Double Eleven is just around the corner, and the digital collections of major manufacturers are also stealing the limelight.
Since the first half of 2021, the popularity of NFT has extended from overseas communities to various fields, especially in the field of digital artwork.
NFT (Non Fungible Token) is usually translated as non-fungible token. NFT based on blockchain technology is unique, indivisible, and cannot be counterfeited. It is called the proof of the authenticity and ownership of digital assets. But from an objective point of view, due to differences in relevant laws and regulations in different regions, NFT has shown different development paths in the layout of major domestic manufacturers, thus showing different attributes.
Recently, Alipay’s small program Antchain, Tencent’s “Magic Core” and other major manufacturers’ NFT-related product platforms have successively revised the names of such products. Show in words.
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Dachang NFT changed its name to Digital Collection
In the first half of 2021, major domestic manufacturers have successively tested NFT. Ali, Tencent, Byte, and JD.com have all shown great interest in this concept.
As early as June, the Alipay mini-program AntChain Vermicelli launched the NFT payment code skin earlier. This kind of NFT with the theme of Dunhuang Flying Apsaras quickly attracted widespread attention in the domestic market. This NFT payment code skin is only used for Alipay payment code skinning, and is not allowed to be used for other commercial purposes. At the time of launch, AntChain also emphasized the difference between NFT and virtual currency.
At that time, in terms of technology adoption, AntChain stated that NFT is an effective and reliable technical means to solve the digital art right confirmation, unique and inseparable, does not have the characteristics of equivalent exchange, and Bitcoin There is an essential difference between virtual currency and other virtual currencies.
Subsequently, major Internet companies joined in one after another. AntChain has successively released more than a dozen payment code skins and digital collection products of digital collections, all of which have been welcomed by the market; , Wanhua Mirror Digital National Illustrated Book and other digital art collections also appeared to be sold out as soon as they went online.
These products are closely related to the popularity of the NFT concept in the overseas blockchain field during the same period.
In the overseas blockchain native market, NFT is unique, unique, and indivisible compared to homogeneous tokens (Fungible Token, such as BTC, ETH, etc.), and represents the number of digital assets purchased. Proof of ownership, unique information can be stored and recorded on the blockchain, and ownership of assets can be transferred securely, limitedly, and verifiably.
Theoretically speaking, NFT buyers have ownership, disposal rights and income rights to the NFT they hold. Under the condition that the overseas NFT market infrastructure is relatively complete, on most overseas mainstream NFT trading platforms, NFT holders can mention NFT to personal wallets, transfer, and conduct secondary transactions, etc., and the current liquidity is improving. This approach also embodies the concept of ownership economy advocated by the overseas blockchain industry.
However, among the mainstream digital collection platforms and products of major domestic manufacturers, many products have been publicized, and holders do not enjoy ownership of digital collections themselves, and do not support transfers and transactions between players. What holders enjoy is certain rights, 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 transaction 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 cannot be used for any commercial purposes unless the written consent of the copyright owner is obtained separately. At the end of the announcement, it stated that the transfer of NFT digital works needs to meet the requirements of holding the work for at least 180 days, and the recipient is an Alipay friend relationship, and the recipients are both over 14 years old. .
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(Tencent Magic Core: Digital collections cannot be transferred)
These rules also weaken the native advantages and characteristics of NFT, and greatly limit liquidity. Although it has triggered a discussion in the blockchain technology industry on whether domestic NFTs are castrated, major manufacturers are still cautious about compliance in the exploration of digital collections.
In recent months, ten ministries and commissions, including the central bank, have issued new regulations to rectify virtual currency speculation and listed virtual currency-related business activities as illegal financial activities. NFT itself was born out of blockchain technology and a token economic model, and it has certain financial attributes, which makes its domestic development also face many problems.
In the previous official public information, AntChain once defined NFT as non-homogeneous token, and said that NFT is essentially different from homogeneous tokens such as virtual currency, and is supported by the actual value of digital goods. It also does not have any monetary attributes such as payment functions.”
With the tightening of the regulatory environment, major manufacturers have changed their descriptions of NFT and used terms such as digital collection or certification of digital asset rights and interests.
At the end of October, institutions including Ant Group, JD.com, Tencent Cloud and other organizations jointly released the first domestic digital cultural and creative self-discipline convention in Beijing. The purpose of the convention is to self-regulate the leading companies in the industry in response to the hype of digital collections in the market.
AntChain has publicly opposed the hype of digital collections on many occasions. It once stated in a statement: resolutely opposes all forms of digital collection speculation, resolutely resists any form of illegal activities related to virtual currency in the name of digital collections; resolutely resists any The price of digital collections is maliciously hyped, and technical means are used to ensure that commodity prices reflect the reasonable needs of the market; resolutely resist any form of digital collections for rights and interests transactions, standardized contract transactions and other illegal activities, and oppose the financial productization of digital collections.
Tencent Magic Core also stated last month that Magic Core has been committed to the digital collectibles business under the compliance framework, and resolutely resists illegal activities related to virtual currency.
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Double Eleven, digital collections overweight?
However, after product renaming, rights restrictions, and addition of rules, the digital collection products of major domestic manufacturers are still selling well. How to define the scale of such hype, auction and sales still has a lot of room for discussion.
In September, the Hangzhou Asian Games digital torch NFT was sold on AntChain Fanli. In the Ali Auction, some users even bid for about 3.15 million yuan. Although Ali Auction officially removed the auction, in the relevant domestic communities, the hype for NFTs continued, and even attracted scalpers to join the rush to buy. At the same time, there are also platforms that list prices as high as ten times, and privately donate to bypass transaction restrictions.
In the live broadcast room of Double Eleven, with the help of concepts such as metaverse, digital collections have been rapidly promoted in the live broadcast of Dachang.
During Double Eleven this time, the themed digital collections that are limited to release are frequently launched and are sold every day; in addition, digital collections of some brands are sold in a low-threshold way of one yuan lottery and buy physical goods and get digital collections. Stimulate more buyers to spend on brands, and greatly accelerate consumers entry into digital collections.
On the other hand, during Double Eleven, the promotion of digital collections by the Ali Auction Platform continued. Ali Auction 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 tag entry of Digital Auction has been listed separately. The auction methods include 1 yuan start auction, X.9 yuan rush auction, price reduction rush auction and other methods, so that users can Make purchases conveniently.
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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 alliance chains rather than public chains. Tencent Research Institute once issued an article that pointed out that when digital artworks are issued on the alliance chain, the payment method of the alliance chain should be legal currency, and the cooperative trading platform on the alliance chain should also be compliant.
At present, domestic financial stability is the focus of industry supervision. Whether the issuance of digital artworks on the alliance chain can really remove the currency attributes and financial attributes of digital collections, and how to reduce the financial attributes, is also a question for major domestic manufacturers. Questions Ive been thinking about.
On the other hand, regarding the handling of digital collections, Where is the scale for the circulation and transaction restrictions in the secondary market for digital collections? What is the basis for the 180-day transfer period? What rights should the holders enjoy?, Whether a collection that is only used for digital skins is worth the current price and other issues are also hotly discussed by the domestic community.
There are still many sharp questions about the direction of the combination of blockchain technology and the entertainment and art industry for major manufacturers. How to define the scope and bottom line of hype? Where are the rights and scope of the assignment? How to deal with the financial attributes of digital collections? These may all take trial, time and patience to answer.
