E-commerce giant, JD.com, and the state-sponsored, Xinhua news, are the latest Chinese organizations to join the growing NFT trend. Both launching blockchain-based collections, despite countrywide regulations leaning heavily on crypto-based investments.
JD.com recently introduced its own NFT marketplace, LingXi, as an additional component of its main application. Then quickly followed this up with an inaugural NFT collection, 10k digital renditions of JD mascot, “Joy Dog”. Hitting the market early on December 20, the collection sold out almost immediately. Thus, highlighting a huge demand for blockchain-based assets within the Chinese market.
In addition, and contrary to a widespread crackdown on trading in cryptocurrencies, Chinese state media is also getting in on the action. With the Xinhua news agency preparing to drop its own set of assets. The “Digital news collectibles” will launch for free at 8pm CST on Christmas Eve. And will feature a series of photographs published over the last 12 months on the publication. Seemingly shunning the caution of its counterparts and referring to the assets directly as NFTs.
All this is under the backdrop of ever-increasing crypto restrictions. Where trading and mining blockchain currencies is publicly banned. Faced with the potential of earning lots of money with little effort, however, crypto trading is still widespread throughout the country.
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