Over the past four months, the number of Chinese marketplaces for trading non-fungible tokens has increased fivefold. The government intends to regulate the industry.
The rise in popularity of NFTs in China is due to major tech giants Ant Group, JD.com, Tencent, and Alibaba showing keen interest in the hype around collectible tokens.
Alibaba Group Holding has launched an NFT platform for the sale of tokenized licenses for the right to use intellectual property. Tech conglomerate Tencent has filed a patent for virtual concerts in the metaverse and opened its own platform for trading collectible NFTs.
PRC regulators believe that the immediate introduction of strict regulations will avoid a situation where the distribution of digital collections panders to the hype of NFT platform customers and "pulls them into a vicious circle of fake exchange competition."
At the "Guanhuo Metaverse Digital Collections Online Summit 2022" held on June 14, industry experts proposed strengthening market surveillance by companies, as well as focusing on empowering real sectors of the economy.
In March, Chinese Internet giants changed the norms of customer behavior on the corporate NFT marketplace in order to protect their infrastructure from government interference. Alibaba-owned platform Jingtan announced that it would report users using bots or other software to bulk buy collectibles to law enforcement, and Tencent banned users of its WeChat app from selling NFTs using third-party software.
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