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Xpeng, a Chinese electric vehicle manufacturer, is selling “digital collectibles” as a marketing move to celebrate the milestone of the 100,000th roll out of a complete vehicle.
Most Chinese companies referred to NFTs as “Digital collectibles” in response to the state media’s denouncement of the market frenzy.
After paying 19.9 yuan (US$3.12) and test driving the car in an offline store, Purchasers will receive the car-model-themed NFT on Alibaba’s NFT marketplace, Jingtan.
In order to promote its new model, Auchan Auto issued NFTs on Tencent’s NFT marketplace in January, in which owners can purchase the vehicle in advance and get the chance to trial the car for a year.
Roewe Auto auctioned its first NFT painting with a customized car for 1 million yuan (US$156,983) in January.
IM, the EV arm of SAIC Motor, the largest A-share-listed auto group in China, released its “drive-to-earn” reward plan, teasing an NFT issuance.
Recently, the cultural and tourism authority in Sichuan, a Southwest China province, has built its NFT token trading platform for encouraging the music industry to adopt the emerging technology.
The Sichuan government revealed on Thursday that many music firms are using blockchain technology in order to safeguard their copyright.
Different Chinese state media are also developing their “digital collectibles” platform. Last week, Shandong’s television state also disclosed its plan to build an NFT platform.
As of now, there are no clear NFT regulations in China; however, authorities have time and again warned about the risks of illegal fundraising and hype.
Last week, The Economic Daily, a mouthpiece of the Chinese Communist Party, called for clear and straightforward regulation regarding “digital collectibles”.
The agency wants NFTs to be regulated as a commodity, security or currency instead of treating the asset class as cultural and creative products.
However, certain state media outlets, along with a central bank official in China, have given warning against money laundering and trading in NFTs.
However, the broadcaster did not mention the freedom NFT traders will be given in the marketplace.
People’s Daily, operated by Party at its own NFT gallery, launched its first digital collectible series in February.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
