In keeping with Forkast Information, in 2022 Official complaints acquired by the Chinese language authorities relating to non-fungible token (NFT) fraud, points and worth manipulation have elevated by 30,000%.
Chinese language regulators revealed they acquired 59,700 complaints a 12 months, and 2021. – 198, the report says. In keeping with regulators, the most typical complaints are non-receipt of bought items, refunds, worth manipulation, and excessive transaction charges.
China on NFTs
China is understood for its stance in opposition to encryption. Nonetheless, NFT stays a grey space within the nation.
in 2022 December. China introduced that within the first half of 2023 day will open its first absolutely regulated NFT buying and selling market. The platform might be generally known as the “China Digital Asset Buying and selling Platform” and can present establishments and people with safety and monitoring rights for NFTs.
In the identical month, China’s capital Shanghai additionally established a 149 million USD price metaverse fund. The aim of the fund is to develop metaversion within the nation and enhance competitors on this space. Seven completely different provinces have already introduced their plans to turn out to be the metaverse hub of the nation.
NFT 2022
Though in 2022 was the coldest winter in cryptocurrency historical past, NFTs remained nearly fully immune to cost fluctuations.
For the total 12 months, the NFT market recorded 55.5 billion. In comparison with 2022 recorded 142 million USD, NFT market dimension in 2022 displaying a rise of 38,903%.
seethereality the info revealed that the entire NFT market cap in 2022 fell barely to $85 million as a result of bear market. However, 85 million USD in 2022 representing an 11,644% enhance over the $10 billion USD recorded in 2020
A report from DappRadar confirmed that the NFT market returned to pre-winter ranges in February. In keeping with the info, the buying and selling quantity of the NFT market in February exceeded 2 billion
