China’s NFT market, Moutai metaverse popular but buggy… – Cointelegraph Magazine

In a joint effort between the state-owned Chinese Technology Exchange, the state-owned Art Exhibitions China and the company Huban Digital Copyrights Ltd, China’s first nationwide NFT market is scheduled to come back on-line this week.

It’s designed as a secondary marketplace for buying and selling digital collectibles, together with copyrights for digital property. Perhaps unsurprisingly, it’s constructed on China’s nationwide Wenbao, or “cultural safety” blockchain, which helps confirm the authenticity of artifacts and business items. Currently, solely the NFT platform’s touchdown web page is accessible.

1400 blockchain corporations in China

On Dec. 29, the state-owned China Academy for Information and Communications Technology, or CAICT, disclosed in its nationwide white paper that over 1,400 blockchain corporations are working within the nation regardless of strict rules. Together, Chinese and U.S. blockchain corporations account for 52% of such entities globally. In one instance of distributed ledger purposes in public service, CAICT researchers wrote:

“[In the] Zhejiang Provincial blockchain digital bill platform, [authorities] used blockchain’s a number of entry level and decentralized course of capabilities, together with technological highlights resembling good contracts, to enhance the belief verification throughout varied departments. This led to the digital circulation of digital invoices; their issuance, receipt, inspection, reimbursement, and improved the knowledge administration stage and repair capabilities of digital invoices in monetary departments.”

Similarly, native information outlet Shanghai Securities News reported that the digital yuan central financial institution digital forex, or e-CNY CBDC, surpassed 104.8 billion Chinese yuan ($15.21 billion) in utilization within the province of Zhejiang since its inception in April. Provincial residents have opened 24.14 million e-CNY wallets, and authorities claimed to have distributed 3.5 billion yuan ($510 million) in tax refunds through the e-CNY to residents as an experiment. Despite the outcomes, specialists resembling former Chinese central banker Xie Peng stated that “utilization has been low” for the CBDC. 

Kunming’s blockchain KPIs 

On Dec. 30, the City of Kunming printed its three-year plan for municipal digital economic system improvement. The report set a 25% annual development goal for the town’s digital economic system to surpass 500 billion yuan ($72.58 billion) in two years. In addition, local-level communist get together officers should meet collective key efficiency indicators of incubating a minimum of 20 blockchain-specific purposes and inspiring the event of a minimum of 10 “strongly aggressive” and technologically superior blockchain corporations by the tip of 2024. “Please implement [them] absolutely and utterly,” the doc states. 

Moutai’s metaverse hits 1 million customers

The Moutai metaverse expertise. Source:

On Jan. 1, popular Chinese liquor distiller Moutai and web know-how agency WangYi launched their joint metaverse Xunfeng World on the Apple App Store. Developers designed the expertise based mostly on the Moutai distilleries within the Guizhou province. Players can work together with each other and distillers to study the standard Moutai-making expertise. 

Just two days later, its registered customers surpassed 1 million, with the app rating No. 1 within the e-commerce class in China. However, the app solely had a ranking of two.4/5 on the time of writing, with customers complaining about in-game options, “excruciating” wait occasions for Know Your Customer verification, login difficulties and poor customer support. One consumer wrote: 

“There is not any buyer hotline, there isn’t a customer support, and I don’t even know the place to unravel the issue. I appeared ahead to becoming a member of from the waitlist, but I may by no means move KYC on the day of the app’s launch. What’s unsuitable? I’m actually begging you to take my cash so I can play this recreation, but it appears you don’t need it?”

Hong Kong crypto scams worsen

Hong Kong
Hong Kong cityscape. Source: Pexels

Currently, Hong Kong residents can’t commerce cryptocurrencies except they’re categorised as “skilled buyers” or have a minimum of 8 million Hong Kong {dollars} ($1.02 million) in bankable property. However, these rules have performed little to curtail the rise of crypto scams. 

A latest Hong Kong police report cited by revealed that within the first 10 months of 2022, the particular administrative area recorded 1,503 instances of funding scams involving whole property of $98.5 million, up 10% from the identical interval final 12 months. 

About 70% of the scams have been categorised as involving crypto. One sufferer, Mr. Lee, reportedly misplaced 180,000 HKD ($23,000) after being contacted by a consultant claiming entry to unique insider data on the worth of SUSHI tokens. Mr. Lee later referred to as the police after his supposed buying and selling account was eliminated with out clarification. 

Square Enix all in on blockchain

In an annual letter printed on Jan. 1, Yosuke Matsuda, president of Japanese gaming large Square Enix, stated that the corporate would shift its enterprise focus to blockchain leisure. The transfer follows Square Enix’s announcement on May 3 that it could promote its blockbuster online game franchise Tomb Raider and use the proceeds to put money into new initiatives resembling blockchain, although it nonetheless retains different popular franchises resembling Final Fantasy. Matsuda wrote: 

“I believe it’s honest to say that blockchain gained vital recognition as a discipline in 2022, as evidenced by ‘Web 3.0’ turning into a firmly established buzzword amongst businesspeople. However, the 12 months additionally noticed volatility within the cryptocurrency and NFT markets that tracked the dramatic shifts within the macroeconomy described above.”

Matsuda additionally stated that apart from monetization, blockchain and NFTs must be “delivering new experiences and pleasure to clients” and that the corporate had “a number of blockchain video games based mostly on authentic IPs underneath improvement.” In its newest submitting, Square Enix reported 163 billion Japanese yen ($1.23 billion) in income and 39.4 billion yen ($297 million) in revenue for the primary six months to Sept. 30.

China’s NFT market, Moutai metaverse popular but buggy… – Cointelegraph Magazine

Zhiyuan Sun

Zhiyuan solar is a journalist at Cointelegraph specializing in technology-related information. He has a number of years of expertise writing for main monetary media shops resembling The Motley Fool, and Seeking Alpha.

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