1. China’s biggest beauty app Meitu: The fair value of Ethereum and Bitcoin purchased is approximately $65.2 million and $32.2 million, respectively

On August 25, Meitu announced its interim results. As of June 30, 2021, the fair values of its purchases of Ethereum and Bitcoin were approximately $65.2 million and $32.2 million, respectively.

Approximately 111.9 million RMB in the fair value of the purchased Bitcoins has been reduced as impairment, while the increase in the fair value of the purchased Ethereum by approximately 9.49 million RMB has not been recognized as revaluation gains.

2. Bytedance is said to enter NFT market

China’s Internet giant Bytedance, developer of TikTok , is said to enter into NFT world, with its founder Zhang Yiming joining WeChat NFT groups. It’s said that Bytedance will buy a VR company Pico, as a sign of join Metaverse.

3. People’s Bank of China (PBoC): Virtual currencies such as Bitcoin are not legal tender and have no actual value support

Yin Youping, deputy director of the Financial Consumer Rights Protection Bureau of PBoC, said today, “We remind people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support. Yin Youping, deputy director of the Financial Consumer Rights Protection Bureau of PBoC, said today, “We remind people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.

4. Visual China may launch NFT digital art trading platform

On August 26, China’s largest visual creativity platform, Visual China, released the “2021 Semi-annual Report”. The report described the platform’s exploration and achievements in the NFT field in a larger length, and revealed that the platform may launch its own NFT digital art trading platform.