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NFT black market sprouts under China's crypto crackdown

'Digital collectibles' from tech firms reappear on underground swap platforms

"Digital collectibles" have taken off in China since they first appeared around 2021. (Photo by Yusuke Hinata)

GUANGZHOU -- While China clamps down on crypto products, traders have found a way to evade the regulatory hurdles by turning to off-the-book transactions of secondhand NFTs.

This month, a blockchain platform operated by Ant Group, Alibaba Group Holding's financial arm, started selling computer graphics depicting traditional headpieces of the Miao, a Chinese ethnic minority.

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