Chinese NFT market fearless as nation bans crypto
McDonald’s China announced on the 8th that it will release 188 NFTs (Non-Fungible Tokens) as part of its celebration for completing its 31st anniversary in China. In China, where cryptocurrencies such as Bitcoin and Ethereum are banned, the NFTs, which is a type of digital asset, is still flourishing.
McDonald’s NFT “Big Mac Rubik’s Cube” reflects the shape of the new headquarters building in Shanghai and will be distributed as a gift to employees and consumers. The NFTs are minted on the blockchain Conflux, which complies with new Chinese regulations.
Apart from Mcdonald’s new initiative, leading Chinese tech companies such as Alibaba and Tencent have also launched NFT trading platforms this year.
In addition, In September, an official NFT token was released to commemorate the Asian Games which will be held in Hangzhou in 2022.
This was the first time in China where a public institution released NFTs. The 20,000 tokens with the torch motif were sold on Alipay for 39 yuan ($6.06). However, the main difference was that the NFTs were sold in exchange for China’s legal tender Yuan, rather than any cryptocurrency such as Ethereum.
Currently, there are no clear regulations on NFTs in China, probably because the NFT market itself is relatively new. However, if the Chinese government further expands the scope of crackdown on the crypto industry, NFTs may face barriers in the future as well.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow