In late September, China declared all transactions made with cryptocurrencies illegal with its bans on Bitcoin and cryptocurrencies. While these bans of China are still on the agenda, Chinese regulators took action on NFT this time.
Chinese journalist Colin Wu said in a post on Twitter that Chinese regulators are in talks with large internet companies about the use of NFTs. In this context, Wu stated that NFTs can no longer be used, instead the use of digital collections will be allowed.
After this move by the Chinese regulators, NFTs will be banned from trading for profit, allowing them to be used only as digital collectibles.
However, Chinese Internet companies are actively entering the NFT field. Tencent and Alibaba have both opened NFT trading platforms. https://t.co/kZtLFo5rEB, McDonald’s China, and DHL China have just issued their first NFTs.
— Wu Blockchain (@WuBlockchain) October 23, 2021
Although China comes to the fore with a ban on the crypto industry every time, large companies in China show that they are very interested in the NFT field with the steps they take.
Fast food giant McDonald’s, which stepped into the NFT market on the occasion of its 31st anniversary in China, recently introduced the NFT series called “Big Mac Rubik’s Cube”.
Reminding that internet companies and large companies in China have entered the NFT market despite the increase in bans in the crypto field, Chinese journalist Wu tweeted about the subject:
“However, Chinese internet companies are actively entering the NFT industry. Tencent and Alibaba have opened their NFT trading platforms. McDonald’s China and DHL China have released their first NFTs.”