NFTs are becoming very popular in China

Cryptocurrencies are banned in China, but non-fungible tokens (NFTs) are not. The data indicates that the adoption rate of NFTs is growing and that the Chinese are increasingly wanting to enter the field. And as you can imagine, the platforms that offer 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 in their range of assets. Their popularity has grown so much that currently the number of platforms has grown to over 500. This corresponds to aa 5 times it increases compared to the data recorded in the country in February 2022. Meanwhile, the number of NFT platforms was only slightly above 100.

A report from a local Chinese newspaper clarifies 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 the giants of the tech world, namely Tencent and Alibaba. These companies have shown a real interest in NFTs.

That said, although interest in this type of asset is on the rise in China, it should be noted that the government, local and regional authorities continue to issue warnings. The NFT market is full of speculation and there are many risks for investors.

The goal pursued by the Chinese authorities

NFTs are more than just digital items for some people in China. For many, they allow express yourself freely in the digital sphere. This is all the more remarkable given the many restrictions imposed by the authorities due to COVID-19 in the country.

According to the Chinese authorities, their goal is not just to suppress the use of cryptocurrencies and NFTs. Above all, they want guarantee the economic 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 deceive people.

In China, despite the authorities continuing to ban the use of cryptocurrencies, the Chinese want to turn to NFTs. It is not just a way to generate income for many, but in addition, with NFTs, it is possible to express oneself freely in the digital environment.

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