NFTs are still a gray area in China where unlike cryptocurrencies, there’s no official ban on its use, but the authorities have warned investors against the risks from time to time.
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.According to a report 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.