{"id":464334,"date":"2022-06-17T14:31:24","date_gmt":"2022-06-17T11:31:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nft-platforms-in-china-grow-5x-in-four-months-despite-government-warnings\/"},"modified":"2022-06-17T14:31:24","modified_gmt":"2022-06-17T11:31:24","slug":"nft-platforms-in-china-grow-5x-in-four-months-despite-government-warnings","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nft-platforms-in-china-grow-5x-in-four-months-despite-government-warnings\/","title":{"rendered":"# NFT platforms in China grow 5X in four months despite government warnings"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d202f954f9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d202f954f9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nft-platforms-in-china-grow-5x-in-four-months-despite-government-warnings\/#%E2%80%9D_NFT_platforms_in_China_grow_5X_in_four_months_despite_government_warnings_%E2%80%9C\" >&#8221; NFT platforms in China grow 5X in four months despite government warnings  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_NFT_platforms_in_China_grow_5X_in_four_months_despite_government_warnings_%E2%80%9C\"><\/span>&#8221; NFT platforms in China grow 5X in four months despite government warnings  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYWUwZTJkYjMtNTc1NS00M2RkLTkyNmItZWU4OWM5YzYyYjRkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The popularity of nonfungible tokens is on the rise as recent data shows that the number of digital collectible platforms in China has grown to over 500, a 5X increase from February 2022, when the total number of NFT platforms was just over 100.<\/p>\n<p>According to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/view.inews.qq.com\/a\/20220616A0DG1Q00\">report <\/a>published by a local Chinese daily, the sharp rise in the number of NFT platforms comes amid the growing hype and popularity of the digital collectibles in the country. Major tech giants including Tencent and Alibaba have shown interest in the nascent space and have filed multiple trademark patents.<\/p>\n<p>The rise in interest in digital collectibles in China comes despite several warnings from the local authorities from time to time. The government agencies believe the Chinese NFT market is filled with speculations with a focus on the secondary market that poses inherent risks for investors.<\/p>\n<p>NFTs also became a way for people to express themselves digitally during the strict covid-19 induced lockedowns in China. Shanghai residents listed hundreds of NFTs on Opensea in May at the peak of the government lockdown.<\/p>\n<p>Due to a lack of regulatory supervision, individuals and businesses continues to engage with digital collectibles but with a cautionary <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to avoid any direct conflict with authorities. Recently, Alibaba launched a new NFT solution and then promptly deleted all mentions of it online.<\/p>\n<p>Alibaba-affiliated companies such as Ant Group and Tencent Holdings have moved to avoid any potential regulatory pushback in the past by branding their listed NFTs as \u201cdigital collectibles.\u201d They are also offered on private blockchains and are traded\/purchased using Chinese fiat currency.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>China-based regulatory and trade associations target NFTs in latest risk notice<\/em><\/strong><\/p>\n<p>Similarly, several internet giants and leading <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> platforms in China are conflicted over regulatory clarity on NFTs and decided to remove several marketplaces from their platforms fearing a government crackdown. <\/p>\n<p>The strict stance of the Beijing government towards the crypto market is well known, however, the ban on decentralized tech has proved futile. The crypto mining ban which once led to a 50% decline in BTC network hash rate couldn\u2019t eclipse the mining industry in the country completely and currently, China is back in the second spot after the United States in terms of hash power contribution to the Bitcoin (BTC) network.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nft-platforms-in-china-grow-5x-in-four-months-despite-government-warnings\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; NFT platforms in China grow 5X in four months despite government warnings &#8220; The popularity of nonfungible tokens is on the rise as recent data shows that the number of digital collectible platforms in China has grown to over 500, a 5X increase from February 2022, when the total number of NFT platforms was&#8230;<\/p>\n","protected":false},"author":1,"featured_media":464335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYWUwZTJkYjMtNTc1NS00M2RkLTkyNmItZWU4OWM5YzYyYjRkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[95118,80341,76474,4973,70934,81175],"class_list":["post-464334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-nft","tag-tencent","tag-alibaba","tag-china","tag-regulation","tag-shanghai"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=464334"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/464335"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=464334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=464334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=464334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}