Hard times for NFT in ChinaAlthough the Chinese government suppresses crypto activity in the country, traders have found a way around regulatory hurdles by turning to unregistered transactions for second-hand NFT.
Since cryptocurrency payments are banned in China, all NFT transactions in the country are conducted in renminbi. In addition, because of the country's aversion to blockchain technology, NFTs are not issued through decentralized blockchains, but rather through databases managed by Chinese enterprises.
