State media warn of ‘huge bubble’ in NFT as cryptocurrencies lose steam in China

Source: China – South China Morning PostA Chinese state-run newspaper has warned of a “huge bubble” in non-fungible tokens, or NFTs, just as the country’s Big Tech companies – including Tencent Holdings and Alibaba Group Holding – have started to test the water this new digital asset market.The article published on Friday by the Securities Times, supervised by the Chinese Communist Party mouthpiece People’s Daily, said that “it is common sense that there is a huge bubble in NFT transactions” and that “many buyers only focus on NFT as…Read More

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