China’s Guangzhou EV Giant XPENG Will Sell NFTs on Alibaba NFT Platform

China’s Guangzhou EV Maker XPENG Will Sell NFTs on Alibaba

According to Forkast, Chinese electric vehicle giant Xpeng is selling “digital collectibles” – a term used by local corporations to avoid NFT’s denouncement – as part of a promotion celebrating the company’s 100,000th vehicle.

Users on Alibaba’s NFT marketplace, Jingtan, will be able to purchase the car-themed NFT after taking a test drive in an Xpeng vehicle and paying a cost of 19.9 yuan ($3.13).

Xpeng is the latest automaker to issue NFTs as a result of the move. It comes after Auchan Auto used an NFT drop on Tencent’s platform to advertise its new model, while Roewe Auto auctioned off its first NFT painting with a customized car earlier this year.

Last October, SAIC Motor, China’s largest A-share-listed auto firm, announced its “drive-to-earn” reward plan, hinting at an NFT issue.

NFTs are officially unregulated in China, although officials have frequently warned of the dangers of hype and unlawful fundraising.

China’s Sichuan Province Will Launch an NFT marketplace

The cultural and tourism authority in Southwest China’s Sichuan province built an NFT trading platform to “encourage the music industry to actively adopt modern technology.”

The department that released the statement told Forkast that the NFT platform project was outsourced to a local blockchain company. Meanwhile, some Chinese state media are also building their own platforms. 

Shandong province’s state-run television station last week said it plans to build a “digital collectibles” trading platform. The Economic Daily, a mouthpiece of the Chinese Communist Party, called for stricter regulation of “digital collectibles” last week.

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