Rumors are coming from China where Tencent, JD, and Alibaba have joined hands to take action against cryptocurrencies.
Together they will be boycotting bitcoin and other cryptocurrencies to an effort to prevent money laundering risks. All of these companies have been actively participating in NFTs.
These companies, Tencent, JD, and Alibaba, were being threatened to be banned in China and in order to avoid getting kicked off from Internet and China, they will be changing name of NFT (non fungible tokens) to digital collections and will be explicitly mentioning that there are no cryptocurrencies involved.
Alibab recently released an entire NFT marketplace so it will be interesting to see how Alibaba handles NFTs from this point onwards without cryptocurrencies. How is NFT an NFT if there are not cryptocurrencies involved?
Some still believe NFT are useless. NFTs have more value than most people have been able to generate in their lifetime. Bored Apes for one have a lifetime value of 542 million dollars. Clearly if you do not see the value, then you should take a closer look.
So there you go – last month, China banned bitcoin and today, they want NFTs to die. Just like bitcoin, nobody including China kill decentralized revolution.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.