China’s Ant highlights distinction between NFTs and cryptocurrencies

Ant’s adoption of non-fungible tokens caused confusion on social media where they were linked to virtual currencies such as Bitcoin, which have the same underlying technology. — Bloomberg

SHANGHAI: China’s Ant Group sought to draw a distinction on June 23 between non-fungible tokens (NFTs) available on its platforms and cryptocurrencies currently subject to a crackdown by Beijing, after users expressed confusion.

Ant, the Jack Ma-controlled fintech group, put on sale two NFT-backed app images via its payment platform Alipay and the items quickly sold out on Wednesday.