As China’s crypto ban bites, NFTs thrive in Hong Kong

By Raffaele Redi

The WISe.ART platform will auction off an NFT of the world’s first paper money created in China

Jiaozi NFT                                 
The Jiaozi NFT – Photo: WISe.Art
                                

While China’s crypto ban is devastating the crypto industry on the mainland, the Asian NFT industry is still flourishing as collectors and investors move to Hong Kong.

NFTs, or non-fungible tokens, are unique digital files stored on a blockchain – and artworks created as NFTs are proving to be the latest form of collectables, with prices soaring into the millions.

The recent online NFT auction by Christie’s in Hong Kong, No Time Like Present, saw interested collectors not just from Hong Kong but the US, Switzerland and Taiwan.

Sotheby’s auction

Meanwhile, on 30 September Sotheby’s will start a four-day sale of Machine Hallucinations – Space: Metaverse, a collection from digital media artist Refik Anadol.

And on 9 October, the auction house will be selling an NFT of behind-the-scene footage from the first day of shooting the movie In the Mood for Love, starring award-winning actors Tony Leung Chiu-wai and Maggie Cheung Man-yuk.

Perhaps the most interesting auction is yet to come, however.

The Jiaozi NFT

The WISe.ART platform will soon auction off a historical NFT of the world’s first paper money created in China in 1024, issued by the Jiaozi Affairs, the earliest central bank, which operated for more than 400 years. Marco Polo introduced the concept of paper money to Europe roughly 200 years later in the late 13th century.

The Jiaozi NFT is the digital twin of that first government-issued paper currency.

The NFT will seal a joint venture between the Hong Kong-based Chinese Museum of Finance and WISekey, a Swiss global cyber-security company, to launch the WISe.ART NFT platform to offer trusted NFTs.

Further reading: Another top ethereum mining pool to shut down following crackdown

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image