NFT market in China continues to boom amidst crypto ban

TL;DR Breakdown China NFT market continue to boom amidst crypto ban.Popular Chinese tech firm Alibaba develops NFT market.NFT attracting wealthy people in China. The crypto ban in China has taken so much toll on the industry in the country and beyond. However, the NFT market in the country remains unperturbed. A recent report reveals that NFT market and its adoption in China has continued to skyrocket, attracting wealthy Chinese. Another massive boost received by the Chinese NFT market is the entry of Alibaba. The popular China tech firm also set up its NFT exchange. According to a report released today by South China Morning Post (SCMP), a news outlet owned by Alibaba, the marketplace hopes to target writers, musicians, artists, and game developers. Apart from Alibaba, other top-tier tech firms in the country like NetEase and ByteDance also got in the NFT space with NetEase selling its own tokens, which are being sold on Chinese mega platform Taobao. ByteDance, the parent company of social media platform TikTok, has also announced a stake in the NFT market. However, in China, NFT has been attracting mostly wealthy Chinese buyers. Big Chinese like Cai Wensheng, Justin Sun, among others, have also invested heavily in NFT market. Beyond China NFT market, NFT sees increased global adoption China’s NFT boom comes at a time when western companies and high-net-worth individuals are also eyeing the space. Payment giant Visa re...