Official complaints about non-fungible token (NFT) scams, glitches and worth manipulation acquired by the Chinese language authorities have elevated by 30,000% in 2022, in line with Forkast Information.
Chinese language regulators revealed they acquired 59,700 complaints all year long, in comparison with 198 in 2021, the report mentioned. In keeping with regulators, most complaints relate to non-receipt of bought objects, refund failures, worth manipulation and excessive transaction charges.
China on NFTs
China is thought for its anti-crypto stance. Nonetheless, NFTs stay a grey space for the nation.
In December 2022, China introduced that it might launch its first totally regulated NFT buying and selling market on the primary day of 2023. The platform could be generally known as the “China Digital Asset Buying and selling Platform” and would offer establishments and people safety and monitoring rights relating to NFT.
In the identical month, the Chinese language capital, Shanghai, additionally launched a $149 million metaverse fund. The target of the fund is to develop the metaverse business within the nation and enhance competitors on this subject. Seven totally different provinces have already introduced their roadmaps to develop into the hub of the nation’s metaverse.
NFTs in 2022
Though 2022 noticed the coldest winter in crypto historical past, NFTs remained virtually completely resistant to cost actions.
All year long, the NFT market recorded gross sales of $55.5 billion, a rise of 175% from $20.2 billion the earlier 12 months. In comparison with the $142 million recorded in 2022, the dimensions of the NFT market in 2022 displays a rise of 38,903%.
forexcryptozone the info revealed that the entire market capitalization of NFT registered a slight decline in 2022 because of the bear market and fell to $85 million. Both method, the $85 million in 2022 displays an 11,644% enhance from the $10 billion recorded in 2020.
A report by 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 surpassed $2 billion in February, marking a 117% enhance from $956 million in January.