Chinese authorities ban NFTs but allow digital collectibles instead; however, internet giants continue to enter the NFT space
According to the Chinese crypto blogger Colin Wu, Chinese regulators are in talks with major Internet companies about non-fungible tokens (NFTs) use.
He exclusively reported that NFTs are no longer allowed to be used. However, instead digital collectibles are permitted.
Yet local internet giants and other large corporations continue to actively enter the NFT space. Recently, U.Today reported that McDonald’s in China has released a set of 188 NFTs to present to its staffers and customers in honor of the 31 anniversary of the company’s presence in China. These NFTs are called “Big Mac Rubik’s Cube”.
Tencent and Alibaba also launched their NFT platforms, and DHL also released their NFTs, Wu reminds.
In late September, China also banned cryptocurrency transactions, marking them as illegal. However, Chinese citizens are still allowed to legally own Bitcoin as a digital property.
