In China, NFT complaints are up 30,000%

Refunded! – The emergence of a new ecosystem inevitably leads to seeing all new problems appear with it. And of course the complaints that come with it. As the NFT market exploded in recent years, buyers cheated or dissatisfied too. Decryption.

NFTs take off, complaints soar

The NFT market has experienced a real explosion between 2020 and 2022. A technological boom, a multiplication of use cases, a daunting increase in transaction volumes… And scams too, of course. The market went from $142 million sales in 2020 to 55.6 billion in 2022, an impressive jump of 39,000%.

In fact, the number of complaints has also known a staggering flight. From 198 to 59,700, i.e. a 30,000% explosion, if the analysis can be turned in this way. This does not mean that a sudden rise in scams has gripped the NFT sector. But quite simply that we have gone from an embryonic ecosystem to a universe now popular with the general public… But also by crooks of all stripes, digital of course.

The complaints concern for most problems of NFT not received, requests for refund of funds, price manipulation… or even too high fees. And it is true that the ethereum network sometimes charges dearly, even very dearly, for its services when it is congested. You have to choose your time carefully to use it. Little tip from the Journal du Coin: Saturday morning is historically a rather opportune time. Bear markets also naturally lead to a drop in activity, as the general public loses interest in cryptos. An activity which, with the recent rise in prices, seems to be gradually returning.

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China, land of NFT?

In the crypto-unfriendly land of China, NFTs stand on the alert, still in the gray zone. Not regulated. But maybe not for long. These complaints, on the sidelines of the day dedicated to consumer rights in China, this March 15, could well accelerate the regulation of the sector in the country.

Last December, the Chinese government announced the commissioning of its own NFT platformthere “China Digital Asset Trading Platform”. A platform that should certainly protect users, but which could very well also record and control all their activity. See one day, you never know, ban it.

China, after the crypto ban of May 2021, showed its firm intention to erase from its territory all traces of this annoying invention which threatens the hegemony of its precious digital yuan. Nevertheless, it kept under its fold the digital art works called NFT. The future will tell if they will one day suffer the same fate or not.

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