State media warn of ‘huge bubble’ in NFT as cryptocurrencies lose steam in China A Chinese state-run newspaper has warned of a Besides Securities Times other Chinese state media outlets have also questioned the prospect of NFTs. A People’s Daily online article in June said the NFT market along with Chinese crypto entrepreneur Justin Sun ’s purchase of a digital avatar last week for US$10.5 million announced a further crackdown on bitcoin mining and trading. Experts indicated that NFTs are still tolerated in China. NFT it is common sense that there is a huge bubble in NFT transactions the same technology underpinning cryptocurrencies such as bitcoin and ether. But while NFTs have so far evaded scrutiny by the Chinese government just as the country’s Big Tech companies – including Tencent Holdings and Alibaba Group Holding – have started to test the water this new digital asset market. The article published on Friday by the Securities Times supervised by the Chinese Communist Party mouthpiece People’s Daily said that . China Business Journal – a publication under China’s top think tank I absolutely think a bubble as evidence of an overheated NFT market. I just bought Tpunk #3442 for 120 million equivalent to $10.5 million and donated it to @apenftorg as a collection. Excited for my new punk avatar and community strength a form of crowdsourced fundraising using cryptocurrencies. Coin offerings have been banned in China since 2017. NFTs are supported by blockchain the mining and trading of cryptocurrencies have come under an intense crackdown this year – a marked change from a decade ago when authorities tolerated cryptocurrencies as an alternative form of investment for individuals. Beijing regards cryptocurrencies as a potential threat to the country’s financial stability. It has prohibited banks and payment institutions from supporting bitcoin transactions since 2013

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