Status quo of digital collection platforms: The secondary market is on thin ice under the obvious supervision of de-bubbling

Status quo of digital collection platforms: The secondary market is on thin ice under the obvious supervision of de-bubbling

Digital collections have launched a “defense war” on the platform. The collections are facing a crisis of stagnant liquidity, the secondary market is obviously de-bubbled, and the loss of users is serious. And regulatory contraction has also made the digital collectibles market a bloody game.

Since 2021, digital collections, as a new form of digital art and culture consumption that can be confirmed and traced, have rapidly swept the cultural and creative market, and small and medium-sized enterprises, Internet giants, financial institutions, traditional listed companies and even official institutions have continued to flood into it. The number of fields involved and the wide range of institutions involved are breathtaking, setting off a consumption frenzy with the theme of digital IP in the market.

But in recent months, this boom seems to have subsided. With the rapid growth of the Shuizang platform, the frequency of issuance of the Whale Exploration Collection on the head platform has accelerated significantly, the phenomenon of the Magic Core collection being sold out in seconds is gone forever, the waist platform Hongdong, Shuzang China and other collections have encountered a crisis of stagnant liquidity, and the second one. The de-bubble of the primary market is obvious, and the loss of users is serious. On the other hand, regulatory contraction has also made the digital collectibles market a bloody game.

There are various signs that the digital collection market has begun to fight, and the platform defense battle has begun.

The number of digital collection platforms is soaring, and famous enterprises, banks, and official institutions are rushing to enter the market

As works circulated in a digital form, digital collections do not have a physical and universal matching platform. Since the bottom layer of the blockchain is used as the carrier medium, digital collections are more dependent on trading venues than ordinary commodities. Therefore, digital collections As a trading place, the collection trading platform occupies a prominent position in the digital collection market, and its market trend is basically consistent with the number of trading platforms.

In terms of the number of platforms, since the launch of the first digital collection platform WhaleTalk (formerly named “Ant Grain”) in June 2021, as a marketing method and consumption form in the digital age, the wind of digital collection has spread rapidly, and the platform has experienced a surge trend, the number is growing rapidly. According to the statistics of the data collection ship, as of June 22, 2022, the number of digital collection platforms in my country has reached 681, of which, since March this year, the average monthly number of new platforms has exceeded 100, with a rapid growth rate.

Under the fierce market impact, many enterprises and institutions have entered the game, and many of them have many famous enterprises. In addition to the well-known Ant, Tencent, Baidu, and, traditional listed companies such as Mango and Vision China are also actively participating. According to statistics, more than 25 listed companies in my country have entered the field of digital collections.

The status quo of digital collection platforms: the secondary market is obviously de-bubbled, and the supervision is walking on thin ice

On the other hand, the admission of official institutions is not a minority. As of the end of June, many official media institutions such as People’s Daily Online, China Youth Daily, Jiangxi Newspaper, Xinhua News Agency, etc. have not become popular, and have launched digital collection platforms one after another. The difference is that most of the official media data collection entrances are embedded in the APP, and the digital collection business is mostly an innovation or extension of the existing business of the platform, and does not reflect an obvious strategic tendency. At the same time, the linkage effect of domestic commercial banks has become prominent. In view of the user advantages behind the data collection, Baixin Bank, Postal Savings Bank Shandong Branch, Bank of Xi’an, Bank of Beijing, and China Merchants Bank have all released figures with the theme of anniversary based on traffic. Collection.

In addition, with the issuance of the “Opinions on Promoting the Implementation of the National Cultural Digital Strategy”, it is clearly stated that cultural property rights trading institutions should give full play to the advantages of on-site and online trading platforms, and promote the integration and innovation of logo analysis and blockchain, big data and other technologies, so as to provide cultural Provide professional services for the identification, evaluation, matching, trading, and distribution of resource data and cultural digital content. Under the trend of tightening supervision, many cultural property exchanges have also become the primary way to explore the compliance of digital collections. At present, Hainan International Cultural Artwork Trading Center, Hangzhou International Digital Trading Co., Ltd., Shandong Cultural Property Exchange, etc. have all begun to experiment. The development of water digital collections in the field of cultural creativity.

