2022-05-03 14:25


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


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.

Gabriel & Co. fine jewelry

  • Transmission Nearly Cut As NTransmission Nearly Cut As New Cases Continue to Drop, Home Quarantine Guide Update Shanghai reported 274+5,395 local infections and 20 deaths yesterday. Among the 274 local confirmed cases, 117 were found in closed-loop management, 2 were
  • Residents Must Stay Alert foResidents Must Stay Alert for Deliverymen and Check Digital Passes Residents are asked to stay alert for deliverymen who don't have a digital pass and report them to the police. Deliverymen are supposed to show their digital passes to cust
  • Join BISS Puxi Webinars &BISS Puxi is proud to present a series of webinars for Shanghai parents interested in education and wellness. These webinars give parents practical tips on helping your child be the best that they can be a t school, online and at home . BI
  • Shanghai Reports 5,514 COVIDByNed Kelly Shanghai Health Commission reported a total of 274 locally transmitted COVID-19 cases this morning, Tuesday, May 3. Of those, 155 were converted from asymptomatic cases, so are not counted as new, leaving a total of 119 new loc
  • That's Magazine C MaApril was a difficult month; Shanghai continued to see record-high COVID cases, Guangzhou went into partial lockdown and Beijing might be heading down the same road, all of which impacted global stock prices (see p22-23). Said lockdowns al

Subscribe by Email

Follow Updates Articles from This Blog via Email

No Comments