Respected Asian journalist, Colins Wu, has revealed that Chinese traders have spent a combined $5.74m on NFTs in two successive buys. The journalist also revealed that the recent purchase of a CryptoPunk collectible was also from a Chinese who bought it for about $5.34m.
Before this purchase, another Chinese in the person of Meitu CEO bought an NFT worth about $400K. Meitu’s purchase is a clear indication of where he stands regarding the country’s policy about the digital asset industry. Meitu is now the only famous Chinese firm purchasing vast volumes of virtual currencies in South Asia.
Wu Blockchain Tweet. Source: Twitter
China’s NFT Ecosystem Keeps Growing Rapidly
Despite the ban on virtual asset transactions, China‘s NFT ecosystem keeps growing in leaps and bounds. Hence, top Chinese companies like ByteDance might be tempted to join the NFT train. If ByteDance CEO’s latest update on the NFT social group is anything to go by, the firm might soon be on the NFT train.
Several rumors indicate that the Chinese internet behemoth plans to purchase a virtual reality company as a sign of intense interest in the NFT space. One other fact fueling the rumor is that ByteDance is yet to release any official schedule ahead of its planned metaverse project.
Also, a VR Gyro news claimed that the company has already set aside a 6B Yuan funds chest to enter the virtual reality sphere. These two recent events indicate that the Chinese might be revolting their authorities’ crypto clampdown by shifting towards NFT.
China’s Miners’ Community Holds A Firm Ground
As previously reported on Tokenhell, a China-based IT and crypto solutions system, Powerbridge today announced it would receive almost 6,000 mining rigs in the next two months as part of an agreement with Cryptodigital holdings.
Also, a Chinese district court published an article revealing that Bitcoin and cryptocurrency are legitimate assets. This is a contrasting opinion to the narrative China authorities are painting about cryptocurrencies, including Bitcoin.
Mark Cuban Invests In An NFT AI Firm
There are now NFTs that can talk, and the firm creating these NFTs announced today that its private token sale generated about $17m in funds. The Singapore-based company is seeking to expand the functionalities of NFTs, especially in terms of communication and interaction.
Cuban said he is investing in the company because it is securing AI-powered avatars as NFTs. According to Cuban, “this forms the basis of communication that can only become better in the future.” Apart from the billionaire American investor, the company’s latest fundraising round also attracted other venture capitalists such as Metapurse.
Metapurse made the headlines early this year when it paid almost $70m for an NFT – a first at that time. The Singapore-based AI company is the first to create an intelligent NFT (iNFT), even if the iNFT could only give simple three-word answers and cannot hold a conversation. The company CEO told reporters that the funds from the latest funding round would be utilized to improve its iNFTs.