March 20, 2023<\/p>\n\n\n\n
By Tsering Namgyal<\/p>\n\n\n\n
Consumer complaints in China about non-fungible tokens (NFTs)<\/a> over pricing and service problems surged 300-fold in 2022, according to the top market regulator the State Administration for Market Regulation (SAMR).<\/p>\n\n\n\n The South China Morning Post reported<\/u><\/a> that the number of NFT-related complaints filed through an official SAMR platform reached 59,700 last year, a significant jump from the 198 cases in 2021.<\/p>\n\n\n\n Complaints include refund refusals, price manipulation and extra fees.<\/p>\n\n\n\n \u201cProblems arise in nascent business models, which makes it increasingly difficult for regulators,\u201d the newspaper quoted SAMR as saying.<\/a><\/p>\n\n\n\n However, NFT-related complaints in China made up a small fraction of the 13 million cases the SAMR received last year.<\/p>\n\n\n\n Most negative comments involved other internet and tech business industries, including cross-border e-commerce<\/a>, which was the subject of 334,500 complaints, up 42.6 per cent year on year. Many complaints were about counterfeit products and sellers\u2019 failure to meet warranty commitments.<\/p>\n\n\n\n In mainland China, NFTs are generally referred to as \u201cdigital collectibles\u201d and can only be bought with yuan, because of Beijing\u2019s ban on cryptocurrencies.<\/p>\n\n\n\n Some top companies in China have started to retreat from the sector. Last summer, Tencent Holdings<\/a> announced<\/u><\/a> it was shutting down Huanhe<\/a>, its NFT platform. It stopped sales last year and will cease all operations in June.<\/p>\n\n\n\n The news comes on the heels of the crypto winter which led to recent scandals in the crypto industry including the collapse of cryptocurrency exchange FTX<\/a> in November.<\/p>\n\n\n\n But, on the whole, Beijing remain supportive of blockchain as a technology after President Xi Jinping endorsed the technology<\/a> in 2019, even though the Chinese authorities has put a ban on cryptocurrencies.<\/p>\n\n\n\n In January, China launched<\/u><\/a> a fully-regulated \u201cdigital asset trading platform\u201d<\/a> to facilitate transactions of intellectual property and NFTs.<\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Tsering Namgyal is the chief content officer of the Blockchain Asset Review.<\/p>\n","protected":false},"excerpt":{"rendered":" March 20, 2023 By Tsering Namgyal Consumer complaints in China about non-fungible tokens (NFTs) over pricing and service problems surged 300-fold in 2022, according to the top market regulator the State Administration […]<\/p>\n","protected":false},"author":1,"featured_media":3063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3058"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3058"}],"version-history":[{"count":2,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3058\/revisions"}],"predecessor-version":[{"id":3066,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3058\/revisions\/3066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3063"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}