Following in the steps of Alibaba and Tencent, JD.com’s technology arm revealed plans to start offering non-fungible token technology. JD Technology will launch seven free limited edition NFTs developed on its own NFT chain, Coindesk reported.
A WeChat post informs that the NFTs will commemorate its annual conference, JD Discovery.
Users can store, circulate, and verify NFT collections on JD Chain
The NFTs are minted and released on JD Chain, JD Technology’s proprietary blockchain. On it, users can store, verify, circulate, and trace NFT collections. The collection features the e-commerce giant’s mascot. Each NFT represents one of the company’s key sectors.
Everyone who signs up for the company’s Discovery conference will get a free NFT. The more people they invite to attend, the more NFTs they can collect. The full NFT set will be released until November 22, but it’s possible to transfer them to others.
Tencent’s NFT trading platform debuted with 300 audio NFTs
Tencent and Alibaba, both rivals of JD, launched their own NFT platforms back in August. Tencent’s platform, Huanhe, debuted with the sale of 300 audio NFTs created based on Shisanyao, a well-known Chinese talk show.
Alipay sold 32K NFTs in one day
Leading Chinese payment app Alipay sold 32,000 NFTs in just one day in June. The Alibaba-owned online shopping platform Taobao also sold NFTs at its annual shopping festival.
Annabelle Huang, partner at Hong Kong-based crypto financial services company Amber Group, told Forkast in an interview that NFTs could be the ‘next big thing’ in China.
A lot of crypto community members in China were miners before May, when mining was still legal. NFTs might just be the next big thing. She added:
Since the ban and the great migration [of crypto miners from China], people are looking to the next thing. NFT itself is not an [initial coin offering], it’s not crypto pump-and-dump, so to speak, so I think the government, the regulator’s attitude, is friendlier.
Alibaba’s digital asset market launched in August as a new section on Alibaba Auction, an online auctioning platform from the Chinese ecommerce giant. The NFTs are issued through a platform operated by the Sichuan Blockchain Association Copyright Committee.
Alibaba’s new NFT service enables writers, game developers, musicians, painters, and other artists to sell the rights to their content via blockchain. This will be possible using unique, encrypted tokens that allow one to prove ownership. However, unauthorized copying remains a risk.
