China’s crypto ban fails to stop Shanghai NFT Airdrop
Shanghai Data Exchange will release 1,000 Ethereum non-fungible tokens (NFT) on a first-come, first-served basis on April 13, despite the Chinese government’s ban on crypto.
Holders of Foresee Future – Sci & Tech Interconnection NFTs can claim a customized physical luggage tag at the Hong Kong International Innovation and Technology Exhibition. The exhibition takes place in April 2024.
NFT Collaboration hopes to link Shanghai with Hong Kong
Those wishing to receive the NFTs must register their interest by connecting to their MetaMask, Argent, Rainbow or WalletConnect wallet from 18:00 UTC April 12. The exchange will close the claim window at 23.59 local time on April 14. ends on 16 April
Crypto content platform CryptoNatty will manage the airdrop through its Launch Tower portal.
The airdrop is designed to increase cooperation between Hong Kong, a budding crypto hub, and the Shanghai Data Exchange, a semi-public organization dedicated to building technologies around asset tokenization.
The airdrop comes despite the Chinese government’s harsh stance against cryptocurrencies. In 2021, the government banned mainland mining and trading and has reportedly discouraged speculative trading of NFTs.
Four Chinese tech giants, Tencent, Ant, Baidu and JD, later undertook self-imposed trading of NFTs on the secondary market.
Searches for Bitcoin on the popular Chinese microblogging site Weibo and Douyin reveal no market data. Instead, the sites warn that cryptocurrencies do not have the same status as legal tender and should be invested in cautiously.
Huang Yiping, a former People’s Bank of China adviser, warned that China could miss opportunities through its crypto ban.
China favors tokenization over tokens
Despite showing opposition to digital assets, China is more open to the potential of blockchain as an asset management tool.
The government approved the launch of the China Digital Trading Platform (CDEX) for NFTs and other digital assets in January.
The new state-approved platform enlisted a working group of museums, tourism organizations and rights holders at the launch. The platform also includes a metaverse working group involving state-owned companies and local authorities.
In the long term, the platform wants to become a government inventory for tradable digital assets. It will offer registration, monitoring and management of copyrights through a separate blockchain for China Cultural Protection.
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