Any tech giant entering the crypto space makes headlines all over, especially when its a Chinese firm
China has put up the regulations regarding cripto operations and banned cryptocurrency-related to almost all activities, including trading, investing, holding, mining, etc. It was September last year when the second-biggest economy took harsh actions against the digital assets economy. The whole crypto market witnessed a blow after the decision in China, which is one of the most affected areas of mining cryptocurrencies. At the time of the crypto ban in China, the country was one of the prominent areas in the world regarding cripto mining, especially bitcoin.
In such an environment in China, when it comes to knowing that any firm based in the country is stepping into cripto anyhow, either via possessing a digital asset or creating an NFT, it makes news worth noticing. Such an incident happened recently when a popular Chinese tech giant went to join the non-fungible tokens revolution in its way.
Famous multinational technology corporation Huawei’s cloud computing subsidiary has airdropped the first batch of non-fungible tokens of the brand. This makes the tech giant the latest firm in China to join the digital asset trend. The brand’s recent airdropping of NFT-uri is following its part of the plan under the branding campaign for Huawei Cloud.
NFT-uri launched are based on the company’s blockchain, the petal chain, despite Huawei not publicly stating any plans to launch it on the NFT platform. Soon after the launch, almost all the NFTs were sold out.
Earlier than Huawei, other Chinese tech giants like Alibaba, Tencent, NetEase, Baidu and JD.com have launched their NFT marketplaces. Since there are no clear regulations in the country regarding NFTs, the stepping of tech giants into the digital space is heavily criticized by Chinese media, which is majorly state-owned and sponsored. Along With the criticisms, they also prompted the company to ban or restrict its NFT reselling.
No regulations and restricting approach of China results in trampling down the efforts made by companies and evolving stage of digital assets. Several research reports brought in April by a Chinese Brokerage firm Guosen Securities have noted that if regulators would allow NFT-uri reselling in the country, then the NFT market in China would have a valuation of around 29.8 billion Chinese yuan or $4.68 billion, which is currently standing at only 6 billion yuan or $937 million, due to no regulations and strict restrictions.
Andrew este un dezvoltator blockchain care și-a dezvoltat interesul pentru criptomonede în timpul absolvirii sale. El este un observator pasionat al detaliilor și își împărtășește pasiunea pentru scris împreună cu a fi dezvoltator. Cunoștințele sale backend despre blockchain îl ajută să ofere o perspectivă unică scrisului său
Source: https://www.thecoinrepublic.com/2022/04/13/how-entering-the-nfts-would-impact-huawei-amidst-chinas-crypto-ban/