NFTs In China

Protection of Nonfungible Tokens in China

The non-fungible token (NFT) industry is booming in China. But it runs differently from other worldwide operations in that respect. Instead of being called "tokens," NFTs are referred to in China as "digital collectibles" to avoid any relation with cryptocurrencies, which have been outlawed since 2021. Due to this, all NFTs are priced in Chinese RMB, and payments may be made using both conventional tools like credit and debit cards and electronic wallets like WeChat pay and Alipay.

NFTs can only be sold or given away once, in the initial transaction, and once more. This is as a result of worries about connections to cryptocurrency and inflated pricing. In a well-known instance, an NFT with a traditional fresco theme that had a beginning price of 9.9 RMB was resold for 1.5 million RMB. While the legal trading limitations are set, it is up to the platforms to make their own regulations within those restrictions.