The non-fungible token market space is spreading across many countries as the trend began some weeks ago. Previously, NFT had not been appreciated by the digital asset space, as many found fungible tokens more attractive. Although NFTs don’t have financial valuations like the counterpart, which accommodates tokens like Bitcoin and Ethereum, it helps the creative industry get recognition within the virtual asset space.
The tokens usually show ownership, as seen at a recently held virtual auction where Jack Dorsey sold his first tweet as an NFT. While many don’t understand ‘tweet sales,’ people believe that Twitter’s CEO helped the small industry get more recognition within the industry. Digital collectibles are frequently used for artworks, documents, and other intellectual property.
NFT trends in China
China, being the world’s most populous country, has an impeccable interest in digital assets. The country houses some big names in the cryptocurrency industries, making many of its citizens have a crypto-friendly outlook. Despite the non-fungible token sector being novel to many individuals, they have started to understand it and utilize it to protect artworks and other creative works that can be protected.
Beijing is one of the country’s hottest cities for artwork, which has been evident over the past years. It welcomed different art niches, which helped the region earn a spot amongst the world’s top art spots. In response to growing trends over the non-fungible token sector, UCCA Labs announced that from March 26 to April 4, it would host its first crypto art exhibition. While the area has housed numerous crypto artworks in China, from both the east and west, this is the first time it would have NFT artworks on display.
Sources explained that top communities within the space collaborated to make the exhibition happen, and they are the Polkadot community and the Chinese Bitcoin community. Binance has also worked within the Chinese community to bring NFTs as it continues giving out free NFTs.
UCCA Labs announces new crypto art exhibition
Interestingly, a journalist called Colin Wu has shown an interest in the NFT industry due to his participation in a Binance activity. The activity rewarded the journalist with a drawing of a carrot, which became an NFT. The drawing worth 1.4 BNB, which is currently valued at around $300. The Chinese community seems to be interested in the industry, as many people are speculative about the digital collectibles sector.
An expert in the digital asset space, Yin Cao, believes that China’s NFT industry is yet to develop fully. He raised two reasons backing his claim, and one of the reasons is the community’s lack of understanding of the asset.
Cao believes that Chinese people don’t understand the idea behind the NFTs, and he added that Chinese artists are yet to meet the art standards in the global community. The crypto enthusiasts believe that Chinese artists have a different style of art when compared to Western folks. The jointly organized SRT exhibition would showcase artworks from various artists within the region, and it could help the country develop a positive outlook from NFTs.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
