2022-05-03 14:25

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NFTs Are Growing in China, But Can't Be Resold for Profit!?

Source:SCMP


When Simon Gao, an engineer in Chinas eastern city of Hangzhou, decided to join a lucky draw to buy a digital collectible profile photo on Bilibili last Friday, he did not expect the process to be so difficult.


The video streaming platform set a high bar for potential buyers, requiring bidders to have logged into the site every single day last year. Gao qualified, but he was still unable to get a profile picture featuring cartoon pigeons, which is stored on the companys blockchain network.



Bilibili is the latest to jump on the bandwagon. It joins other tech giants C including Tencent Holdings and Alibaba Group Holding, the owner of the South China Morning Post C in launching its own NFT trading platform after the market heated up in China late last year. JD.com, Baidu and Xiaomi also sell digital collectibles.




However, the sensitivity over crypto products in China has led platforms to limit how digital collectibles can be traded. Unlike NFTs sold on public blockchains around the world, those minted by Chinese tech firms cannot be resold for profit, a condition designed to assure Chinese regulators that the digital products will not become a tool for speculation and capital flight like bitcoin and other cryptocurrencies.

That has not dampened Chinese consumers enthusiasm. Many new digital collectibles minted in China have been sold within seconds after launch.

You have to be fast enough to get a digital collectible, said Felix Huang, a graphic designer in the southern tech hub of Shenzhen who has bought 10 digital collectibles. If you fail to nail the NFT product 10 seconds after its released, youve almost lost it.



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