In terms of business model, in the whole transaction process, the issuer is responsible for providing the IP carrier, and the platform side conducts casting and sales. The profit model of platforms that have not opened the secondary market is mostly cooperation with the IP side, while the platforms that open the secondary market are in addition to In addition to sharing the income, a handling fee can also be collected through secondary consignment and resale. In terms of profitability, the platform side can be described as considerable. Taking ibox, the platform with the largest number of users in China as an example, ibox charges a fee of 4.5% to the participants in the secondary market. At present, the number of users exceeds 3 million. Some industry insiders say that its daily turnover exceeded 100 million yuan at its peak. The only designated official partner of the platform payment terminal, Yibao Payment, has a monthly revenue of 10 million yuan only for management fees.

But this situation is unsustainable.

The head platform was slow to sell, the waist platform fell into a liquidity crisis, and the volume and price of the secondary market fell

With the continuous surge in the number of platforms, the total number of collections in the market has also continued to increase. Under the current situation of declining user growth, the market has gradually shifted from a seller’s market to a buyer’s market. Digital collections have fallen into stock competition, and liquidity has gradually decreased.

In terms of the market, the head-aggregation effect of my country’s digital collection market is prominent. Platforms endorsed by large enterprises such as Whale Scout and Magic Nucleus are formed, and active platforms such as ibox and unique are used to supplement the secondary market. Market structure. According to the data of the computing power think tank, in 2021, a total of about 4.56 million digital collections will be sold in my country, with a total issuance value of about 150 million. As the only digital collection platform among the Internet giant platforms that opens the transfer function, the trading market was once hot. According to the cover news statistics, as of the end of April this year, WhaleTrack had issued more than 3.8 million digital collections, with a total transaction value of 62 million yuan. There are more than 1 million collectors, basically occupying half of the digital collection transactions with one platform. However, starting from June this year, Whale Scouting changed the previous 2-3 days as a cycle of sales, and adjusted the sales time to be sold on a daily basis. In addition, its sales have always been characterized by high volume and low price, and its daily sales volume once soared to 60,000, although the collection is still sold out due to its huge user scale, it has also attracted dissatisfaction from many users.

The status quo of digital collection platforms: the secondary market is obviously de-bubbled, and the supervision is walking on thin ice

Turning to another giant platform, the magic core with 300,000 users and positioned at high prices and low frequencies has already experienced a slow-selling trend. Collections that were once sold out in seconds are now sold out in a few hours, and even the next day. Still not sold out. Taking the six digital impression collections of Paul Cézanne’s representative works released on June 30th as an example, despite the endorsement of the National Gallery of England and the famous IP of famous artists, as of 15:00 on July 4th, there are still three pieces in the unfinished state. Sold out, up to 1655 pieces left.

The status quo of digital collection platforms: the secondary market is obviously de-bubbled, and the supervision is walking on thin ice

Excluding the head market, the waist platform has experienced a liquidity stagnation crisis due to problems such as weak IP premium capabilities and limited user scale. Platforms such as Shuzang China and Hongdong Shuzang have greatly reduced the release frequency, with the release interval of several days to Weeks vary. The stagnation of liquidity is highly negatively correlated with user activity. Poor platform liquidity will directly lead to the loss of users, and the loss of users will further reduce liquidity. A little carelessness will lead to a vicious circle. In this context, in order to create the illusion that digital collections are selling well, some small platforms will sell them out directly in the server backend after the collections are released.

