The Chinese authorities considered NFT and meta-universes a possible fraud. NFTs are likely to be a bubble, and most people have no clear idea what meta-universes are, they explained.
They could be a
pyramid-type fraud and money-laundering scheme, the China Central Political and Legal Affairs Commission warned in an official blog post.
Their popularity is growing, and it's causing people to spend
huge sums of money to buy virtual homes by trading
NFTs.
In their opinion, trading platforms are
provoking a hype around this sphere.
The blog also noted that on the site
The Sandbox virtual land was sold for
$4.3 million.
However, the sites themselves deny this, stating that
the number of houses is limited and this causes demand for them.
