Chinese companies use “Digital collectibles” as the replacement term for “NFT” after China’s state media has begun to blame the enthusiasm of the international market surrounding NFTs. According to the press release, People. cn-sponsored Lingjing People’s Art Museum will start to provide artwork services such as copyright protection, digital publishing, digitization of artwork, and blockchain certification.
The press release suggests that Digital Collection Gallery will soon start artwork trading. It states that it is open to “explore new types of art transactions and open new channels for artwork marketing.” The gallery’s homepage currently lists the traditional art work of many well-known Chinese artists, but without price tags or buy buttons.
After the warning about NFT transactions, Chinese high-tech giants promised to resist speculation about digital collectibles, and Alibaba’s blockchain subsidiary AntChain said NFT buyers were “malicious hype.” As a prevention measure ,it has started requesting a 180-day hold period before allowing reselling of NFTs.
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