In a joint effort between the state-owned Chinese Technology Exchange, state-owned Art Exhibitions China, and Huban Digital Copyrights Ltd corporation, China's first national NFT marketplace is created. scheduled to go online this week.
It is designed as a secondary marketplace for trading digital collectibles, along with copyrights for digital assets. Perhaps unsurprisingly, it relies on China's national Wenbao, or "cultural protection" blockchain, which helps verify the authenticity of artifacts and trade goods. Currently, only the landing page of the NFT platform is accessible.
1400 blockchain companies in China
On Dec. 29, the state-owned China Academy of Information and Communication Technology, or CAICT, revealed in its national white paper that more than 1,400 blockchain companies are operating in the country despite strict regulations. Together, Chinese and US blockchain companies account for 52% of such entities globally. In an example of distributed ledger applications in the public service, the CAICT researchers wrote:
“[In the] Zhejiang Provincial Blockchain Electronic Invoice Platform, [authorities] used the multi-access point and decentralized process capabilities of the blockchain, along with technology highlights such as smart contracts, to improve trust verification across multiple departments. This led to the digital circulation of electronic invoices; their issuance, receipt, inspection, reimbursement and improved the level of information management and service capabilities of electronic invoices in financial departments”.
Similarly, local news outlet Shanghai Securities News reported that the digital yuan central bank digital currency, or e-CNY CBDC, surpassed 104.8 billion Chinese yuan ($15.21 billion) in use. in Zhejiang province since its establishment in April. Provincial residents opened 24.14 million e-CNY wallets, and authorities claimed to have distributed 3.5 billion yuan ($510 million) in tax refunds via e-CNY to residents as an experiment. Despite the results, experts such as former Chinese central banker Xie Peng said that "use has been low" for CBDC.
Kunming Blockchain KPIs
On December 30, the city of Kunming published its three-year development plan for the municipal digital economy. The report sets a 25% annual growth target for the city's digital economy to exceed 500 billion yuan (72.58 billion US dollars) in two years. In addition, communist party officials at the local level must meet the collective key performance indicators of incubating at least 20 specific blockchain applications and encouraging the development of at least 10 technologically advanced and "strongly competitive" blockchain companies by the end of 2024. . [them] fully and completely,” the document says.
Moutai's metaverse reaches 1 million users
On January 1, popular Chinese liquor still Moutai and internet technology firm WangYi launched their joint Xunfeng World metaverse on the Apple App Store. The developers designed the experience based on the Moutai distilleries in Guizhou province. Players can interact with each other and with the distillers to learn the traditional experience of making Moutai.
Just two days later, its registered users surpassed 1 million, and the app ranked first in the e-commerce category in China. However, the app only had a 2.4/5 rating at the time of writing, with users complaining about in-game features, "excruciating" wait times for Know Your Customer verification, difficulties with Poor login and customer service. One user wrote:
“There is no customer service line, there is no customer service and I don't even know where to solve the problem. I really wanted to join from the waitlist, but I was never able to pass KYC on the day of the app launch. What happen? I'm literally begging you to take my money so I can play this game, but you don't seem to want it?
Hong Kong Crypto Scams Get Worse
Currently, Hong Kong residents cannot trade cryptocurrencies unless they are classified as "professional investors" or have at least HK$8 million ($1.02 million) in bankable assets. However, these regulations have done little to curb the rise of cryptocurrency scams.
A recent Hong Kong police report quoted by Rthk.hk revealed that in the first 10 months of 2022, the special administrative region recorded 1,503 cases of investment scams involving total assets of $98.5 million, up 10% from the same period last year.
About 70% of the scams were classified as crypto-related. One victim, Mr. Lee, reportedly lost HKD180,000 ($23,000) after he was contacted by a representative to claim access to exclusive inside information about the price of SUSHI tokens. Mr. Lee later called the police after his alleged business account was deleted without explanation.
Square Enix bets on the blockchain
In an annual letter published Yosuke Matsuda, president of Japanese gaming giant Square Enix, said on Jan. 1 that the company would shift its business focus to blockchain entertainment. The move follows Square Enix's announcement on May 3 that it would sell its hit video game franchise Tomb Raider and use the proceeds to invest in new initiatives like blockchain, although it still retains other popular franchises such as Final Fantasy. matsuda wrote:
“I think it's fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by the fact that 'Web 3.0' became a firmly established buzzword among entrepreneurs. However, the year also saw volatility in the cryptocurrency and NFT markets that followed the dramatic changes in the macroeconomy described above.
Matsuda also said that in addition to monetization, blockchain and NFT should "bring new experiences and excitement to customers" and that the company had "multiple original IP-based blockchain games in development." In its latest filing, Square Enix reported 163 billion Japanese yen ($1.23 billion) in revenue and 39.4 billion yen ($297 million) in profit for the first six months ending September 30.
