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Chinese NFT traders flooded the country's main regulator with 59,700 complaints about scams and price manipulation in 2022, per a report by the State Administration for Market Regulation on Mar 14.

The number of complaints rose nearly 30,000% from 2021's 198 total complaints. Per the report, complaints ranged from buyers not receiving items after purchase and refund-related issues to price manipulation, randomly banning user accounts, and charging high fees.

Interestingly, the Chinese authorities released the report just before World Consumer Rights Day on Mar 15. The government highlights financial or market-related cases during the annual event on Mar 15. Though China has banned crypto trading, NFTs remain in the gray.

The crypto-phobic nation allows NFT transactions, as long as their trade does not involve crypto assets such as Bitcoin. In Dec 2022, a Chinese court ruled that NFTs are a form of digital property. However, the crypto ban has hurt the NFT sector, with several firms closing down or moving their base out of China.

Yet, the sharp rise in NFT complaints suggests Chinese investors remain interested in NFT trading.

Meta Announces Winding Up Of NFTs Wing

Meanwhile, Stephane Kasriel, Meta's fintech head, announced that the firm was taking a step back from its NFTs program.

Meta's fintech head announced the firm's withdrawal from the crypto sector.

The decision to wind down Meta's digital collectibles came amidst increased market turmoil in the crypto and traditional financial sectors. Kasriel stated that the firm would search for other ways to support "creators, people, and businesses."

Creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels

- Kasriel said.

The Meta executive assured users the firm would invest in fintech tools that users would need for the future.

The decision to withdraw NFTs from its platform happened just a year after Meta announced plans to develop an NFT minting and sale feature on Instagram.

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