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Chinese Tech Giants Ready Metaverse, NFT Moves Despite Regulatory Scrutiny
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China’s tech giants are hopeful of launching metaverse and non-fungible token (NFT) businesses despite suffering a torrid year at the hands of the country’s vehemently anti-crypto government. Heavy-hitters including JD.com and Alibaba have laid out plans that involve metaverse and NFTs, although regulations have forced them to make cosmetic name changes.
Under pressure from Beijing, which has shaved billions from their stock market worth by clipping their wings this year, tech firms have begun referring to NFTs using terms such as “digital collectibles.” They have also placed limits on secondary trading, and such items are traded on private blockchain networks, unlike NFTs elsewhere, which are usually traded on Ethereum (ETH) and other
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