China's WeChat Suspends NFT Activity | 3.31.22

GM Ser,

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China's WeChat Suspends NFT Activity

China has been upfront about their stance on NFTs and is again reminding people by suspending accounts on Tencent’s WeChat that have been entertaining NFT discourse, 

Those in China can purchase NFTs but only through the nation’s own currency of yuan through a monitored version of blockchains. According to CNBC news, there are no regulations on NFTs in China as of yet and people can purchase NFTs through a marketplace, but secondary trading is “heavily restricted.”

Tencent never confirmed having suspended accounts, however WeChat’s Weibo (Twitter-like social platform) responded to local media’s report on the situation. WeChat clarified their rules of use around the topic of NFTs. 

Azuki NFT Sells for Record Price

A rare Azuki NFT has sold for about $1.4M.

The Azuki sold was #9605 and is said to be the second-highest in rarity in the entire collection. Azuki is considered to be one of the first anime NFT collections to hit the mainstream and skyrocket in popularity. The project launched back in January by LA-based Chiru Labs.

The second highest sell was for $560K.