The China Internet Finance Association once in 2022 issued a statement saying "Resolutely curb the financialization and securitization trend of NFTs", as the NFT market frenzy has been waning year after year.

BlockBeats News, December 5th, Today, the China Internet Finance Association and seven other associations jointly released a "Risk Warning on Preventing Illegal Activities related to Virtual Currency." According to the warning, virtual currency cannot be used as currency for circulation within China, and China's financial regulatory authorities have not approved any real-world asset tokenization activities. Relevant institutions are not allowed to conduct business related to virtual currency or real-world asset tokenization.

Previously, on April 13, 2022, the China Internet Finance Association jointly issued the "Initiative to Prevent NFT-Related Financial Risks," resolutely curbing the trend of financializing and securitizing NFTs, strictly preventing the risk of illegal financial activities, and voluntarily complying with behavioral norms. The joint appeal to member units includes: not directly or indirectly investing in NFTs, not providing financing support for NFT investments, not weakening the non-fungible characteristics of NFTs through methods such as ownership splitting or batch creation, not conducting token issuance financing (ICO) in a disguised manner, and not including securities, insurance, credit, precious metals, or other financial assets in the underlying goods of NFTs, thereby issuing trade financial products in disguise.

After the NFT market gradually cooled off from its peak in March of that year, it entered a bear market, and the FTX crash event in November of that year further drained funds and market confidence from the bear market. The NFT market's hype has gradually waned over the years, and the development has since progressed to the point where it is gradually being ignored.