China shutting itself out of hottest new asset class

China has made its distaste for cryptocurrencies abundantly clear however, because of this, additionally it is shutting itself off from the world’s hottest new asset class, non-fungible tokens.

An NFT is a digital asset, resembling a picture, audio clip or GIF (graphics interchange format), whose possession is recorded on a tamper-proof digital ledger referred to as a blockchain.

This rising asset class took off in a substantial approach final 12 months with a digital-only piece of artwork promoting for US$69 million. Since then, an growing variety of celebrities and artists, in addition to style, music, tech and sports activities manufacturers, have been creating, shopping for and promoting NFTs.

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