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An NFT can be almost anything, cost any price, and be subject to few if any regulations, and everyone from Alibaba to Moutai is joining the wave.
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Non-fungible tokens (NFTs), or “digital collections” as they are known in China, are all the rage. NFTs are encrypted via blockchain technology to make unique items and artworks, such as digital paintings, pictures, music, accessories, and 3D models in a range of fields such as culture, sport, art, entertainment, and fashion.
The NFT hype took off in China in July 2021 when Alibaba‘s 阿里巴巴集团 Alipay ecommerce app and the Dunhuang Academy jointly released two artworks in limited quantities.
In 2022, NFTs have exploded in China: The number of domestic digital collection platforms has grown from less than 100 in February to over 300 in May, and the number of related companies may have soared to more than 10,000.
NFTs have opened up a new world of possibilities for China’s cultural and creative industries:
In China, the NFT explosion is occurring in a regulatory vacuum. Many customers have complained about not receiving their NFTs as promised (or digital collection platforms simply disappearing with their money), a total lack of after sales services and no possibility of returns and refunds, and leaking of customers’ personal information.
In April, the National Internet Finance Association of China, the China Banking Association, and the China Securities Association issued a joint statement warning of the dangerous and unregulated nature of the NFT market.
NFTs could in theory be subject to a wide range of regulations, such as website ICP licensing, Blockchain Information Service (BIS) filing, auction licensing, and online publishing licensing. But the absence of a legal framework means that there are no guidelines as to what constitutes an NFT, what acceptable price ranges are, what the copyright implications are, and how customers’ rights can be protected. NFTs bought for a small amount can be resold for thousands of yuan, so digital collection platforms are beset with hype and get-rich-quick enthusiasts.
The NFT party is just getting started in China, and at present, the lack of regulation is allowing a free-for-all atmosphere. But this is unlikely to last long.
spent eight years in China studying Chinese in Tianjin and working as a consultant and project manager in Beijing. He holds a Master of Arts in economic history from the London School of Economics (2005). Read more
Max Baucus
Former U.S. Ambassador to China
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