Dachang NFT changed its name to “Digital Collection” Double Eleven has spawned alternative heat?

“The popularity of digital collections moves forward with controversy.”

Double Eleven is just around the corner, and the “digital collections” of big factories are also showing off.

Since the first half of 2021, NFT’s enthusiasm has spread from overseas communities all the way to various fields, and its application in the field of digital art is particularly prominent.

NFT (Non Fungible Token) is usually translated as “non-fungible token”. NFT based on blockchain technology is unique, inseparable, and cannot be forged, and is called the proof of the authenticity and ownership of digital assets. But objectively, due to the differences in relevant laws and regulations in different regions, NFTs have shown different development paths in the layout of large domestic factories, thus showing different attributes.

Recently, the names of such products have been modified successively on major NFT-related product platforms such as Alipay’s small program Antchain and Tencent ’s “Magic Core”. At present, it is mostly referred to as “digital collection” or “digital asset equity certificate”, etc. Use words to show.

Against this background, Internet giants openly expressed their opposition to all forms of digital collection hype. But on the other hand, what can be observed is that some merchants live broadcast their “digital collections” during the Double Eleven shopping boom.

Dachang NFT changed its name to "Digital Collection" Double Eleven has spawned alternative heat?

Dachang NFT changed its name to “Digital Collection”

In the first half of 2021, major domestic manufacturers have tested the NFT, and Alibaba, Tencent, Byte, and JD have all shown great interest in this concept.

As early as June, the Alipay applet “AntChain Fandian” launched the “NFT Payment Code Skin” earlier. This limited-release NFT with the theme of Dunhuang Feitian quickly attracted widespread attention in the domestic market. This NFT payment code skin is only used for Alipay payment code swapping, and it is not allowed to be used for other commercial purposes. At the time of sale, AntChain also emphasized the difference between NFT and “virtual currency”.

At that time, in the technique employed, the chain represented ants, to solve the NFT is a digital rights art indeed effective and reliable technology, and inextricably unique properties, not characteristic equivalent exchange thereof, and bit credits There are essential differences between virtual currencies.

Subsequently, Internet companies have joined in one after another. AntChain has successively sold more than a dozen payment code skins and digital collections of digital collection products, all of which have been welcomed by the market; Tencent’s PCG business group launched the digital collection trading platform “Phantom” App. The platform launched the “Thirteen Invitations”. Digital art collections such as “Wanhuajing Digital Ethnic Illustrated Book” and other digital art collections also appear to be sold out when they are online.

These products are closely related to the popularity of the NFT concept in the overseas blockchain field during the same period.

In the native overseas blockchain market, compared to Fungible Tokens (Fungible Tokens, such as BTC , ETH, etc.), NFT tokens are unique, unique, and indivisible, and represent digital asset purchases. Proof of ownership, unique information can be stored and recorded on the blockchain, and the ownership of assets can be transferred safely, limited and verifiable.

Theoretically speaking, NFT buyers have ownership, disposal rights and income rights to their NFTs. With the relatively complete infrastructure of the overseas NFT market, in most mainstream overseas NFT trading platforms, NFT holders can mention NFTs to their personal wallets, perform transfers, conduct secondary transactions, etc. The current liquidity is improving. This approach also reflects the concept of “ownership economy” advocated by the offshore blockchain industry.

However, in the mainstream digital collection platforms and products of major domestic manufacturers, many products have been publicized. The holder does not have the ownership of the digital collection itself, and does not support transfers and transactions between players. The holder enjoys certain rights and interests, similar to Ownership of the “copy” of the digital artwork corresponding to the digital collection. In addition, the rights enjoyed by holders are often incomplete, and the trading and circulation of digital collections are not strong, but there are still some circulation scenarios in the market. On the second-hand trading market platform, there are still high-priced digital collections.

Take the Antchain announcement as an example: the copyright of the digital work is owned by the issuer or the creator of the original work, and the NFT digital work is not allowed to be used for any commercial purposes unless otherwise obtained with the written consent of the copyright owner. The announcement finally stated that the transfer of NFT digital works needs to hold the work for at least 180 days, the relationship with the recipient is Alipay, and the recipient is 14 years old, and both have passed the Alipay real-name authentication, and passed the risk control review process such as Alipay. .

In addition, most digital collections in China cannot be returned or exchanged once they have been exchanged.

Dachang NFT changed its name to "Digital Collection" Double Eleven has spawned alternative heat?

(Tencent Magic Core: Digital collections cannot be transferred)

These rules also weaken the original advantages and characteristics of NFT and greatly restrict liquidity. Although it has triggered a discussion in the blockchain technology industry about “whether domestic NFTs are castrated or not,” big manufacturers still remain cautious about compliance in their exploration of digital collections.

In recent months, ten ministries and commissions including the Central Bank have issued new regulations to rectify the “virtual currency hype” and classified virtual currency-related business activities as illegal financial activities. NFT itself is born out of blockchain technology and token economic model, and it contains certain financial attributes, which makes its development in China also face many problems.

