, it should be noted that the government, local and regional authorities, continue to issue warnings. The NFT market is filled with speculation and there are many risks for investors.
The objective pursued by the Chinese authorities
NFTs are much more than digital objects for some people in China. For many, they allow express themselves freely in the digital sphere. This is all the more remarkable given the many restrictions that are being imposed by the authorities because of COVID-19 in the country.
According to the Chinese authorities, their objective is not only to suppress the use of cryptocurrencies and NFTs. They especially want ensure the financial well-being of citizens. Indeed, it should not be forgotten that the cryptocurrency market currently does not benefit from any regulatory oversight in the country. As a result, scammers and hackers take advantage of this to fool people.
In China, although the authorities continue to ban the use of cryptocurrencies, the Chinese want to turn to NFTs. It is not only a way to generate income for many, but in addition, with NFTs, it is possible to express oneself freely in the digital sphere.
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NFTs are becoming very popular in China
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