While there is still no certainty about the regulation of the crypto market in the Asian region, the streets of Hong Kong’s financial hub are filled with NFT billboards.
NFT projects promoted
Billboards popularizing non-fungible tokens (NFTs) have flooded downtown Hong Kong. Among the collections announced are Delirious Mind Travelers and Degenerate Ape Academy.
Thus, the advertising of the collection Delirious Mind Travelers was placed on a 100-meter banner in the Hong Kong metro area at Central and Hong Kong stations. These are the two busiest places in the region.
In the same district, other NFT projects are announced: Bunny warriors, LuckyKittens, GoingApe and Cyber Ape Age. The price of these advertising experiences is not revealed. However, Eric Suen, co-founder of Delirious Mind Travelers, says the team is willing to pay a high price and take risks: “NFT is changing rapidly and we want to be at the forefront. We want everyone to remember us as one of the major modern day NFT projects ”, Suen said.
NFTs at the height of popularity
In August 2021, the consultancy firm PriceWaterhouseCoopers (PwC) predicted the fate of the crypto industry in Hong Kong.
As Henri Arslanian, head of the fintech department at PwC has asserted, large crypto companies will start to leave Hong Kong if regulatory uncertainty persists.
Hong Kong favors cryptocurrencies and NFTs. It has become an attractive hub for novice artists and crypto enthusiasts. However, mainland China recently imposed strict restrictions on minors and other businesses working with digital assets, which has complicated the situation somewhat.
Hong Kong established a regulatory framework for the cryptocurrency industry in 2018. However, the region has yet to begin licensing crypto companies so as not to contradict the strict policies of the UK, US United and other Asian regions.
To date, only OSL has received approval from the local financial regulator to provide crypto-focused services. However, even this license does not make life easier for retail investors. To trade on OSL, investors must have assets of at least Hong Kong $ 8 million (approximately US $ 1 million). As of early 2021, no crypto company had received clearance from the Hong Kong regulator. Either way, we suggest you stay on Cointribune so you don’t miss any crypto and NFT news!
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!
The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you so much fun reading me!