Monday, October 3, 2022
HomeLaw & PoliticsCCTV NFTs infiltrate the resale market without regulators' approval

CCTV NFTs infiltrate the resale market without regulators’ approval

In a pre-sale auction on China’s largest online second-hand market, non-fungible tokens (NFTs) issued by China Central Television (CCTV) are selling for at least ten times the initial price. To avoid using the phrase “NFT,” Chinese businesses have increasingly utilised the term “digital collectibles”. The shocking part is that the trade embargoes on the digital assets are still not lifted.

 

Local tech firms have committed to limiting NFT-fueled speculation by enforcing 180-day transfer lock periods, which means the assets from the ongoing bidding battle on Alibaba-owned second-hand trade portal Xianyu may be transferred until August.

At the Chinese New Year celebration, CCTV launched 34,000 collectibles of 13 distinct Chinese zodiac-themed models at China’s Lantern Festival on both Tencent and Alibaba’s NFT markets, with an original price of 29.9 yuan (USD4.72) per piece.

At least 50 of these NFTs were listed on Xianyu, China’s largest second-hand marketplace.

 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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