Official complaints related to non-fungible token (NFT) fraud, issues, and price manipulation received by the Chinese government surged 30,000% in 2022, according to Forkast News.
Chinese regulators have revealed they received 59,700 complaints for the year, compared to 198 in 2021. report state. According to regulators, most complaints concern failure to receive purchased goods, failed refunds, price manipulation, and high transaction fees.
Chinese NFTs
China is known for its anti-crypto stance. However, NFTs still remain a gray area for the country.
In December 2022, China announced it would launch a fully regulated NFT trading market on the first day of 2023. Known as the “China Digital Asset Trading Platform”, the platform provides institutions and individuals with rights of protection and oversight. NFTs.
In the same month, the Chinese capital Shanghai also launched a $149 million Metaverse fund. The purpose of this fund is to develop the domestic metaverse industry and promote competition in this sector. Seven different states have already announced roadmaps to become national metaverse hubs.
NFTs in 2022
2022 was the coldest winter in cryptocurrency history, but NFTs remained almost completely resilient to price volatility.
For the year, the NFT market recorded sales worth $55.5 billion, up 175% from $20.2 billion the year before. Compared to his $142 million recorded in 2022, his NFT market size in 2022 reflects his 38,903% increase.
crypto slate The data reveals that the total market capitalization of NFTs will decline slightly due to the bear market in 2022, dropping to $85 million. Regardless, his $85 million in 2022 reflects his 11,644% increase from his $10 billion recorded in 2020.
A DappRadar report showed that the NFT market returned to pre-winter levels in February. Data show that NFT market trading volume rose 117% from $956 million in January, surpassing $2 billion in February.
