Non-fungible Token, Market Development, Trading Models, and Impact in China

Abstract

Many people, including rapper Snoop Dogg, actor William Shatner, Paris Hilton, Lindsay Lohan, Grimes, and Emily Ratajkowski, are enthusiastic about how Non-fungible tokens (NFTs) will bring value to create many beautiful arts for easy collection and trade in the dynamics of the art market. According to the OpenSea market estimates, the NFT projects available in the different blockchain is worth roughly 840 million US$. NFTs recently received enormous attention from both cryptocurrency investors and the media; even billionaire Elon Mask posted a Meme on his Twitter account and bought the sale of meme NFT for $19800. The biggest economic power that banned cryptocurrency last year, China, made a formal supportive statement to back NFT booming in the whole country. Suddenly, the red power realized the transaction order of the meta-verse system; the tokenized economy is an undoubted benefit for the living style of the current generation. Although the concept of NFTs is very new, trading activities are moving extremely fast in China. An exhibition like “Virtual Niche” can take up to three years to organize in the rest of the world, but it took just a few months in the second biggest superpower China, Beijing. Eventually, this new form of entity will make it easier and more capacitive for the Chinese style of politics, economy, and culture to stand strong in the world for thousands of years. This thesis will introduce the current NFT market development, trading models, and impact in China. With no hesitation, this time, China has entered the era of "everything can be NFT".