Non-fungible tokens (NFTs), or digital collectibles, issued by China Central Television (CCTV), the nation’s largest state-owned broadcast media, are appearing in China’s largest online second-hand market for at least 10 times the original price in a pre-sale bid, even before trade embargoes on the assets have lifted.
See related articles: China’s mouthpiece newspaper is giving out NFTs amid unclear regulation
Local tech giants have pledged to eliminate NFT-fueled speculation by imposing 180-day transfer lock periods, meaning the transfer of the assets from the ongoing bidding war in Alibaba-owned second-hand trade platform Xianyu can last until August.
CCTV released 34,000 collectibles of 13 different Chinese zodiac-themed models at China’s Lantern Festival last week on both Tencent and Alibaba’s NFT market, with an original price of 29.9 yuan (US$4.72) each, as part of the Chinese New Year celebration.
Now at least 50 of these NFTs are appearing on Xianyu, China’s largest second-hand marketplace, as of press time.
One of the sellers told Forkast they predict a floor price of 300 yuan (US$48.42), while another admitted to bidding on their own collectibles to inflate prices.
Digital collectibles is a phrase now commonly used by Chinese companies to avoid the “NFT” phrasing since Chinese state media began denouncing the market frenzy over NFTs.
See related articles: China state-backed paper’s NFTs surge in price on second-hand market
Ark purchased 694,584 shares or Roku, worth $78.1 million as of Friday's close; 82,488 shares of Zoom, worth $10.5 million; 40,384 shares of Sea, worth $5.2 million; and 65,057 shares of Roblox worth $3.2 million. Roku is the No. 3 holding in Wood's flagship Ark Innovation ETF , and Zoom is No. 4.
Sharp Corp. shares fell as much as 11% on Monday morning following its announcement of a plan to fully acquire a loss-making display affiliate.
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AutoNation will not be discounting new vehicles as the nation's largest car-dealer chain contends with production challenges brought on by the Covid-19 pandemic, the company's top executive said. "We will not return to the excessively high inventory levels that depressed new vehicle margins for both the dealers and the (Original Equipment Managers) OEMs," he said, according to a transcript of the call.
Gold is often thought of as a hedge against inflation, but it’s really protection against chaos—and the deepening Russia-Ukraine crisis certainly counts as chaos.
There is an old market saying that everyone is a genius in a bull market. When the market is in a strong uptrend, then throwing money at random stocks can be a very effective strategy. It doesn't take much skill or wisdom when everything is running higher.
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Oz Minerals Ltd. Chief Executive Officer Andrew Cole discusses the company's financial results, outlook and strategy. OZ Minerals reported a full-year net income of A$530.7 million, compared to the average analyst estimate of A$553.7 million. Cole speaks with David Ingles and Yvonne Man on "Bloomberg Markets: China Open."
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While economic data and central banks will influence in the week, news updates on Russia will remain the key driver in the week ahead.
U.S. financial markets will be closed Monday for Presidents Day. Here are other days the stock market will be closed in 2022
Bank's economists warn of "a feedback loop taking hold between strong growth, cost pressures, and private sector behavior."
We’re likely to be in a news driven market on Monday because of the intensifying situation in Ukraine so traders should look for heightened volatility.
Federal authorities have been investigating the famous family behind Fatburger on allegations of fraud and money laundering.
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Fears of a Russian invasion of Ukraine are keeping investors on edge. President Joe Biden on Friday said he believed Russian leader Vladimir Putin had made up his mind to invade in coming days but that until he does there was still scope for diplomacy. Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State Antony Blinken are set to meet in the week ahead if an invasion doesn’t occur beforehand.
Learn more about how the IRS treats different filing statuses and what it could mean for your tax situation.
Fannie Mae and Freddie Mac are asking mortgage lenders more questions about safety and structural soundness of condos and co-op buildings, slowing down loan approvals.