Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in China
The Chinese government has shown a keen interest in developing a metaverse economy, but its stance on NFTs hasn’t been very clear. The Chinese city of Wuhan had reportedly shelved its aspirational nonfungible tokens (NFTs) plans amid growing regulatory uncertainty around the crypto and Web3 technologies in the country.Wuhan first announced its plans to support metaverse and NFTs in the aftermath of the coronavirus breakout as a measure to boost its economy ruined by the pandemic. The city was the epicenter of the COVID-19 breakout.The Wuhan government’s draft industrial plan for the city’s....
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China stands among the top jurisdictions with solid opposition to crypto assets and NFT culture. The region shook the crypto space in 2021 with restrictive measures on crypto mining. It pronounced a complete crackdown on BTC mining which brought a drastic decline in the value of BTC. Also, its stance on virtual currency affected the […]
Experts claim that although China is unlikely to decriminalize crypto in the short term, NFTs and blockchain still have a place in the Communist nation’s Metaverse longer-term. Experts say that China’s corner of the Metaverse is likely to evolve very differently to other international markets and that decentralized infrastructure may not be part of the game plan.The Sino Metaverse seems likely to repeat what happened with the web. When the internet first went mainstream in the 1990s, many people theorized that it might accelerate democracy in China.NewZoo’s 2021 trend report “Intro to the....
Google searches for “NFT” again overtook “cryptocurrency” queries in September after a significant spike in March. Amid the ongoing nonfungible token (NFT) boom, people in Asia-Pacific (APAC) countries appear to be the most curious about NFTs, according to Google Trends data.Google Trends data shows that China, Singapore and Hong Kong are the three top countries in the world in terms of the number of “NFT” searches on Google over the past year.According to the data, China has posted the highest number of such searches, with the Google search index amounting to 100 points. Singapore and....
The price of bitcoin on the CoinDesk Bitcoin Price Index (USD BPI) remained below $500 on Friday 28th March, amid continued uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges. Sources in China indicated that the reports, which first surfaced on 27th March, appear to be true, though the People's Bank of China, the country's central bank, has yet to give any formal indication that its position on bitcoin and other digital currencies has shifted. At press time, the price of bitcoin had recovered slightly from an open of....
South Korea’s central bank has tested purchasing NFTs with their central bank digital currency (CBDC). In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies. In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News....