On the other hand, in the highly sought-after secondary market, the leading platforms have continued to public opinion, and the price of digital collections has gone up to a higher degree of de-bubbling. The second-level leader ibox was caught in the whirlpool of public opinion. It was first complained of unreasonable lock-up and false propaganda, and then it was revealed that internal manipulation, price manipulation, referees and players flew together, and rumors of running away frequently broke out. On July 4, according to the market index of, the popularity of ibox has obviously decreased, and the collection has dropped by more than 20%.

The status quo of digital collection platforms: the secondary market is obviously de-bubbled, and the supervision is walking on thin ice

The Dunhuang Feitian series of digital collections, which were first launched by WhaleTalk, were initially issued at a price of 9.9 yuan, with a premium of more than 15,000 yuan in the post-secondary market. And the only one who ever sold for a price of nearly 50,000 yuan, Su Xiaomei, the lowest price has dropped to about 7,000, and there are many sellers with an average price of about 10,000. At the same time, market users are already showing signs of fatigue. Previously, the digital collections launched by Bilibili had pre-ordered to hundreds of thousands of people, and it was once hard to find a single product. However, under the frequent sales, many users have claimed that they are harvesting residual value.

The status quo of digital collection platforms: the secondary market is obviously de-bubbled, and the supervision is walking on thin ice

With the macro background of the weakening of the overall market, in order to stimulate new users to join, emerging platforms have paid more attention to publicity and gameplay. In addition to IP empowerment, the diversity of gameplay, such as synthesis, property rights, whitelisting, and airdrops, has continued to increase. Outside the venue, community accounts that can be used for marketing planning and attracting new users have also flourished. The price of the sales calendar is generally 100 yuan per piece, and the price of community forwarding is as high as tens of thousands. However, according to the author’s in-depth dialogue, the actual number of new users Still little success, a small platform even revealed that it used 30 airdrop cooperative rights advertisements for its new product launch, and forwarded it to multiple communities, costing tens of thousands of dollars.

Under the dual stimulation of market downturn and fierce competition, the digital Tibetan platform also feels like it is difficult to ride a tiger and a donkey is out of skill. According to the founder of a medium-sized platform, “The market is completely different from the original one. At first, as long as there are platforms and collections, users don’t have to worry at all. However, under the premise that many users now use the platform rating as the core purchase standard, IP background, rights and interests planning , Continued operation is only one of the basic conditions for the sale of data on the platform. The number of users is the key factor for the development of the platform. As the number of platforms increases, old users are lost, and new users are difficult to continue. It’s to attract traffic.”

This statement is not groundless.

The reason is that from the user’s point of view, although there are many real collectors who pay the bills, the digital collectors market was the first influx of users in the encryption field. Cash incentives and other methods continue to attract traffic. With the addition of new generation of investment in traditional fields, such as postal money cards and shoe speculation groups, the demand for digital collections is gradually moving towards profitability, which directly leads to the value of digital collections being far greater than their artistry. . Under the current situation of the consignment market, which has skyrocketed and plummeted, the profit-making effect of users is significantly reduced, the loss of old users in the secondary market is serious, and the value recognition and purchasing enthusiasm of new consumers for Shuizang are also declining.

With the current change in supply and demand, the total amount of digital collections continues to increase, but user conversion has not broken through, and users are increasingly cautious and selective towards digital collections. However, due to the fierce competition between platforms, the scarcity of local value caused by the restrictions on purchases and sales on major platforms no longer exists. Changes in supply and demand have also led to hesitancy for new users to join. Even if new users join, they will tend to be large-scale platforms with a large user base, strong operational capabilities, and high resale value in the secondary market. It is normal for small and medium-sized platforms to be ignored. .

Regulatory uncertainty is high, and platforms are walking on thin ice

Outside of the market, due to the financial attributes naturally carried by digital collections, regulatory uncertainty has also made the digital collection market walk on thin ice.

