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China Crypto Roundup (Aug. 30-Sep. 5) :Hong Kong Warned Unauthorised Token, Alipay Used NFT to Caring Donation

1. The9 Limited announced launched of its own NFT platform

China’s well-known Internet company The9 Limited announced launched of its own NFT platform NFTSTAR. Former Dapper Labs Vice President of Operations Gagan Palrecha will Join as COO. The platform is expected to be officially launched in the fourth quarter of this year. The9 is famous for its business transition from game to crypto mining.

2. The Hong Kong Securities and Futures Commission (SFC): It may be an offence to offer an unauthorised token or ICO to the Hong Kong public

The Hong Kong SFC issued a warning to the public today on “collective investment scheme”(CIS). If the CIS is not approved by the SFC, it cannot be sold to the public in Hong Kong. It is may be an offence to sell non-approved CIS to the public in Hong Kong, or to market or distribute interests in CIS without the SFC’s licence or registration. The SFC pointed out that the CIS include digital tokens and initial coin offerings.

3. Feng Bo, founder of Dragonfly Capital, bought Loot Bag #3043 for nearly 200 ETH

Feng Bo bought Loot Bag #3043 for 199.999 ETH (approximately US$751,000). According to data from Opensea, this address also holds the remaining 4 Loot series NFTs, including #6787 (purchased with 29 ETH), #1303 (purchased with 9.5 ETH), #7054 (purchased with 29.88 ETH), #1288 (purchased at 25 ETH).

Previously, he bought CryptoPunk #7252 for 1,600 ETH (approximately $5.33 million).

4. The Monetary Authority of Singapore (MAS) adds Binance to the investor warning list

MAS added Binance to the Investor Alert List. It is reported that the Investor Alert List provides a list of unregulated entities. Based on information obtained by MAS, these entities may be mistakenly believed to have been licensed or supervised by MAS.

5. Jiang Zhuoer: PFP NFT will collapse within 20 days

The founder of BTC.TOP Pool, Jiang Zhuoer, predicted that PFP NFT will collapse within 20 days. The iconic event is the appearance of Loot (text NFT).

Jiang Zhuoer believes that the demand for PFP NFTs will dry up much faster than ordinary funds due to lack of retail investors. The demand for NFT admission funds is limited, and the supply (PFP) is unlimited. Any painter can easily draw a large number of avatars (even generated automatically). A JPG is worth 100ETH~1000ETH is very absurd. The emergence of Loot (text NFT) directly pulled the supply to infinity, which was a landmark event of the collapse of PFP NFT.

Jiang Zhuoer also said that at this time a year ago, I predicted that DeFi’s liquidity mining would collapse within 20 days, and as a result, it collapsed within 24 hours.

6. Alipay launches “Caring Donation Platform”, donors can get NFT digital paintings

Alipay launched the “Imagination Gallery” charity event page. Users can spend 9.9 yuan to participate in charity donations. The donations will be used for three charity projects, mainly to provide aesthetic education courses for children with autism and other mental disorders and left-behind children. Donors can get NFT digital works, these works are the paintings created by the helped children or the designers who supported the project. A total of 200,000 copies.

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