{"id":49264,"date":"2021-09-11T10:00:10","date_gmt":"2021-09-11T07:00:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49264"},"modified":"2025-09-02T11:47:16","modified_gmt":"2025-09-02T08:47:16","slug":"state-media-in-china-warn-of-nft-sector-bubble","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/state-media-in-china-warn-of-nft-sector-bubble\/","title":{"rendered":"State media in China warn of NFT sector bubble"},"content":{"rendered":"<p>Publications controlled by the ruling Communist Party of China, Securities Times and People\u2019s Daily, warned citizens against buying non-fungible tokens (NFTs) due to a potential bubble in the sector. The report comes via <a href=\"https:\/\/www.scmp.com\/tech\/policy\/article\/3148286\/state-media-warn-huge-bubble-nft-cryptocurrencies-lose-steam-china\">SCMP<\/a>.<\/p>\n<p>The statement says that most NFT buyers are focused solely on financial speculation rather than the visual qualities of the token.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAs soon as the enthusiasm wanes, and market hype slackens, the value of these odd NFTs will diminish significantly,\u201d wrote reporter Wang Junhui.<\/p>\n<\/blockquote>\n<p>In March, digital artist Mike Winkelmann, known by the alias Beeple, who sold an NFT for <a href=\"https:\/\/u1f987.com\/en\/news\/beeples-nft-sells-at-christies-for-69-3-million\">almost $70 million<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/beeple-whose-nft-sold-for-nearly-70-million-calls-the-nft-market-a-bubble\">called the market situation a bubble<\/a>.<\/p>\n<p>Earlier in September, Anthony Pompliano, co-founder of Morgan Creek Digital, <a href=\"https:\/\/u1f987.com\/en\/news\/anthony-pompliano-admits-he-underestimated-the-nft-sector\">acknowledged that he had underestimated the NFT sector<\/a>.<\/p>\n<p>Earlier, Sam Bankman-Fried, head of the crypto-derivatives exchange FTX <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-chief-expresses-cautious-optimism-on-nft-prospects\">expressed optimism and caution<\/a> about the prospects for the development of non-fungible tokens.<\/p>\n<p><a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Publications controlled by the ruling Communist Party of China, Securities Times and People\u2019s Daily warned citizens against buying non-fungible tokens (NFTs) due to a potential bubble in the sector.<\/p>\n","protected":false},"author":1,"featured_media":49265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1145,1213],"class_list":["post-49264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-market-analysis","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49264"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49264\/revisions"}],"predecessor-version":[{"id":49266,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49264\/revisions\/49266"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49265"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}