Bilibili, the largest online video platform in China and Japan, has issued NFTs on top of their token to enable users to trade them for other digital assets. The company is closely watching cryptocurrency prices with an eye towards implementing a decentralized exchange later this year.

Bilibili, a Chinese video platform, has announced that they will be issuing non-fungible tokens (NFTs) as “digital collectibles”. The NFTs are used to represent digital goods and can be traded on the Bilibili platform.

Chinese Video Platform Bilibili Issues NFTs as 'Digital Collectibles'

Bilibili, a Chinese video-sharing site, has announced the unveiling of its first-ever collection of NFTs. To circumvent the regulatory attention that NFTs face in the nation, the assets in the collection are specifically labeled as “digital collectibles,” with no mention of cryptocurrency.

The collection includes 2,233 digital artifacts, each with a unique picture of a cartoon pigeon and a unique code that is kept on UPowerchain, the company’s own blockchain network. People interested in receiving one must register for the draw, which was just introduced on the company’s website. However, it is only accessible to those aged 14 and above, with a level of involvement of 6 or higher, and who visited the website every day in 2021.

The Bilibili prize winners will be allowed to manufacture and sell actual things based on their unique pigeon picture, as well as create non-commercial digital artwork. The business also said that it will soon implement a function that would enable holders to freely transfer their assets to others.

Although it has not been confirmed, it is thought that the collection’s focus on a pigeon stems from the term “release the pigeon,” which is not only a Chinese idiom for failing to keep a date or standing someone up, but also frequently appears in user comments on Bilibili when a creator is late in posting new videos.

Other Chinese computer corporations such as Alibaba and Tencent have also produced their own NFT collections under the label ‘digital collectibles,’ and Bilibili is not the first company in China to do so.

 

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Alibaba has announced that they will be issuing their own cryptocurrency, called “Alibabacoin”. The company is also launching a digital collectibles platform, called Bilibili. Reference: alibaba crypto.

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