From the year 2009 until the mid of 2021, there was no other country that could match the might of China when it came to adopting cryptocurrencies. Whether it was mining Bitcoin or any other major cryptocurrency, China was on top of it and it had no competitor.
Despite placing the first ban on cryptocurrencies back in 2014, the cryptocurrency industry continued thriving in China. Then in the year 2017, China reinforced the same rule of banning cryptocurrencies. Still, the cryptocurrency sector continued growing stronger in China.
Then it was the year 2021 when the government of China enforced the bans. Although the cryptocurrency industry thought that this warning from the Chinese regulators would be the same as old times but this time, they were dead serious.
The Chinese regulatory and the law enforcement authorities soon launched their crackdown against cryptocurrencies. No matter it was a mining center, a trading exchange, or any other business linked with cryptocurrencies one way or another, they were penalized by the government.
How is the Cryptocurrency Industry Doing in China
For almost a year, it was perceived that China had completely eradicated the cryptocurrency industry from its soil. However, people were soon shocked to learn that the cryptocurrency sector had still survived underground in China.
This was first revealed after it was revealed that China had earned a place in the cryptocurrency mining sector among one of the top crypto-mining countries. This is a clear indication that the mining sector in China is still clinging onto their efforts.
They are not going to give up that easily to the regulatory bashing and crackdowns. Instead, they are aiming to continue with their mining projects so they can mine as many cryptocurrencies as possible.
The Expansion of NFTs in China
The NFT news have recently found themselves bombarded themselves with updates coming in from China. Turns out, mining is not the only sector thriving in China but the non-fungible token (NFT) industry is also running its own show.
The NFT sector is also gaining huge success and adoption in China and it is becoming one of the most adopted cryptocurrency spaces in China. According to Ido Fishman, NFTs artworks have become one of the most attractive spaces within China.
The user base and adoption rate for non-fungible tokens is constantly on the rise in China. At present, there are more than 500 platforms that are dealing in non-fungible tokens. All these platforms are involved in offering digital collectibles to their users.
Back in February 2022, the number of platforms that hosted digital NFT collectibles were just over a 100. This means that in a matter of 4 months, the number of platforms in China offering NFT collectibles has increased 5X.
Reason behind the Rise
According to statistics, the reason behind the constant rise in the adoption rate of NFT platforms in China is the hype and demand for collectibles. These assets have gained tremendous popularity and adoption in China, leading to great adoption of collectibles in the country.
Even the tech giants in China such as Alibaba and Tencent have also showed great interest in adopting non-fungible tokens. It is already known that the Chinese tech giants have the ability of incorporating many innovations into any technology they come across.
Therefore, if the industry keeps gaining a large adoption and popularity, then many revolutionary changes and innovations may get incorporated into NFT collectibles’ sector.
It has been reported that Alibaba and Tencent have already filed many patents that are related with the NFT platforms. This means that they have already come up with several ideas surrounding the adoption of NFTs. The people of China can now get ready as they will be the ones to get their hands on these ideas coming to life before anyone else.
