• Chinese NFT Investors Squander Millions on CryptoPunk Collectibles

  • The NFT mania in China continues, with Chinese traders recently breaking records by buying over $5.73 million in a row. A trader named Feng Bo recently bought CryptoPunk #7252 for an extraordinary amount of 1,600 ETH, or about $5.33 million. in addition, Meitu founder Vincent Tsai also invested in the popular CryptoPunk NFT #8236 for 125 ETH, an amount in excess of $400,000.

    Meitu has joined the resistance to the Chinese government’s cryptocurrency crackdown. Meitu is in the spotlight for being the first public company in Greater China to purchase a large amount of cryptocurrency and digital assets.

    China’s NFT Community Gets Stronger

    The uprising against the cryptocurrency ban in China is expanding. The domestic NFT market space is spreading like wildfire.TikTok’s parent company and Chinese internet giant Bytedance could jump on the Chinese NFT wagon.

    Bytedance CEO Zhang Yiming’s recent remarks in the WeChat NFT group have generated speculation related to its foreseeable NFT plans. bytedance is preparing to acquire virtual reality (VR) company Pico as confirmation of its entry into the non-fungible token (NFT) space. However, an official announcement from Bytedance regarding its upcoming metadata project is still pending. Nonetheless, the company has reportedly entered the VR space with a massive $5 billion.

    CryptoPunk’s particular sale, as well as Bytedance’s acquisition of Pico, point to intense speculation about the NFT community joining the alleged uprising against China’s cryptocurrency crackdown.

    China’s cryptocurrency mining community and the judiciary have joined forces

    As the tokenization space grows, the miner community is holding its ground. Chinese SaaS solution and blockchain application provider Powerbridge Technologies Co., Ltd. recently signed a cryptocurrency miner partnership agreement with Cryptodigital Holdings Ltd. which announced the acquisition of 5,600 bitcoin (BTC) and ethereum (ETH) mining machines by October 2021.

    In addition, the judiciary has given a blow to the cryptocurrency crackdown by countering the Chinese government’s stance on BTC. China’s local courts recently declared Bitcoin’s status as digital property in a published article.

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