Chinese Firms Keep Joining the NFT Insurgence

E-commerce titan, JD.com,and the state-sponsored, Xinhua news, are the newest Chinese organizations to join the rising NFT trend. Both debuting blockchain-based collections, despite nationwide regulations leaning heavily on crypto-based investments.

JD.com lately introduced its own NFT marketplace, LingXi, as an additional part of its central application. Then swiftly followed this up with a foundational NFT collection, 10k digital renditions of JD mascot, “Joy Dog”. Hitting the market promptly 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 conflicting to a widespread crackdown on exchanging cryptocurrencies,Chinese state media is also getting in on the action. With the Xinhua news agency arranging 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 chain of photographs published over the last 12 months on the publication. Seemingly snubbing the caution of its counterparts and referring to the assets unswervingly as NFTs.

All this is under the backdrop of ever-growing 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 prevalent throughout the country.

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