How China is Embracing NFTs?

The Chinese government has made it apparent that it despises the anti-establishment cryptocurrency ecosystem. It is a different story when it comes to crypto’s blockchain technology. President Xi Jinping has pushed for widespread adoption of digital ledgers to help China become a digital and economic powerhouse. In the latest blockchain craze, Non-fungible tokens (NFT’s) are also being embraced by the country. China’s View on Cryptocurrencies Beijing’s first priority is social and economic stability, which explains its aversion to speculative, volatile crypto trading, as well as its links to gambling, money laundering, suspected frauds, and other issues. In 2017, the central bank shut down exchanges that handled yuan-to-Bitcoin swaps and outlawed individuals and businesses from using cryptocurrencies to raise funds. In 2021, new crackdowns forced exchanges like Huobi to completely stop serving Chinese customers. When regulators concluded that the excessive energy usage and carbon emissions linked with crypto mining were no longer acceptable, miners fled the nation. China is Taking Interest in NFTs An NFT confirms ownership of a piece of digital art or collectible and serves as an effective store of value because it cannot be duplicated. NFTs were originally developed on the secure, decentralized blockchains associated with cryptocurrencies, but China took a different approach. It relies on so-called permission-based blockchain...