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- 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.