An NFT CryptoPunk was sold for around 730,300 euros in Shanghai earlier this week. The purchase reflects the growing interest of Chinese investors in the NFT space despite criticism from state-controlled media.
Chinese investors are increasingly passionate about NFTs
A non-fungible token (NFT) from the collection CryptoPunks was sold at an auction in Shanghai, organized by the company Shanghai Jiahe Auction, for 5,232,500 yuan, or almost 730,300 euros, with a starting price of 1.5 million yuan (209,350 euros) .
VV Yu, general manager of the modern and contemporary art department of the Shanghai Jiahe Auction, claimed that the payment for the CryptoPunk # 8690 was made in yuan and that the seller will settle the transfer of the NFT with the successful bidder himself. Yu also shared that the auction house has closely followed the booming NFT industry and held its first NFT auction in June 2021.
Acquisition of the token CryptoPunk # 8690, which was part of an auction that also featured more traditional artwork, highlighted the growing interest of Chinese investors in the new form of digital collectibles, despite the fact that media d State of the country denounce the hype and speculation surrounding the NFT space.
Chinese state media frown on NFTs
While NFTs are not affected by China’s ban on cryptocurrency-related activities, state media have raised concerns about these collectibles. Since then, Chinese tech giants, including Alibaba and Tencent, renamed their NFT features and now call them the “digital collectibles“.
Ironically, the state-run Xinhua News Agency appears to want to take advantage of the popularity of the NFT industry by launching its own “digital collectibles“. On December 24, the outlet released its NFT collection for free, including 11 news photos from its 2021 archive. Xinhua said the collection based on Tencent’s Zhixin channel is a “digital memory immortalized in the metaverse“And represents a”unique end-of-year review“.
Despite the general ban on cryptocurrencies in China, the country’s investors do not seem too much be concerned with this measure and show great interest in the non-fungible token industry.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss out on Cointribune essentials!
Passionate about new technologies and computers, blockchain and crypto are a field in which I have totally blossomed. I am convinced that they are a crucial part of our future!