You have no saved articles. Why don't you add some?
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.
Something went wrong. Error code 1.
This feature is only available for paying subscribers. You can continue reading without saving your preference, or you can subscribe now.
Already a subscriber? Log in here.
This feature is for paid subscribers only.
Copy this link
Something went wrong.
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
Former U.S. Ambassador to China
Get Premium Access
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Performance cookies are key in allowing web site screens and content to load quickly on all types of devices.
|_gat||This cookies is installed by Google Universal Analytics to throttle the request rate to limit the colllection of data on high traffic sites.|
|YSC||This cookies is set by Youtube and is used to track the views of embedded videos.|
Preference cookies are used to store user preferences to provide them with content that is customized accordingly. These cookies also allow for the viewing of embedded content, such as videos.
|bcookie||This cookie is set by linkedIn. The purpose of the cookie is to enable LinkedIn functionalities on the page.|
|lang||This cookie is used to store the language preferences of a user to serve up content in that stored language the next time user visit the website.|
|lidc||This cookie is set by LinkedIn and used for routing.|
|PugT||This cookie is set by pubmatic.com. The purpose of the cookie is to check when the cookies were last updated on the browser in order to limit the number of calls to the server-side cookie store.|
Analytics cookies help us understand how our visitors interact with the website. It helps us understand the number of visitors, where the visitors are coming from, and the pages they navigate. The cookies collect this data and report it anonymously.
|__gads||This cookie is set by Google and stored under the name dounleclick.com. This cookie is used to track how many times users see a particular advert which helps in measuring the success of the campaign and calculate the revenue generated by the campaign. These cookies can only be read from the domain that it is set on so it will not track any data while browsing through another sites.|
|_ga||This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site’s analytics report. The cookies store information anonymously and assigns a randomly generated number to identify unique visitors.|
|_gid||This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the wbsite is doing. The data collected including the number visitors, the source where they have come from, and the pages viisted in an anonymous form.|
|_omappvp||The cookie is set to identify new vs returning users. The cookie is used in conjunction with _omappvs cookie to determine whether a user is new or returning.|
|_omappvs||The cookie is used to in conjunction with the _omappvp cookies. If the cookies are set, the user is a returning user. If neither of the cookies are set, the user is a new user.|
|GPS||This cookie is set by Youtube and registers a unique ID for tracking users based on their geographical location|
Advertisement cookies help us provide our visitors with the most relevant ads and marketing campaigns.
|__qca||This cookie is associated with Quantcast and is used for collecting anonymized data to analyze log data from different websites to create reports that enables the website owners and advertisers provide ads for the appropriate audience segments.|
|_fbp||This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.|
|everest_g_v2||The cookie is set under eversttech.net domain. The purpose of the cookie is to map clicks to other events on the client’s website.|
|fr||The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.|
|IDE||Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.|
|mc||This cookie is associated with Quantserve to track anonymously how a user interact with the website.|
|personalization_id||This cookie is set by twitter.com. It is used integrate the sharing features of this social media. It also stores information about how the user uses the website for tracking and targeting.|
|PUBMDCID||This cookie is set by pubmatic.com. The cookie stores an ID that is used to display ads on the users’ browser.|
|TDCPM||The cookie is set by CloudFare service to store a unique ID to identify a returning users device which then is used for targeted advertising.|
|TDID||The cookie is set by CloudFare service to store a unique ID to identify a returning users device which then is used for targeted advertising.|
|test_cookie||This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the users’ browser supports cookies.|
|uid||This cookie is used to measure the number and behavior of the visitors to the website anonymously. The data includes the number of visits, average duration of the visit on the website, pages visited, etc. for the purpose of better understanding user preferences for targeted advertisments.|
|uuid||To optimize ad relevance by collecting visitor data from multiple websites such as what pages have been loaded.|
|uuidc||This cookie is used to stores information about how the user uses the website such as what pages have been loaded and any other advertisement before visiting the website. This data is used to provide users with relevant ads.|
|VISITOR_INFO1_LIVE||This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.|