How NFTs can happen in China without Crypto?

Despite the lack of proof of cryptography, the NFT craze has spread to China, according to one NFT expert.

With the support of an NFT developer, Tencent produced an NFT buy and collection app, Alibaba launched a 50 NFT mooncake sale to promote a metaverse product and a half-dozen start-ups are contending for the top place in China's localised NFT token trading market.

The $69 million NFT art acquisitions, such as Beeple's "Everydays," have never been seen before. Big Tech, blockchain startups, art auction houses, and retail brands have all gotten on the NFT bandwagon in China.

Their interest in NFT works is comparable to that of their Western counterparts for several reasons: the blockchain-enabled protection of IP rights, excitement for a new form of trading and curating artwork, as well as the free attention they gain for being associated with a trendy idea.

There is no fast money to be made with NFTs in China. Participants in China's NFTs, as closely associated they may be with cryptocurrency, are doing their best to steer clear of it. A few companies chose not to include the term "token" in their translation of "non-fungible token" into Chinese, while others decided to forsake the Ethereum network completely.

Once again Chinese blockchain aficionados are using the NFT craze as an example of how they're trying to differentiate blockchain applications from cryptocurrencies, which have been banned in China for the second time this year.

Ethereum should be avoided at all costs

In the West, NFTs and cryptography are almost inseparable. Many well-known NFT artworks, such as CryptoPunks and Bored Apes, were created on the Ethereum blockchain. ETH, the world's second-largest cryptocurrency, is required to conduct any NFT transactions.

The problem is that in China, it is illegal to mine, trade, or exchange cryptocurrencies for fiat money.

The less financial you are, the safer you are

When it comes down to it, the vast majority of transactions in China's NFT marketplaces are no longer tied to cryptocurrencies. Non-crypto methods of payment are accepted at the gallery, including bank cards, Alipay, and WeChat Pay, as well as cash and wire transfers.

Wrapping up

In spite of this, the market is a bustling place. No one in China has been bothered by the fact that NFTs are not directly connected to bitcoin. Alibaba's payment provider Alipay has given 20,000 NFT torches for the 2022 Asian Games in Hangzhou, China, which will be hosted there. Nationally recognised painters who have strong links to their home states are selling their artwork on the auction block as NFTs. Important crypto transactions have taken place in Hong Kong, where crypto transactions are still authorised, such as the $2.5 million sale of an NFT sculpture by globally famous artist Cai Guo-debut Qiang. However, this difference is often ignored in the midst of the commotion.