Chinas diktat against NFT trading spawns an ingenious industry

  • The Chinese government is cracking down on speculation in the NFT market.
  • Chinese firms are circumventing government restrictions by calling NFTs digital collectibles.
  • The Chinese NFT market has ballooned to 3 billion yuan in April.
  • Some vendors on Xianyu, Chinas major online second-hand trading marketplace, are offering information monitoring services for investors.
  • Some vendors also serve as brokers on WeChat to help their clients hunt for specific digital collectibles they fancy.
  • Yifan He, CEO of Red Date Technology, believes that the financialization of NFTs will not be tolerated by Chinese regulators.
  • Pengfei Wang, CEO of ShucangCN, plans to offer NFT auction services starting in late May or early June.
  • ShucangCN is in talks with a cultural equity exchange called Huaren Shushang, and plans to offer secondary trading with them at the end of May.
  • Wang believes that the industry can only thrive in a sound regulatory framework, or it may get banned completely.
china NFT Chinas diktat against NFT trading spawns an ingenious industry
Chinas diktat against NFT trading spawns an ingenious industry 2

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