NFTs, Metaverse Get Digital Cold Shoulder in Beijing

Beijing’s city market regulator has warned the public to steer clear of firms promising big returns with little risk from investments in non-fungible tokens (NFTs) and the metaverse, extending a years-long campaign to stamp out fraud in China’s young wealth management industry.

Firms making such promises are typically fraudulent or engaged in illegal activities, and investors who believe them can end up losing their money, the Beijing Municipal Administration for Market Regulation said in an announcement on its verified WeChat account on Tuesday.