Breaking: TikTok’s parent company in China to reportedly enter the NFT market

The Chinese internet giant and TikTok parent company, Bytedance may allegedly join the NFT marketplace. Bytedance founder, Zhang Yiming recently joined a WeChat NFT group, giving away the company’s upcoming plans. Reportedly, Bytedance will acquire the Virtual Reality (VR) firm, Pico as a confirmation of entering the Non-Fungible Token (NFT) sphere.

China's Internet giant @BytedanceTalk , developer of #TikTok , is said to enter into #NFT world, with its founder Zhang Yiming joining wechat NFT groups. pic.twitter.com/hZoLh9qav2

— 8BTCnews (@btcinchina) August 26, 2021

Internet and VR manufacturing giants in China to sign crypto partnership

Bytedance has purportedly entered VR with a hefty amount of 5 billion Yuan, VR Gyro News reported on August 26. However, the company has not made any official statements about its move into the metaverse, but its actions have spoken louder.

Pico is China’s VR hardware manufacturing giant. It has secured the first position in the Chinese VR market in 2020 according to the IDC report. Furthermore, Pico has successfully closed Series B Financial round at RMB 242 million, during March this year. In 2021 itself, the Chinese VR manufacturer launched the latest generation of VR all-in-one Pico Neo 3, priced at 2499 Yaun. The launch saw surprising success with over 10 million in sales in the span of 24 hours.

China may witness an uprising to support crypto

Bytedance’s acquisition of Pico can allegedly change the weather of the crypto crackdown in China. The high-ranking market position of these two brands may heat, the underlying uprising in the Chinese market against the government’s crypto crackdown.

China is seeing a steady insurgency being created while the government actively works towards the expansion CBDCs and extinction of the decentralized system in China. Chinese SaaS solutions and Blockchain applications provider, Powerbridge Technologies Co., Ltd. recently signed a crypto mining rigs partnership with Cryptodigital Holdings Ltd. Powerbridge has revealed the purchase of 5,600 Bitcoin (BTC) and Ethereum (ETH) Mining Rigs by October 2021.

The company also shared that upon the completion of the initial operations of mining rigs, with increased crypto production potential hikes, they plan on purchasing more mining rigs in the foreseeable future. Powerbridge’s gravitation towards the crypto market was followed by China’s district court support of BTC. The court announced the status of Bitcoin as digital property in a recently published piece.