JD.com is the most recent Chinese company to enter the NFT space.

JD.com, a leading Chinese online retailer, has established a blockchain-backed platform to trade “digital collectibles.”

This follows similar advances by other Chinese technology giants, including as Alibaba Group and Tencent Holdings, who have also developed comparable platforms despite the Chinese government’s harsh position on cryptocurrencies and blockchain technology.

Although the collectibles are not labelled as non-fungible tokens (NFT), the retailer’s five digital assets offered on its Lingxi platform, which is part of the JD.con main app, are quite comparable to NFTs.

JD Technology, JD.com‘s fintech unit, released 10,000 pieces of five distinct digital collectibles at a cost of $2,000 each. All of the digital assets are associated with JOY Dog, the corporate mascot worth 9.9 yuan ($1.55). All of the items were sold on Monday morning, according to the website.

These developments demonstrate the extent of interest in metaverse and Web 3.0 among Chinese firms and inhabitants, despite the government’s crypto crackdown.

“NFT” and “web3/web3.0” have become prominent search terms in Asia, with Singapore, South Korea, Hong Kong, and China leading the pack. This interest is further supported by data from Baidu, China’s leading search engine.

However, the People’s Daily newspaper, the official journal of China’s ruling Communist Party, has spoken against the growing interest in NFTs. It was challenged whether it would be another “zero-sum game fueled by cryptocurrency investors and capital.”

While Chinese officials have outlawed the use of cryptocurrencies, there are currently no regulations prohibiting the use of NFT, which means that enterprises in the nation may still link their business strategies to the idea. However, the rising popularity of metaverse-themed collectibles may need certain limitations.

Patrick

Coincu News