Despite the war against Bitcoin, NFTs are successful in China
Until 2020, however, the bloodshed was solely of the Chinese government, which failed miserably in all attempts to ban bitcoin in the country. From legal operations against users, to those aimed at exchanges and service providers, who simply left the country and continued to meet the growing demand.
In 2021, the Communist Party of China (CPC) scored a small victory by directing its attacks to the “root of the problem”, banning Bitcoin mining activity on Chinese territory and even launching a rewards program for people who report it.
Even in this whole scenario of attempts to neutralize cryptocurrencies, a very specific type of decentralized asset seems to be gaining prominence in the country.
NFTs are successful in China and have been showing impressive numbers, with a total of 4.56 million digital collectible assets sold under the nose of the communist party leader in 2021.
With the sale of these assets, more than 150 million yuan were traded, which is equivalent to around 110 million reais, only with the trading of NFTs.
The CCP held some briefings recently warning about the dangers and illegality of cryptocurrencies, with a focus on Tether USD (USDT).
In addition, it also issued a public report, where it warns the population about the risks involved in NFT trading, trying to somehow stop the rapid advance of technology in Chinese markets.
Even with these strong advances, non-fungible tokens continue to be successful in the eastern country.
HUAWEI CLOUD launched its own collection for the first time, seeking to bring more interactivity with its consumers.
Chinese giant Alibaba is also working with NFTs and recently launched a digital collection on blockchain with 195 cultural relics, the value of which from sales will go towards cultural encouragement in the country and also to subsidize public social welfare programs.
However, a Hong Kong automotive company has been denied by the Chinese government for trademark registration in Metaverse, showing arbitrariness about what can and cannot be done for the Communist Party of China.