Asia Express: China’s NFT market, Moutai metaverse popular but buggy…

After a one-year hiatus, Our Man successful Shanghai returns, but he’s nary longer based successful Shanghai (the crypto crackdown was a origin successful the column’s retirement), truthful a rebranding is successful order. This abstraction is present called “Asia Express,” and it’s a play roundup of quality from mainland China and Taiwan and the remainder of Asia too. Check successful each Friday for quality astir Asia’s much influential projects, changes successful the regulatory scenery and endeavor blockchain integrations. Much has changed since the past variation connected Dec. 17, 2021. Without further ado, let’s excavation in.

China’s nationalist NFT market

The countdown to China’s archetypal nationalist NFT marketplace begins. Source: Cdex

1,400 blockchain firms successful China

On Dec. 29, the state-owned China Academy for Information and Communications Technology, oregon CAICT, disclosed successful its nationalist achromatic insubstantial that implicit 1,400 blockchain firms are operating successful the state contempt strict regulations. Together, Chinese and U.S. blockchain firms relationship for 52% of specified entities globally. In 1 illustration of distributed ledger applications successful nationalist service, CAICT researchers wrote: 

“[In the] Zhejiang Provincial blockchain physics invoice platform, [authorities] utilized blockchain’s aggregate entree constituent and decentralized process capabilities, on with technological highlights specified arsenic astute contracts, to amended the spot verification crossed assorted departments. This led to the integer circulation of physics invoices; their issuance, receipt, inspection, reimbursement, and improved the accusation absorption level and work capabilities of physics invoices successful fiscal departments.”

Similarly, section quality outlet Shanghai Securities News reported that the integer yuan cardinal slope integer currency, oregon e-CNY CBDC, surpassed 104.8 cardinal Chinese yuan ($15.21 billion) successful usage successful the state of Zhejiang since its inception successful April. Provincial residents person opened 24.14 cardinal e-CNY wallets, and authorities claimed to person distributed 3.5 cardinal yuan ($510 million) successful taxation refunds via the e-CNY to residents arsenic an experiment. Despite the results, experts specified arsenic erstwhile Chinese cardinal banker Xie Peng said that “usage has been low” for the CBDC. 

Kunming’s blockchain KPIs 

On Dec. 30, the City of Kunming published its three-year program for municipal integer system development. The study acceptable a 25% yearly maturation people for the city’s integer system to surpass 500 cardinal yuan ($72.58 billion) successful 2 years. In addition, local-level communist enactment officials indispensable conscionable corporate cardinal show indicators of incubating astatine slightest 20 blockchain-specific applications and encouraging the improvement of astatine slightest 10 “strongly competitive” and technologically precocious blockchain firms by the extremity of 2024. “Please instrumentality [them] afloat and completely,” the papers states. 

Moutai’s metaverse hits 1 cardinal users

The Moutai metaverse experience. Source: 68h5.com

On Jan. 1, fashionable Chinese liquor distiller Moutai and net exertion steadfast WangYi launched their associated metaverse Xunfeng World connected the Apple App Store. Developers designed the acquisition based connected the Moutai distilleries successful the Guizhou province. Players tin interact with 1 different and distillers to larn the accepted Moutai-making experience. 

Just 2 days later, its registered users surpassed 1 million, with the app ranking No. 1 successful the e-commerce class successful China. However, the app lone had a standing of 2.4/5 astatine the clip of writing, with users complaining astir in-game features, “excruciating” hold times for Know Your Customer verification, login difficulties and mediocre lawsuit service. One idiosyncratic wrote: 

“There is nary lawsuit hotline, determination is nary lawsuit service, and I don’t adjacent cognize wherever to lick the problem. I looked guardant to joining from the waitlist, but I could ne'er walk KYC connected the time of the app’s release. What’s wrong? I’m virtually begging you to instrumentality my wealth truthful I tin play this game, but it seems you don’t privation it?”

Hong Kong crypto scams worsen

Hong Kong cityscape. Source: Pexels

Currently, Hong Kong residents cannot commercialized cryptocurrencies unless they are classified arsenic “professional investors” oregon person astatine slightest 8 cardinal Hong Kong dollars ($1.02 million) successful bankable assets. However, these regulations person done small to curtail the emergence of crypto scams. 

A caller Hong Kong constabulary report cited by Rthk.hk revealed that successful the archetypal 10 months of 2022, the peculiar administrative portion recorded 1,503 cases of concern scams involving full assets of $98.5 million, up 10% from the aforesaid play past year. 

About 70% of the scams were classified arsenic involving crypto. One victim, Mr. Lee, reportedly mislaid 180,000 HKD ($23,000) aft being contacted by a typical claiming entree to exclusive insider accusation connected the terms of SUSHI tokens. Mr. Lee aboriginal called the constabulary aft his expected trading relationship was removed without explanation. 

Square Enix each successful connected blockchain

In an yearly missive published connected Jan. 1, Yosuke Matsuda, president of Japanese gaming elephantine Square Enix, said that the institution would displacement its concern absorption to blockchain entertainment. The determination follows Square Enix’s announcement connected May 3 that it would merchantability its blockbuster video crippled franchise Tomb Raider and usage the proceeds to invest successful caller initiatives specified arsenic blockchain, though it inactive retains different fashionable franchises specified arsenic Final Fantasy. Matsuda wrote: 

“I deliberation it is just to accidental that blockchain gained important designation arsenic a tract successful 2022, arsenic evidenced by ‘Web 3.0’ becoming a firmly established buzzword among businesspeople. However, the twelvemonth besides saw volatility successful the cryptocurrency and NFT markets that tracked the melodramatic shifts successful the macroeconomy described above.”

Matsuda besides said that speech from monetization, blockchain and NFTs should beryllium “delivering caller experiences and excitement to customers” and that the institution had “multiple blockchain games based connected archetypal IPs nether development.” In its latest filing, Square Enix reported 163 cardinal Japanese yen ($1.23 billion) successful gross and 39.4 cardinal yen ($297 million) successful nett for the archetypal six months to Sept. 30.