News Snapshot:
A Chinese state-run newspaper has warned of a “huge bubble” in non-fungible tokens, or NFTs, just as the country’s Big Tech companies – including Tencent Holdings and Alibaba Group Holding – have started to test the water this new digital asset market. The article published on Friday by the Securities Times , supervised by the Chinese Communist Party mouthpiece People’s Daily , said that “it is common sense that there is a huge bubble in NFT transactions” and that “many buyers only focus on NFT as a format instead of the artwork or asset itself”. “Once market enthusiasm wanes and...
