NFTs Thrive in China but They’re Nothing Like Their Global Counterparts

China’s legal market in “digital collectibles” is booming: Metaverse-focused information platform Gyroscope Finance estimates that as of June, 681 NFT trading platforms exist in China and that since March, 100 new platforms have been set up each month. But, all in all, “NFTs in China [are] not developed under the premise of a free market. It’s more like digital art, which is easy to buy but is hard to sell,” said Peng Chi, a visual artist from China who has used the technology for his work.