Hong Kong billboards, blaring out NFT collections, are flooding Asia’s financial hub.
Billboards pushing Non-Fungible Tokens (NFTs) are flooding downtown Hong Kong, reports The South China Morning Post. Featured collections include Delirious Mind Travelers and Degenerate Ape Academy.
Hong Kong Billboards: an NFT space
The Delirious Mind Travelers collection lit up a 100-meter banner in the Hong Kong metro area at Central and Hong Kong stations. These are the two busiest hubs in the area.
The Hong Kong hub has attracted the attention of other NFT projects: Bunny Warriors, LuckyKittens, GoingApe and Cyber Ape Age.
The financial costs of the massive marketing push are unknown. However, Eric Suen, co-founder of Delirious Mind Travelers said the team is willing to pay the price for this risk.
“NFTs are growing fast, we need to have some impact. We want people to remember us as one of the major NFT projects of our time.”
NFTs are Taking Over
In August 2021, consulting firm PriceWaterhouseCoopers (PwC) predicted that the crypto industry would rise in Hong Kong.
Hong Kong is friendly to cryptocurrency and NFT businesses. It is seen as a hub for emerging artists and crypto enthusiasts. However, mainland China has recently cracked down on miners and other digital asset businesses, which the situation a little sticky.
According to Anri Arslanyan, head of fintech at PwC, major crypto businesses will start to leave Hong Kong if regulatory uncertainty persists in the region.
Hong Kong outlined a regulatory framework for the crypto industry in 2018. However, the region was in no hurry to license crypto companies because it did not want to conflict with tough policies in the UK, US and other Asian regions.
To date, only OSL has received approval from the local financial regulator for the provision of crypto-oriented services. However, even this license does not open the door to retail investors. To trade on OSL, investors must have at least HK$8m (~$1m) in assets. As of early 2021, no crypto companies have received permission from the Hong Kong regulator.
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