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NFTs in China and their uncertain future: An in-depth report

Regulatory caution, crypto-hostility, no secondary market hold back cartoon apes

Visitors take in "HOLD ONTO YOUR BITCOIN" by Gustav Szabo, known as Szabotage, in Hong Kong, China, in September 2021. The art will be converted into NFTs and auctioned online by Sotheby's.   © Reuters

Last year saw the non-fungible token, or NFT, break into the mainstream, as hype over the volatile market for digital keys to pixilated artworks pushed sales into the billions.

While speculative investing in cartoon apes and other works of variable artistic merit has captured the most attention, industry observers say that the underlying technology could perhaps offer long-term value if companies look to deliver solutions to a wider range of practical problems.

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