In the previous official public information, AntChain once defined “NFT” as “non-homogeneous token” and stated that “NFT and virtual currency equivalent tokens are essentially different, supported by the actual value of digital goods. It also doesn’t have any monetary attributes such as payment functions.”

In the context of the tightening of the regulatory environment, major manufacturers have changed their descriptions of “NFT” one after another, using terms such as “digital collection” or “digital asset equity certificate”.

At the end of October, institutions including Ant Group, JD Technology, and Tencent Cloud jointly issued the first domestic digital cultural and creative self-regulation convention in Beijing. The convention aims to self-discipline the industry’s leading companies in response to the previous phenomenon of market hype in digital collections.

AntChain has publicly opposed the hype of digital collections for many times. It has stated in a statement: “Resolutely oppose all forms of digital collections hype, and resolutely resist any form of illegal activities in the name of digital collections, which are actually virtual currency-related activities; resolutely resist any The malicious speculation of commodity prices in digital collections uses technical means to ensure that commodity prices reflect reasonable market demand; resolutely resist any form of illegal activities such as equity transactions and standardized contract transactions in digital collections, and oppose the financial productization of digital collections.”

Tencent Magic Core also stated last month that Magic Core has been committed to its digital collectibles business within the compliance framework and resolutely resisted illegal activities related to virtual currency.

On the whole, most domestic digital collections are mainly based on the rights and interests of viewing and collecting. At present, in relevant public information, AntChain defines “digital collections” as “virtual digital goods”, and Tencent Magic Core defines “digital collections” It is a “virtual equity certificate”, and it is agreed that such products do not have the attribute of “virtual currency”.

Double eleven, digital collection “plus size”?

However, after product name changes, rights restrictions, and rules were added, the digital collection products of major domestic manufacturers are still selling well. There is still a lot of room for discussion on how to define such “hype,” “auction,” and “sales” standards.

In September, the digital torch NFT for the Hangzhou Asian Games was sold on the AntChain fan tablet. At the Alibaba auction, some users even bid about 3.15 million yuan. Although the official Alibaba auctions subsequently removed the auction, the NFT hype continues in relevant domestic communities, and even attracted “scalpers” to join the rush to buy. At the same time, there are also platforms that have listed prices as high as ten times, and privately transfer gifts to bypass transaction restrictions.

In the double eleven live broadcast room, with the help of concepts such as Metaverse, digital collections have been quickly promoted in the live broadcast of Dachang.

In this Double Eleven, limited-release themed digital collections are frequently online and sold daily; in addition, some brands of digital collections are sold at a low threshold of “one-yuan lottery” and “buy physical goods for digital collections”. It is expected to be able to Stimulate more buyers to make consumption of the brand, and greatly accelerate the entrance of consumers to digital collections.

Dachang NFT changed its name to "Digital Collection" Double Eleven has spawned alternative heat?

On the other hand, during Double Eleven, the Alibaba auction platform continues to boost digital collections. Ali Auctions opened its first digital collection auction in May this year, and has sold tens of thousands of digital collections so far. On the Ali auction platform, the “digital auction” label entry has been listed separately. Its auction methods include “one yuan start bid”, “X.9 yuan grab bid”, “reduced price grab bid” and other methods, so that users can Conveniently make purchases.

In addition, Alibaba auction shops where some third-party companies settled have also begun to stably put digital collections on the shelves, once again boosting the popularity of digital collections. On the Xianyu platform, it has also become a communication platform for many “scalpers” and speculators.

Hot Discussion on Digital Collections

In China, the popularity of digital collections is accompanied by controversy.

The bottom layer of domestic digital collections is often based on consortium chains rather than public chains. Tencent Research Institute has issued an article that pointed out that when digital art is issued on the alliance chain, the payment method of the alliance chain should be legal currency, and the trading platform cooperated on the alliance chain should also be compliant.

At present, domestic financial stability is the focus of industry supervision. Whether the issuance of digital art on the alliance chain can truly remove the “monetary attributes” and “financial attributes” of digital collections, and how the financial attributes should be reduced, is also a matter for domestic manufacturers. Questions that have been thinking about.

On the other hand, in the handling of digital collections, “Where are the limits of the circulation and trading restrictions on digital collections in the secondary market?”, “What are the basis for the 180-day transfer period?”, “Does the issuance of digital collections require qualifications?”, ” What rights should holders enjoy?”, “Whether collections with digital skins only are worth the current price” are also hotly discussed in the domestic community.

There are still many sharp questions for big companies in the direction of combining blockchain technology with the entertainment and art industry. How to define the scope and bottom line of the hype? Where are the rights and scope of the transfer? How to deal with the financial nature of digital collections? These may all require trial, time and patience to answer.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/dachang-nft-changed-its-name-to-digital-collection-double-eleven-has-spawned-alternative-heat/
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