Chinese NFT Investors Splurge Millions on CryptoPunk Collectibles

China’s NFT mania continues with the latest record-breaking consecutive purchases of more than $5.73 million by Chinese traders. According to Chinese Journalist, Colin Wu, a trader by the name of Feng Bo recently bought CryptoPunk #7252 for the extraordinary amount of 1600 ETH, i.e., approximately $5.33 million. Furthermore, Meitu founder, Cai Wensheng has also invested in the popular CryptoPunk NFT #8236 with 125ETH, which amounts to over $400,00.

Meitu has joined the resistance against the Chinese government’s crypto crackdown. Meitu has gained prominence for being the first public company in Greater China to buy hefty quantities of cryptocurrencies and digital assets.

Chinese NFT community gets stronger

In recent coverage, CoinGape reported upon the expanding uprising against the crypto ban in China. The NFT market space in the nation is spreading like wildfire. TikTok’s parent company and China’s Internet giant, Bytedance could reportedly hop on to China’s NFT wagon.

CoinGape reported that Bytedance CEO, Zhang Yiming’s latest WeChat NFT group entry has raised relevant speculations on its foreseeable NFT plans. According to the sources, Bytedance is preparing to acquire the Virtual Reality (VR) firm, Pico as a confirmation of entering the Non-Fungible Token (NFT) sphere. However, Bytedance’s official announcement on the upcoming metaverse project remains pending. Nevertheless, the company has allegedly entered the VR space with a large amount of 5 billion Yuan, VR Gyro News reported on August 26.

CryptoPunk’s exceptional sales, along with Bytedance’s acquisition of Pico point at strong speculations towards the NFT community’s addition to the alleged uprising against the Chinese Crypto crackdown.

Chinese Crypto Mining community & Judiciary join forces

Along with the tokenized sphere, the miners’ community is also holding strong ground. Chinese SaaS solutions and Blockchain applications provider, Powerbridge Technologies Co., Ltd. recently signed a crypto mining rigs partnership with Cryptodigital Holdings Ltd. The company has announced the acquisition of 5,600 Bitcoin (BTC) and Ethereum (ETH) Mining Rigs by October 2021.

Furthermore, the judiciary has put a dent in the crypto crackdown by contradicting the Chinese government’s stance against BTC. China’s district court has recently announced the status of Bitcoin as digital property in a published article.

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