China crypto news of the week (June 21 to June 28) : The rise of NFT in China

Highlight of the week: China's Alibaba Group opened and sold NFT based on Dunhuang style, based on AntChain. This means that one of China's largest Internet companies entered the NFT field. Of course, it has nothing to do with cryptocurrency for the time being, only blockchain technology.

However, AntChain was ridiculed by the Chinese community. First, it stated that the copyright belongs to the issuer or original creator rather than the purchaser; second, it emphasized that it is not allowed to trade the purchased NFT.

As a large number of Chinese people sold these NFTs on Alibaba's second-hand trading platform, the highest price even reached 200,000 US dollars, the platform has now banned all NFT searches.

A studio of NetEase, China's second largest game company, will also issue NFTs with the public chain Nervos（CKB）.

But Wang Yongli, the former deputy governor of Bank of China, said that the whole-process supervision of NFT products and transactions will be strengthened, especially for related false propaganda, financial fraud, illegal transfer of assets, and money laundering.

Hashrate of Bitcoin

The biggest network difficulty reduction in the history of the Bitcoin network may come, reaching 15.7T (-21.26%). The 24-hour average hashrate is as low as 62E, 1/3 of the highest 180E two months ago. However, due to the lucky value, the 3-day or 7-day Hashrate is more accurate.It seems that we still underestimate China's power, which originally held more than 65% or even 70% of the hashrate of the entire Bitcoin network.

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