- China has been a critic of digital assets and their mining, but still, it is constantly using the related concepts of blockchain, NFTs, etc.
- Non-fungible tokens (NFTs) based on Chinese late Qing dynasty painter Wu Changshuo’s artwork sell out following the drop.
- It is to see what stand the Chinese authorities would take on NFTs, as they are yet to specify the regulations.
Despite the fact that China has banned cryptocurrencies and their mining last year and is a vehement critic of the asset class. The related concepts like blockchain technology and Non-Fungible Tokens (NFTs) are still quite prevalent and flourishing in the country.
Non-fungible tokens (NFTs) based on Chinese late Qing dynasty painter Wu Changshuo’s artwork kicked off on Tencent’s Huanhe NFT platform recently. And all the 28,000 copies sold out immediately following the drop.
This instance highlighted a still strong market for such assets in the Dragon and can grow even more in the coming years.
The Wu Changshuo Non-Fungible Tokens (NFTs), which were initially priced at 128 yuan or US$19.21 each, are currently available on China’s primary second-hand goods online marketplace Xianyu, for approximately 450 yuan to 500 yuan apiece.
Late Prominent Artist Continues To Have A Large Fan Base
Wu Changshuo was a prominent painter, calligrapher, and seal artist born in the year 1844 and took his last breath in 1927. Eleven after so many years, he still continues to have a strong fan base.
According to auction house Christie’s, Wu’s work was once sold for HK$18.25 million (US$2.3 million) in December 2020.
China has yet to specify clear regulations for trading of Non-Fungible Tokens in the country, and state-backed entities have also criticized and opposed their flipping. It is to look forward to what the Chinese authorities would decide with respect to the concept of Non-Fungible Tokens (NFTs). But this immediate selling out of NFTs points out to the fact that China has a very strong potential for the flourishment of NFTs.
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Source: https://www.thecoinrepublic.com/2022/05/30/late-qing-dynasty-painter-wu-changshuos-artwork-based-nfts-sell-out-right-after-drop/