The latest in the ever-growing list of companies using NFTs is Chinese ecommerce giant Pinduoduo. The company plans to use blockchain technology to improve its merchandise offering and reduce fraud by tracking all transactions.
The “china nft ban” is the latest development in the cryptocurrency world. China’s central bank has banned initial coin offerings, and two more Chinese firms have joined the revolution.
JD.com, a Chinese e-commerce powerhouse, and Xinhua News, a state-owned news company, are the latest Chinese firms to join the expanding NFT trend. Despite national legislation favoring crypto-based investing, both are introducing blockchain-based collections.
JD.com just launched LingXi, its own NFT marketplace, as an add-on to its core application. Then came a first NFT collection, consisting of 10,000 digital reproductions of the JD mascot, “Joy Dog.” The compilation was released early on December 20 and sold out nearly quickly. As a result, the Chinese market has a significant demand for blockchain-based assets.
Furthermore, despite a sweeping crackdown on cryptocurrency trading, China’s official media is now getting in on the act. With the Chinese news agency Xinhua prepared to decommission its own assets. On Christmas Eve, at 8 p.m. CST, the “Digital news collectibles” will be available for free. And will include a series of images that have been published in the past year on the magazine. Apparently disregarding its competitors’ prudence and referring to the assets explicitly as NFTs.
All of this is taking place against the background of ever-increasing cryptocurrency regulations. Trading and mining of blockchain currencies are prohibited in public places. Crypto trading is nevertheless popular throughout the nation, owing to the possibility of making a lot of money with little work.
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The “nft exhibition” is a blockchain-based technology that allows for the creation of new types of assets. It has been used by two Chinese firms to create digital assets.
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