NFTs, whose popularity has been increasing lately, are also on the agenda of China. An article published in a media outlet close to the government, is NFTs the next target? raised the question.
The article published in the Securities Times, which is described as the spokesperson of the Chinese Government, described NFTs as “blind hype”.
The article stated that NFTs were initially popular in the art community as they solved the digital copyright issue of paintings, music and other artistic works, but gradually people became obsessed with hype.
After it was stated that the NFT business was actually a big bubble, examples of this were Justin Sun’s purchase of a digital avatar for $10.5 million and the Twitter CEO’s first tweet sold for about $2.9 million in NFT assets.
In the article, it was stated that although the general vision of NFTs is good, its axis has shifted due to speculation.
“There is a consensus within the current market dynamics that NFTs are bubbles. The NFT artist said in an interview with Fox on Beeple that prices are definitely bubbles. People are actually cheating by manipulating each other with fraudulent acts. It turned out that a $10.5 million NFT purchased recently was actually a self-sell.
As the popularity of this market wanes and the hype of phenomena ceases, the value of assets will decrease drastically.”
Chinese e-commerce giant AliBaba launched the NFT market in August. While this move was initially welcomed, the hype seems to have offended some.