Everything about China's Innovation
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: WeChat bans NFT-related accounts, Chinese state media warns Bitcoin price is heading to zero, Hong Kong crypto platforms suspend withdrawals amid global crypto sell-off, and more.
WeChat, China’s most popular social media platform with over 1.2 billion monthly active users, has updated its policies to ban accounts providing access to crypto or NFT-related services. Cointelegraph and CoinDesk first reported this story.
READ MORE: Bitcoin Drops Sharply as Chinas Crackdown on Crypto Mining Expands
A former senior manager at Huobi is being prosecuted in Hong Kong following accusations that he made $5 million through illicit trading. The story was first covered by The Financial Times.
Master Kingdom, a talent agency representing Hong Kong actor Louis Koo Tin-lok, said Lianwan, a mainland Chinese NFT platform, used the film star’s image for marketing purposes without authorization. The South China Morning Post first reported this story.
Several Hong Kong cryptocurrency platforms have temporarily suspended client withdrawals amid a market meltdown that saw the price of Bitcoin plunge by over 50%. Nikkei Asia first reported this story.
READ MORE: Web3 Investors Unfazed by Market Slide
Economic Daily, a Chinese national newspaper and government mouthpiece, warned its readers that the price of Bitcoin is “heading to zero.” The South China Morning Post and Cointelegraph first reported this story.
KPMG, a leading consultancy offering services in financial auditing, taxes, and advisory, is hopping on the metaverse bandwagon with the launch of its first collaboration hub across its US and Canadian units. CoinDesk first reported this story.
That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how to make this newsletter better. Write to us at [email protected]. See you again next week!
SEE ALSO: China NFT Weekly: Buy the Dip
This week: NFT-based ‘move-to-earn’ game STEPN to block users in China due to domestic crypto regulations, Chinese stock photo licensing website Visual Culture Group to launch NFT platform overseas, and more.
This week: Alibaba’s cloud computing unit launches NFT services, Hong Kong securities regulators to tighten rules around NFT-based collective investment schemes, global NFT sales drop as investors continue to pour money into the sector, and more.
This week: Rail operator MTR Corporations enters Web3 era by partnering with The Sandbox, Tsinghua University establishes China’s first metaverse lab, and more.
Chinese blockchain entrepreneur Justin Sun has announced that he successfully auctioned off a complete set of NFT works featuring the heads of the twelve animals for a price of almost $1.50 million from MetapolyXM.

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