Another cosmic outlet? Difficulties in realizing digital collections and compliance

If you missed the hype (ge) room (jiu) hot (cai) in the Metaverse, do you have any idea of ​​starting a digital collection?

In 2021, affected by factors such as the epidemic, the development of many industries will face greater uncertainty. The Internet industry obviously regards the Metaverse as the key to breaking the game, and actively deploys in the fields of digital collections, virtual humans, VR/AR and other fields.

For domestic audiences, in fact, exposure to digital collections starts with “skin”.

Although the “skins” of games such as “Honor of Kings” earlier were not called “digital collections”, they were actually quite similar.

In June 2021, Alipay launched the digital collection of Dunhuang Feitian payment code for the first time, which has become a real starting point for the domestic digital collection industry .

At present, domestic digital collections are significantly different from international NFTs, that is, free trade is not allowed, and they are all developed by enterprises and institutions on their own chains, and there are great restrictions on openness.

But now that digital collections have taken steps into the future, it won’t stop easily.

Big factories and institutions compete to enter the game

Facing the trend of digital collections, major domestic Internet companies have entered the market one after another, becoming the main driving force for the development of the industry.

Of course, the important reason is that many of them have already made in-depth explorations in the blockchain area and have formed a certain technical accumulation.

For example, Tencent launched the digital collection platform “Magic Core”, and its underlying technology is provided by the alliance chain “Zhixin Chain” that the company participates in. After real-name authentication, users can obtain an address based on the alliance chain.

The underlying technology of the digital collection platforms of Alibaba, NetEase and other companies is also similar, and they all use the alliance chain, which is significantly different from NFT.

When the time comes to 2022, the domestic digital collection industry will become more popular.

  • On the first day of the new year, Xiaomi released the 3D model of the digital collection “Xin Era”;
  • On January 5th, the online IP digital collection “Da Feng Da Geng Men: The Heavens and Myriad Realms” opened for reservation;
  • On the same day, Bilibili released its first digital art avatar “Pigeon” and officially opened registration;
  • On January 6, Anta released a digital collection with the theme of the Beijing Winter Olympics;
  • On January 8, Taikang Online announced the release of the insurance industry’s first digital collection;
  • On the same day, Qidian Reading released the first online digital collection in China.

It is not only enterprises that are competing to deploy digital collections, many news organizations are also “getting on board” one after another.

It is worth mentioning that while Internet technology manufacturers are vying to enter the field of digital collections, traditional industries are also actively deploying the field of digital collections.

On December 24, 2021, Xinhua News Agency released China’s first “news digital collection”. According to reports, this series of collectibles will select 2021 photojournalism reports and cast them, with 11 pre-releases, each limited to 10,000 copies, and all collections will be online for free.

Subsequently, Caijing magazine released its first digital collection of news on the Hongdong Digital Collection platform on December 31. This series of collections is selected from the cover report of Caijing magazine in 2021. The first batch of 4 sets of collections in spring, summer, autumn and winter will be released, with a limited number of 2021 copies, which is also a free field.

On January 10, China Business Daily launched a digital news collection with the theme of “Hand in Hand with Your Favorite Xi’an”. The theme is cast with the 2021 photojournalism of “China Business Daily”, including eight most memorable sub-themes in Xi’an, including “National Games Xi’an”, “Strong Xi’an”, “Cohesion Xi’an”, “Love in Xi’an”, and “Endeavor Xi’an”. The works are limited to 10,000 copies and are also given away for free.

Whether it is digital collections charged by enterprises or free digital collections by institutions, they are basically sold out as soon as they are online, which shows their popularity in China.

However, due to the strict restrictions on transactions, compared with traditional collections , digital collections naturally have problems such as doubts about the appreciation space and weak liquidity, and there is no solution in the short term.

Strictly prevent hype and compliance


From the perspective of NFT, it has a natural symbiotic relationship with virtual currency, and it also involves legal risks in China.

Industry insiders said that if NFT is not regulated, it may become a tool for illegal and criminal activities such as money laundering and tax evasion, which is a major drawback that cannot be ignored.

Therefore, NFT will start the “localization” reform in China and become a “digital collection”.

Previously, major players such as Alibaba, Tencent, and jointly released the first digital cultural and creative self-discipline convention in China, which specifically mentioned the compliance of digital collections.

The convention proposes to resolutely resist any form of virtual currency that uses digital cultural and creative works as a gimmick, substantively issuing and hyping virtual currency; the issuance and trading of digital cultural and creative works shall not be settled in virtual currency. 

Station B also stated that its digital collections do not have any monetary attributes such as payment functions. Any form of digital art avatar hype is discouraged.

Qidian Reading also clearly states in the user agreement that the use of digital collections for speculation, over-the-counter transactions, fraud, money laundering, fundraising, public offering of securities or any other illegal use is strictly prohibited.

Obviously, the basic consensus on digital collections in China is to “strictly prevent speculation”, and completely put aside the relationship with virtual currency.

In terms of underlying technology, the domestic digital collection platform using the alliance chain is controllable in terms of transactions and data processing, and can effectively achieve the purpose of preventing speculation.

However, even if the major digital collection platforms try their best to restrain the problem of speculation, they cannot 100% eliminate the possibility of speculation.

Although major platforms basically limit the “transfer” of digital collections in the short term, there is a time limit after all.

After the time limit has passed, collectors can still trade privately in the name of “transfer”, and the supervision of this process is very difficult.

Experts said that the domestic digital collection platform is still in the growth stage of rapid expansion, and it is necessary to maintain a high degree of vigilance and strict supervision, so that it can develop healthily on the basis of legal compliance, and then further consider the issue of realization.

Implement regulation and face the future

At present, the development of my country’s digital collection industry has just started, and the market size is not large. It is a good time to establish a standard specification and supervision system.

At this level, relying on the enterprise itself is far from enough, and the active intervention and coordination of the regulatory authorities is also required.

Domestic regulatory authorities should, in combination with relevant policies to deal with virtual currency speculation, promulgate relevant laws and regulations on digital collections, take the initiative to guide and regulate the healthy development of the digital collection industry, and strengthen the crackdown on speculation and speculation, so as to help industries, enterprises, and individuals avoid possible financial or Legal Risk.

Before the national supervision system is perfected, relevant collectors should uphold a rational attitude, correctly view the attributes and value of digital collections, maintain a cautious attitude, never make impulsive investments, and should be wary of being deceived by some fraudulent projects. recovered losses.

In general, the domestic digital collection platform has had a relatively stable start, and the future development prospects are also quite expected.

In 2022, digital collections may be expected to become another Metaverse explosion point in China after “virtual real estate”.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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