Governments Have Different Opinions on Non-Fungible Token (NFT) Industry

A Non-Fungible Token (NFT) is a type of encrypted digital stock certificate based on blockchain technology that cannot be copied, altered or shared. It can be understood as a decentralized “virtual asset”. From a technical point of view, NFTs are issued in the form of smart contracts. A smart contract can issue one or more NFT assets, including physical assets such as physical collections, event tickets, etc. Virtual assets such as photos, music, and game props. NFTs are credible proof of authenticity and ownership of digital assets.

North America is the largest market. The total revenue in 2021 is $779.26, accounting for 50.16% of the total global market. Revenue in 2021 is $382.74 million, accounting for 24.64% of the total market. Asian governments generally restrict virtual assets and cryptocurrencies, limiting the size of the NFT market to some extent. On the other hand, Southeast Asia, which has the highest transaction volume, mainly participates in NFT games, with less transaction volume than art NFT auctions. In addition to varying government attitudes towards NFTs, NFTs also exhibit distinct regional characteristics.

Moreover, gaming, Asia-Pacific, Latin America, the Middle East, and Africa have higher percentages than developed regions such as North America and Europe. This is because people in some economically underdeveloped areas can make money by playing his NFT games, averaging between $10 and $30 per day. Global economic growth has slowed, especially as a result of the Covid-19 epidemic, and unemployment rates in developing countries have risen sharply. However, in general, art and collection NFTs have higher returns and investment value, so art collections still occupy the mainstream market in various regions. We have done a lot of trading, proving that trading between players is more active and NFTs are more liquid.

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