China shutting itself out of hottest new asset class

China has made its distaste for cryptocurrencies abundantly transparent however, consequently, it is usually shutting itself off from the arena’s freshest new asset magnificence, non-fungible tokens.

An NFT is a electronic asset, reminiscent of a picture, audio clip or GIF (graphics interchange layout), whose possession is recorded on a tamper-proof electronic ledger referred to as a blockchain.

This rising asset magnificence took off in a substantial manner final 12 months with a digital-only piece of artwork promoting for US$69 million. Since then, increasingly celebrities and artists, in addition to type, track, tech and sports activities manufacturers, were developing, purchasing and promoting NFTs.

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