On April 13, the three major associations of the Securities Association of China, the China Internet Finance Association and the China Banking Association jointly issued an initiative on “Resolutely Curbing the Tendency of NFT Financialization and Securitization”. As the first NFT voice of the three associations, the initiative is in A heated debate in the industry. In terms of content, it is not a qualitative document at the level of laws and regulations, but only has the attributes of industry self-discipline rules, but it still regulates the direction of NFT compliance from a certain perspective, and clarifies the scope of NFT’s inapplicable targets (securities, insurance, credit, Precious metals), and once again delineated the “NFT tokenization and payment” red line. Although the full text does not mention digital collections, it can be seen from the affirmation of its value in digital cultural creation in the first paragraph of the proposal that digital collections should be included. At the same time, this initiative also restricts member units from investing in the NFT field from the perspective of financing methods. The initiative is released through self-regulatory organizations in the financial field rather than cultural organizations. It can be seen that NFT financialization has a rising trend and has been concerned by regulatory authorities.

Since then, industry self-discipline and regulations have continued, and many institutions such as the China Mobile Communications Federation Metaverse Industry Committee, the China Communications Industry Association Blockchain Professional Committee and other institutions have revealed digital collection regulations or initiatives. On June 30, under the leadership of the China Cultural Industry Association, nearly 30 institutions including Baidu, Tencent, Ant, jointly launched the “Digital Collection Industry Self-discipline Development Initiative” in Beijing to oppose secondary transactions and hype, and improve access standards to become an industry The core consensus of high-quality development.

WeChat also issued new regulations at the same time. Accounts involved in the issuance, trading, and financing of virtual currency. Once discovered, the WeChat public platform will order the violating public accounts to rectify within a time limit and restrict some functions of the account until permanent according to the severity of the violation. The handling of the title, and the account that provides services or content related to the secondary transaction of digital collections, shall also be handled in accordance with the specifications of this article.

Recently, due to the intangible asset sales nature of collections, the online digital collection trading platform needs seven qualification certificates, including blockchain security assessment and filing, Internet information service value-added telecommunication business operation license, online publishing service license, information Online dissemination of audio-visual program licenses, online cultural business licenses, network security grade protection filings, auction business licenses, and trading venue license qualifications approved by the provincial people’s government, combined with the current status of many cultural exchanges entering the bureau, the news still has certain reliability. According to this standard, only the digital collection platforms supported by cultural exchanges in Hainan, Shandong, Zhejiang, Heilongjiang and other regions can basically meet the requirements.

Under various industry self-discipline and market actions, stricter supervision has become a market consensus for digital collections, and digital collection platforms are therefore faced with a high degree of macro uncertainty, especially platforms that have opened up the secondary market, and their sensitivity is particularly prominent. It is reported that since June, Yuzang, Guangyi Shucang, Changsheng Shuchuang, Hongguo Shuzang and other platforms have issued notices of withdrawal or suspension of trading. Among them, Cyber ​​Art Collection said that it received a notice from the Shaanxi Provincial Administration for Industry and Commerce. The department has issued a series of policies on digital collections, and the relevant qualifications of the application are subject to review, so the market is temporarily closed until the review is passed.

The status quo of digital collection platforms: the secondary market is obviously de-bubbled, and the supervision is walking on thin ice


From a technical point of view, the characteristics of digital collections, such as traceability and non-tampering, coincide with the current development of my country’s digital cultural and creative content industry. Under the background of my country’s cultural digitalization strategy, there is still a long-term positive development trend. It can also be seen that the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism have entered the bureau one after another. However, as a digital consumer product, it is an emerging industry after all, with unmatched demand, weak price discovery mechanism, lack of market order and other issues still looming over the development of the industry. Must do. On the other hand, the digital collection market is also actively saving itself, and the trend of transitioning to the direction of physical rights and interests with image consignment as the main form is prominent. And after the bubble burst, what kind of industry reshuffle will the digital platform experience?

Between compliance and traffic, in the midst of profitability and development, the struggle for survival of the platform continues.

Posted by:CoinYuppie,Reprinted with attribution to:
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