Wednesday, November 29, 2023

Chinese Digital Collectible Platforms Grow Amid Government Warnings

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The Chinese digital collectible platforms are growing in popularity amid the government warnings, recording a 5x growth in four months so let’s read more today in our latest cryptocurrency news.

More than 500 digital collectible platforms are currently open in China despite the government warnings. China is known for its anti-crypto stance but it hasn’t banned NFTs yet. In the meantime, a noticeable interest in digital collectibles surged in the country amid the governmetn warning people not to trade any kinds of digital assets.

After the crypto ban in 2021, it is no secret that China has no intention to include crypto in its monetary system. The second-biggest economy hasn’t laid out a specific set of regulations or bans that target NFTs and native tokens of layer-one blockchains. As per the reports from Huaxia Times, there are over 500 Chinese Digital Collectible platforms that offer services in trading digital collectibles from up to 100 different platforms opened in February this year.

NFT Floor Prices Drop, bored ape, prices,

The press attributed the reckless growth in the space to a lack of regulations stating that most secondary markets are opening up a speculative scheme. The report claimed that most collectible circulating on the markets are low liquditiy so the markets can collapse again once the oversight is clarified. It’s worth noting that the digital collectibles around China don’t tie to crypto as NFT does but the country aims to approach these spheres on its own terms.

Despite the harsh stance on BTC and other tokens, the nation showed huge interest in exploring the technology of crypto like the blockchain. The country’s blockchain Service Network aims to develop a new infrastrcuture that will allow the users to deploy NFTs. Due to the lack of regulatory supervision, businesses and individuals tried to engage with the digital collectively beucase the country’s app Wechat was banned from a few accounts related to trading digital collectibles and the Tencent-owned app only allow showing such collectibles as digital gifts or art but not to trade them. After the Chinese authorities warned against buying the collectibles with a speculative purpose, most tech giants avoided using NFTs when describing the digital assets.

Ant Group and Tencent Holdings branded their listed NFTs as digital collectibles that are offered on a private blockchain and they are now priced in the country’s legal tender rather than crypto. Alibaba Cloud launched new services for NFT platforms based outside of China and considering that NFTs are a grey zone in the country, the company tweeted the announcement in June but then deleted it from its page.

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