The Potential Popularity of Virtual Assets in China

2021.10.25

As a result of a merger, the NFT offerings have been rebranded as digital collectibles by Alibaba. JD is the electronic commerce giant of Chinese. Com gives away free, nonfungible tokens to attendees of its annual technology conference, JD Discovery. Alibaba sells limited edition artworks on its payment platform, Alipay. A highend brand, a digital artist that is considered eclectic, was the choice of the artistic partner. Alibaba discovered space for the biggest craze in the cryptosphere a month later. Now the Chinese technology giant has an opportunity to permanently reside in its ecosystem.

 

 

Online Marketplace Taobao:

The active to passive. Alibaba and Tencent have made a rebranding move. Twentytwo. The NFTs are minted on the tech giant’s own blockchain, JD Zhizhen. The company says the airdrop is a first step toward testing the waters in the NFT field. Alibaba and Tencent have attempted to convert NFTs. Alibaba’s Online retailer, Tmall, sold out a collection of NFts featuring mooncakes last month. The online marketplace Taobao sold NFTs created by Alibaba in collaboration with Near Protocol at its annual shopping festival. Tencent launched an NFT trading platform in August. Display and bidding functionality will be provided by Guang Jian, and run by Bit Universe.  Users will be able to gain access to the platformThe burgeoning vibrancy of China’s NFT sector shouldn’t be confused with the state of China’s NFT landscape. The yuan and its own digital currency, as well as middle class consumers, can be understood by Cryptocurrency restrictions as protecting crypto’Mining bans are intended to attain goals related to carbon neutrality. The potential popularity of virtual assets is definitely seen by Chinese tech giants Baidu, Tencent and Alibaba. Tokenless blockchains that use the yuan as payment instead of a cryptocurrency have been built by them, potentially bypassing severe regulation.

 

 

The NFT Hype Is a Good Idea:

Do you prefer active to passive?Quite possibly. The state media of the country have expressed concern over the new form of digital collectibles. Last month, a newspaper published an opinion piece criticizing NFTs as hype.  It suggested that actual assets should be tokenized by the digital assetsA Chinese governmentaligned newspaper published a critical opinion piece critiquing the NFT hype just last week. They can monetize work by themselves without violating local laws. Many Chinese tech giants have been developing blockchain-based technologies since China made blockchain a national strategy years ago, and one of the biggest advantages of thisThe network already provides coverage of the cultural space directly to your inbox.